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...]
In late 2012, the federal government dropped a potential T-bomb (that is, a tax bomb) and fuelled the rumours that tax-free super benefits were to be removed for over-60s. The rumours fizzled out when the government realised it would be political suicide to remove the tax-free status of retirement … [Read more...]
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 to pay if I take my super payment. I haven’t been to work since the start of December 2011. I didn’t tell them I was … [Read more...]
Q: I am confused. When I retire and I am over 60 I receive tax-free super benefits. Someone has told me that I also get other tax-free stuff. Can you tell me what that is? In terms of retirement and superannuation, when you reach 60 and start a retirement income stream (super pension) you get two … [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...]
Q: If at 55, I take up to $165,000 out of my super as a lump sum tax free, when I turn 60 will I be able to draw down as a lump sum the rest of my super tax free? For an individual to access preserved super benefits they must satisfy a condition of release, such as or retiring on or after … [Read more...]
Note: This article is no longer current.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 in the article Super pension income excluded from health … [Read more...]
