Centrelink is the Federal Government agency that administers Australia’s social security system.
The following articles refer to Centrelink and superannuation.
Q: I’m over 65 and member of a defined super fund (public servant). 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 the Centrelink. Will my lump sum [...]
Hurry, hurry! Deadline approaching! If you’re working and you’re aged 65 or over (or 63.5 or over if you’re a female), or will turn 65 (or 63.5 if a female) before 20 September 2009, then you need to read this article, and the Q and As following this article.
If you fall [...]
Although the Government has increased Age Pension rates, the income test for determining whether you can receive the Age Pension is set to become tougher for some Age Pensioners.
Q: Can you please confirm whether the assets held in a self-managed super fund (SMSF) count towards the Centrelink asset test/income test?
Trish’s response: 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 situation, and how your super benefits are [...]
Q: As I understand the position for the Age Pension income test, income from financial assets is worked out by deeming (capital value times rate) The rate is currently 3% per annum (although 2% on first $42,000 for a single person, and first $70,000 for a couple). This is clearly a low point in interest [...]
Q: I am a small business owner in the incubus stage. I have just submitted my taxes for the first time in 3 years as the struggle to keep a small business alive has left me working to live. I am looking at a substantial tax payment and I am wondering if I can cash [...]
The question is a popular one among prospective retirees, and the answer can be best explained by dividing the question into four parts.
A. What is the Commonwealth Seniors Health Card (CSHC)?
The CSHC gives you access to cheaper prescriptions via the Pharmaceutical Benefits Scheme, bulk-billing rates for doctor appointments, and an [...]
Q: Could you please help with information about how annual deductible amounts are worked out by Centrelink for part-Age Pension purposes. I have a defined benefit and prior to the tax changes on super was able to deduct my annual deductible amount from my tax. I gather Centrelink does not count this as income in [...]
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 pensions.
Defined benefit pensions, such as lifetime pensions, are not eligible for the temporary relief [...]
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 would have received your six-monthly pay rise on 20 March 2009. [...]
Hi - I'm Trish Power and I am the author of Superannuation For Dummies and many other books on super and investing.And guess what! This site, SuperGuide, is the only INDEPENDENT website for consumers on superannuation in Australia. Read more