Welcome back to another episode of the 360 Money Matters Podcast!
In this episode, we explore granny flat provisions and how they impact Centrelink benefits, allowing older Australians to transfer assets, often to their children—in exchange for a lifetime right to live in a property without triggering gifting rules. We discuss various living arrangements, financial implications, and key considerations like legal agreements, stamp duty, and the reasonableness test. Additionally, we highlight risks such as potential loss of pension entitlements and complications if aged care is needed. With this strategy becoming more popular, we stress the importance of expert financial and legal advice to ensure compliance and avoid unintended consequences.
Tune in to this episode to learn how granny flat provisions work, their financial impact, and how to navigate them wisely to protect your benefits and assets!
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorized representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights
Understanding granny flat provisions and their impact on Centrelink benefits
How asset transfers can be structured to avoid gifting penalties
Different living arrangements, from backyard flats to shared homes
Importance of proper legal agreements and financial planning
Risks of losing pension entitlements if structured incorrectly
Key considerations like stamp duty, reasonableness tests, and aged care needs
Why seeking expert financial and legal advice is essential
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