If you own financial investments and receive the Age Pension, or you hope to claim the Age Pension, then you need to be aware of 2 important changes to the deeming rules for the Age Pension income test. These changes may mean that you’re eligible for a greater Age Pension entitlement. From 1 … [Read more...]
The upper asset thresholds for the Age Pension assets test lift again on 1 July 2013, which means more Australians may now be eligible for the PART Age Pension. A single person can own more than $735,000 in assets (excluding his or her home), and still receive a small PART Age Pension, while a … [Read more...]
In March, July and September of each year, the Federal Government changes the rules for claiming the Age Pension… for the better! The Age Pension income test and the Age Pension assets test are adjusted three times a year in line with increases in the Consumer Price Index. From 1 July 2013, the … [Read more...]
The upper income thresholds for the Age Pension income test lift again on 1 July 2013, which means more Australians are now eligible for the part Age Pension. A single person can earn just over $46,000 a year, and still receive a PART Age Pension, while a couple can earn just over $70,000 a year and … [Read more...]
In the 2013 Federal Budget, the government announced a pilot program to assist senior Australians to downsize to a home more suitable to their needs without reducing their Age Pension entitlements. According to the Budget papers, “from 1 July 2014, senior Australian homeowners who have owned … [Read more...]
The new Age Pension rates, taking effect from 20 March 2013 (and applicable until 19 September 2013) are set out in the tables below. A single person eligible for the full Age Pension in Australia can now expect an annual Age Pension income (including supplement, and Clean Energy Supplement) of … [Read more...]
Q: I have read in a local newspaper that Age Pension rates have increased. I recently moved from New South Wales to Queensland. I am anxious to know if the Age Pension increases are for ALL Australians. Can you help? A: Any increases in the Age Pension are the same regardless of where you live in … [Read more...]
Q: After I turn 55, I intend to start drawing from my super account. Will my super then count as an asset, for the Age Pension asset test? As my partner is over 65, most of our money is in my super and we are currently eligible for the Age Pension. A: Generally speaking, the answer is yes. … [Read more...]
Q: Can you please confirm whether the assets held in a superannuation fund count towards the Centrelink asset test/income test? A: I can provide you with an overview of how superannuation benefits are treated by Centrelink, although you’ll need to check with Centrelink about your personal … [Read more...]
Q: I’m over 65 and a member of a super fund, from which I receive an account-based pension. I need to withdraw a lump sum of $40,000 from my super, as my super is not enough to live on. I will have to apply for a part pension (Age) from Centrelink. Will my lump sum be counted as income in the … [Read more...]
Note: The case studies have been supplied and updated by the Financial Information Service. SuperGuide would like to thank Financial Information Service officer, Regan Welburn for his assistance in updating and supplying the case studies. The latest update was May 2012, taking into account the March … [Read more...]
Q: I'm a pensioner with one investment property in Tasmania, which I sold a month ago been sell out. My question is how capital gains is calculated for a pensioner? I don't know anything about this, so could you please give me some information to help me prepare for the next financial year. We … [Read more...]
Q: I have tried numerous websites for this info. and even phoned Centrelink, but I'm still unsure. My question: Is a SMSF counted as an 'asset' in the test for Youth Allowance and similarly is the tax free income gained from it (recipient over 60) counted as income? Love the site. Keep up the good … [Read more...]
Around 80% of retirees receive a full or part-Age Pension, and anecdotal evidence suggests that the devastating effects of the Global Financial Crisis (GFC) during the past two years made thousands of self-funded retirees eligible for a part-Age Pension for the first time. Conversely, recent changes … [Read more...]
The new Age Pension rates, and thresholds, taking effect from 20 September 2009 are set out in the tables below. The Age Pension Bonus amounts also increase. Note that ‘pf’ stands for ‘per fortnight’. Age Pension - Fortnightly Amounts Adult Pension Basic … [Read more...]
