How does Centrelink treat investment properties that have risen in value?
Does a pensioner have to get a valuation each year or act dumb till found out?
And do they need to get an acceptable valuation or would a letter from the local real estate agent be enough?
Department of Human Services general manager Hank Jongen tells
me that customers of the department are required to inform them about any
changes in the valuations of their investment properties.
To maintain the current market value of properties owned and
declared by customers, the department obtains property market analytics on
percentage growth, or decline, in real estate values for each postcode from an
external provider specialising in this area.
The annual growth rate (positive or negative) for each postcode
is applied to assessable properties that are subject to indexation (i.e.
houses, townhouses and units/flats) within the relevant postcode.
The
department automatically updates real estate values by applying an indexation
amount each year to eligible properties to keep their value up to date but they
may update it sooner if there’s been a significant change to the values.
Where
indexation is not appropriate, they determine when an updated value of the
property should be obtained and cover the cost of that valuation.
You
can update real estate asset information using your Centrelink online account
through myGov.
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Source: https://www.smh.com.au/money/super-and-retirement/valuing-investment-properties-for-centrelink-purposes-20190513-p51mwy.html
Marlene Liontis
Saturday, 1 June 2019
