Good news: Super pension income excluded from Health Card test
Contrary to pre-Budget announcements, the Government is not proceeding with the measure to include gross tax-free superannuation pension income in the adjusted taxable income test for the Commonwealth Seniors Health Card. The Budget papers use the term ‘gross tax-free superannuation [...]
Budget flags radical changes to Age Pension
Increase of $32.49 per week for single Age Pensioners, and $10.14 for couples (see article ‘$32 per week increase in single Age Pension’) Age Pension age to increase to 67 from 2023 (see article ‘Age Pension age set to increase [...]
Generous Pension Bonus Scheme to close 20/9/09
In what must be a Pinocchio moment (of which there are many – see this month’s THE SOAPBOX: Does the Government think we’re stupid?), the Government is closing the Pension Bonus Scheme (PBS) to new entrants from 20 September 2009. [...]
Turning 60 means tax-free super
Q: I turned 60 this year and I have been sick since late last year, so I can’t get back to work and need to retire. I am wondering if you can tell me what kind of tax I have [...]
No pension relief for early birds
Q: I wonder if you have any more information on the Government’s recent changes to the minimum drawing requirements (see ‘Relief in hard times for retirees’)? I understand that in January, the Government halved the rate at which a pension [...]
Light relief for SMSF lifetime pensions
Note: Draft legislation is now available on the relief outlined in this article. You can find more recent information on this issue, including changes to the relief offered to SMSFs, by reading DIY super: Age Pension relief for SMSF lifetime [...]
Six-monthly pay rise for Age Pensioners
The Federal Government has announced an increase in the Age Pension commencing from September 2009. You can find out more information on this increase in the article ‘Budget flags radical changes to age pension‘. If you’re an Age Pensioner, you [...]
Not all super payments count for Seniors Health Card from July 2009
Note: This article is no longer current. In the 2009 Federal Budget, the Government announced that super pension income from a taxed source would not be counted for the Seniors Health Card income test. You can find out about this change [...]
Relief in hard times for retirees
Note: The pension relief explained below now also applies for the 2009/10 year. You can find more information on the 2009/10 pension relief in the article Pension drawdown relief extended for 2009/10 year. The Federal Government has announced temporary relief [...]
More Age Pension for more Australians
The halving of the Age Pension assets test taper rate, from $3 to $1.50 for every $1000 in assets above the threshold after September 20, 2007, now mean that many more Australians have become eligible for a part-age pension. Around [...]
The retiree’s regret: starting too late, or not at all
It’s never too late to start investing and if you don’t believe us, then believe the statistics. Nearly half of all retirees believe not starting to save for their retirement much earlier is their number one regret, according to a [...]
