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...]
On 5 April 2013, the federal government announced that it proposes to extend the deeming rules for Age Pension income test, so they apply to new superannuation pensions, from 1 January 2015. According to the government, all products held by pensioners before 1 January 2015 will be grandfathered … [Read more...]
On 5 April 2013, federal treasurer Wayne Swan, and Minister for financial services and superannuation, Bill Shorten announced a bucket of changes to the existing super arrangements. This article is a summary of the announced changes, and you can find more detail on the proposed changes in separate … [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: 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...]
Q: I’m aged 69 and I will retire in December 2012. Am I entitled to make a deposit into my super fund and receive the Government co-contribution for the 2012/2013 year? A: If an individual satisfies the age test, the work test and the income test relating to the co-contribution, then the … [Read more...]
If you earn less than $62,000 a year, or your spouse or children earn less than $62,000 a year, then you, or your spouse, or child, have 2 weeks to potentially make a 100% return on your money when you make an after-tax super contribution. Read on to find out how you can turn $1,000 into $2,000 … [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 have searched numerous websites but cannot find a simple answer. I intend starting my allocated pension next month when I turn 64 but can't find out if I am entitled to the Commonwealth Seniors Health Card. The Centrelink info sheet quotes income limits but this appears to turn into 'taxable … [Read more...]
