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...]
The question is a popular one among prospective retirees, and the answer can be best explained by dividing the question into four parts: What is the Commonwealth Seniors Health Card (CSHC)? Who is eligible for the CSHC? What year of income does Centrelink use when testing for CSHC … [Read more...]
Note: This article is updated regularly with the latest lifestyle/income data. The most recent data was released in May 2013 (for lifestyle costs as at March 2013), and includes Age Pension rates effective from March 2013 (until September 2013). Due to reader demand and the current market … [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 a tenant who is about to be evicted from their rental home. He has a small super benefit. Can he access that under the ‘severe financial hardship’ rules? A: I’m sorry to read about your tenant. I’m not aware of the full circumstances of your tenant’s situation but if he is … [Read more...]
Thinking about how you’re going to plan your retirement can be daunting and I suggest you do as much research as possible before you book an appointment with a financial adviser or accountant (if that is what you choose to do). If you’re like many Australians within 10 to 15 years of … [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: 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 fund and an annual deductible amount. I gather Centrelink does not count this as income in assessing Age Pension amounts but I cannot … [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: When I retire I will be 61 and my husband will be over 65 and will be eligible for either a full or part old age pension. If I keep my super in an accumulation account and withdraw lump sums to cover additional living expenses, how will this affect my husband’s pension benefits? Is this 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...]
