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Second Reading Speeches

Social Services and Other Legislation Amendment (Incentivising Pensioners to Downsize) Bill 2022

Type
Government
Portfolio
Social Services
Originating house
House of Representatives
Status
Act
Parliament no
47

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Summary

Amends the

Social Security Act 1991
and
Veterans' Entitlements Act 1986
to: extend from 12 to 24 months the assets test exemption on principal home sale proceeds intended for the purchase of a new principal home, for pensioners and other eligible support recipients; and assess the deemed income on proceeds from the sale of the principal home at the below threshold deeming rate during the period of exemption from the assets test.

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