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NewsMEDIA RELEASE: The Over-50's say 'yes' Treasurer, let us downsize
MEDIA RELEASE: The Over-50's say 'yes' Treasurer, let us downsize

MEDIA RELEASE: The Over-50's say 'yes' Treasurer, let us downsize

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Older Australians overwhelmingly support the Treasurer's plans to allow retirees to downsize to smaller homes without being penalised, a poll of FiftyUp Club members shows.

Scott Morrison has been open to community opinion on tax reform and has been canvassing a range of reforms.

The FiftyUp Club poll of 2,600 members has found 90% think retirees should have the option to sell the family home and downsize without affecting pension eligibility

‘Retirees should have the ability to be able to move out of large family homes without the threat of losing the aged pension ’ FiftyUp Club spokesperson Christopher Zinn said.

‘Our members would overwhelming welcome reforms such as the removal of stamp duty if they move to smaller properties."

While the over-50’s don’t want to be forced out of the suburban homes they would like the flexibility to be able to downsize when the time comes in their life to move from a large home.

The tax system can leave retirees in a position where they are asset rich but cash poor.

The FiftyUp Club recently took a study of 20,000 older Australians to the Prime Minister and Opposition Leader’s offices in Canberra presenting the opinion of the over 50’s on broader tax reform.

The over 50’s can further contribute to the White Paper and have share their views on other Tax reforms including;

·        almost half were open to changes to the GST either by broadening the base, increasing the rate or both;

·        another 45% think tax concessions for people with large super balances should be wound back;

The FiftyUp Club has close to 140,000 members and advocates for the over 50’s.

Older Australians can take part in the poll on downsizing the family home by going to www.fiftyupclub.com

MEDIA ENQUIRIES:

Jackie Levett, FiftyUp Club media contact

EMAIL: Jackie@fiftyupclub.com

PHONE: 0434 995 611

Originally posted on .

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MEDIA RELEASE: The Over-50's say 'yes' Treasurer, let us downsize

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Rob
Rob from VIC commented:

It's Capital Gains Tax that will belt us when we downsize! In Victoria we can already get a "no-stamp-duty" on a new house or block if we are pensioners. 

Karen
Karen from NSW commented:

Yes, little $ incentive for a huge change with the cost of removal & time it will take to pack.. I'm not sure of rulings on dual occupancy on one property but sure if they made it easier & cheaper to build a 2nd dwelling on a big block and allowing them to stay in the same area would be another option??? Maybe the Govt. could buy a portion of big blocks to build a small cost effective house for seniors to move to. Just a thought.. 

Gertraud
Gertraud from ACT commented:

Needless to say that the federal government cannot change laws concerning stamp duties as these are a state tax. 

Les
Les from QLD commented:

I think it is a great idea and i fully support a reduction on stamp duty when downsizing for retirement purposes. I also have a question. Does stamp duty relate to each state separately or is a Commonwealth only when purchasing a house, as in Queensland it is on the purchase price of a real estate eg house, unit etc. I am 64 years old an now in the process of downsizing. Les Canning 

susan
susan from SA replied to Les:

Each state is unique I know since SA is the highest 

Someone
Someone from VIC commented:

Victorian pensioners do pay stamp duty...it is slightly discounted though. I did this two years ago and if I did downsize again, would like to think I would be exempt, but have heard no evidence of this in the pipeline. Downsizers should be offered some incentives. 

Phil
Phil from VIC commented:

Last time I looked Victorian pensioners do not pay stamp duty on the purchase of a new home. 

Someone
Someone from VIC commented:

Stamp duty should be removed for pensioners. Most have paid it twice already. 

Someone
Someone from NSW commented:

i am retired and on a full pension........i own my home and from that i quess my other assets would be $ 200000 super balance and say$ 8000..........out of my super i would like hcf (we are on full cover) for us to pay in advance an estimate of say 12 years payments and then each year allow the interest from this advance payment pay for each years premiums At the end or death of both partners any balance be paid to the estate ...........My suggestion is that the Government do not tax the interest received on the advanced payment...........going into our last season of life my suggestion would allow older folks to be freed of one more concern 

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