Suppose two sisters live in their own houses, one sells and moves in with the other sister for six months while she buys another property. Does Centrelink treat the temporary combined situation as a “combined couple” and cut their single pension rate to a combined rate, or can they maintain their single status for a limited period?
I made a downsizer contribution last year and put in it my accumulation fund, giving me around $1.4 million in my pension fund and another $600,000 in the accumulation fund. My remaining transfer balance is currently around $250,000 according to the ATO. Should I choose to do so, can I transfer the $250,000 plus the $300,000 downsizer into pension mode?
I am 60 years old and working part-time. I would like to leave my super – about $600,000 in total – to my two adult children instead of my spouse, despite the potential tax implications of doing so. My children are financially independent and live away from home. You’ve raised a range of issues. First, you can’t avoid the death tax by leaving the money to your estate. You can minimise it to a degree by using the withdrawal and re-contribution strategy you mentioned, but the best strategy is to have it withdrawn tax-free before you die.
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