Sooner or later the house will have to be taken into account for the age pension.
As for the hard luck stories of an old grannie who has been in her house for 50 years in Mosman and the house is now worth $2.5m.....
Easy, peasy. Giver her the pension and take a charge on the house when the estate it managed. Compound the interest to put her in the same situation as one who has not been so fortunate.
I guess then we will hear the secondary hard luck story of not being able to pass the house onto a family member - too bad.
Sorry to sound hard but if one is fortunate to have made $2m just for living in their home then why should younger ones be paying a higher tax amount to support her? Where is the equity in that situation?
And no, I'm not 'picking' on any particular folks. I would be impacted by the above, but we have to be fair to younger generations.
