Real estate assets can include a house, unit, vacant land, holiday home or shack, regardless of whether you rent it out or not. The value of any real estate apart from your own principal home is considered an asset under the assets test.
To be exempt from the assets test, your principal home and adjacent land, up to 2 hectares, must be on a single title block and the land must not be used primarily for commercial purposes. Any additional property or part of your own principal home, over 2 hectares will be assessed as part of the assets test. In some circumstances all of the land on the same title as the principal home may be exempt from the assets test.
To be exempt from the assets test, your principal home and adjacent land, up to 2 hectares, must be on a single title block and the land must not be used primarily for commercial purposes. Any additional property or part of your own principal home, over 2 hectares will be assessed as part of the assets test. In some circumstances all of the land on the same title as the principal home may be exempt from the assets test.
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