Selling a house and family Tax Benefit.

**misty** · June 24th, 2012, 08:47 PM

Can anyone here tell me; Does the FAO and the ATO consider any profit made from selling your house (as in the place where you live, NOT an investment) to be income for the purposes of figuring out Family Tax Benefit???

**briggsy's girl** · June 24th, 2012, 08:52 PM

it will depend on how long you've lived there and whether the sale attracts capital gains tax - if it does, then FAO assess it - if not, then no

it's something only ATO would be able to clarify for sure

**misty** · June 24th, 2012, 09:19 PM

thanks, thats what I thought, but wasn't sure. We've lived here about 4yrs now and it has only ever been our residence, so no capital gains tax.

**Beautiful Disaster** · June 24th, 2012, 09:30 PM

BG what If you inherit stuff. Ie mums passing has left 2 properties that look like they will have to be sold to pay debts what could be cash left over?

**briggsy's girl** · June 24th, 2012, 10:04 PM

Gain you'd have to check with ato. I don't THINK inheritance attracts tax but if you get cash and invest it, the interest may. Trying to remember from when hubby's brother died but we left most of that to the solicitor and accountant so I'm really not sure

**nothing2lose** · June 24th, 2012, 10:08 PM

https://www.bellybelly.com.au/forums...ht=inheritance

**Jaycee** · June 25th, 2012, 10:38 AM

If it's your main place of residence, it doesn't attract capital gains tax and is therefore not assessable. I think there may be rules on how long you can keep the cash before it is classed as assessable though, think it may be 12 months?

**2CheekyMonkeys** · June 25th, 2012, 11:43 AM

i am pretty sure if its money you get from inheritance it does affect your benefits. also i am pretty sure any interest accured from having the money in your account will affect your taxable income. i know of someone who got some inheritance from the death of her parents and she had to put most of it into super so that it wouldnt affect her centerlink benefits. also, i think they put some into the renovation of their current house and that didnt count towards the centerlink income estimate. however, she did give her children a fair bit of money as a 'gift' and even though she doenst have the money she still has to include it in her centerlink stuff until a certain amount of time has passed. I dont know how reliable this info is though, just word of mouth.