Ok mate. Thanks.

Shape wrote:
why dont this person just transfer the money to your bank account?

Regards
Michael

Then who would have to pay the tax? If he received it then he would have to declare it as income but if I did then I might also have to.

If after I purchase it I organize an agent to manage it I can give them my bank account details and not the actual home owner. Right

I know centrelink can access easily information about people who have money in any bank account in Australia. At least for surethose accounts which are receiving payments but also perhaps any account linked to the name of a person receiving payments by doing a data scan. This is all only relatively recent like since about 2008. They can scan…[Read more]

Does centrelink know if you have money in your international account? People may transfer money overseas to keep getting payments or start getting payments as overseas banks may not share information with foreign governments. Peter

Terryw wrote:
If you want to own property and still get access to centrelink benefits then one way to do it would be to assist your children set up discretionary trusts well before your retirement. The children should control the trust without your influence and you should have no role or control in the trust at all. Hopefully the children may…[Read more]

How does the ato find out if you receive a insurance payout? If you receive a payout and deposit the money directly into an account of a spouse and then buy property in a trust for the spouse to become trustee and you appointer.

The bottom line is if the ato dosent know then centrelink will not know unless you tell them.

Who else may give…[Read more]

Ultimately in that case the trustee is the one who decides the amount of rent to be paid for living in a property is it not? The more rent you pay, the more rent assistance you may be eligible for from centerlink. also the more rent you pay, the more profit is to be made from the property and the more you may receive as sole beneficiary.

I think…[Read more]

Terryw, I suppose what I meant was to buy property in a trust to begin with. Not for yourself and then give it to the trust. (Then you pay stamp duty twice). If you make yourself appointer of the trust then make a company or friend/spouse trustee. That way that person actually owns the property rather than yourself. You could even live in a…[Read more]