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Social security home proceeds exemption extension receives Royal Assent
Article published on: 29-11-2022
Legislation to extend the assets test exemption that applies to proceeds from the sale of the principal home from 12 months to 24 months has received Royal Assent.
In addition to extending the exemption, an additional amendment means the lower deeming rate (currently 0.25%) applies to eligible proceeds during the exemption period.
The commencement date of these measures is 1 January 2023 and applies to eligible sale proceeds where the property is sold on or after the commencement of the legislation.
More information on the changes can be found here. You may also want to check out our Homeowner status and the principal home article.
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