Selling the family home

When you're receiving a payment or allowance from us, there are special rules that apply if you are selling your home and are planning on buying or building another.
Any part of the money you receive from the sale that is likely to be used to purchase, renovate or build your new home is disregarded under the assets test for 12 months from the date of exchange of contracts.
The exemption can be extended to 24 months in certain circumstances.
If you're building your new home, the land is also exempt for 12 months of construction from the date your home settles as long as it's valued at less than the money you got from sale.
Although they are exempt under the assets test, they're considered to be a financial investment and deemed income is assessed. www.servicesau...
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