Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Assoc Calls for a 'Rightsizing'

Newspaper article Sunshine Coast Daily (Maroochydore, Australia)

Assoc Calls for a 'Rightsizing'

Article excerpt

JULY 1 is the start date for the Federal Government's new downsizing policy that was introduced in last year's budget.

However, a survey undertaken by National Seniors Association reported that 82 per cent of older retirees preferred an alternative policy proposed by National Seniors organisation.

The government's policy allows Australians aged 65 and over to sell their home and divert up to $300,000 a person into superannuation. This means a couple's contribution can amount to $600,000.

However, National Seniors Chief Advocate Ian Henschke said the policy has not been well received by most older Australians. He said the organisation's Rightsizing proposal would exempt up to $250,000 of home sale proceeds from the Age Pension means test.

"The government's initiative is too narrow," Mr Henschke said.

"We're not saying it should be abandoned.

But our Rightsizing proposal would benefit more seniors and for this reason, we've included it again in this year's budget submission. …

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