ancient home which has gone up in $ value, dramatically in Melbourne through no fault of your own. Same house, no major improvements, indeed rather shabby these days. You just happen to have owned that home since 1960. Close to kids who live in nearby suburbs.
No different to my position except I live in what is classed as a 'working class city' but being punished because I have $1mill. in an Industry Super giving me a yearly income stream of approx $32 grand.
If I’m being put under financial duress so should you! That is the fairest way,!
My wife keeps arguing why we should move houses when we have good neighbors who take care of each other’s - some are on the full couple pension.
That why I have been arguing that we should all be entitled to the age pension irrespective of our financial position.
Both groups should be lobbying for all eligible age persons to receive the full pension and pay the appropriate tax at the end of the financial.
Use the the pension rate as the tax free threshold and tax any earning above this rate at an old age discretionary rate.
The other option is use the land valuation rate as an asset that goes towards the determination of eligibility to the pension entitlement.
