Is my super pension income counted when applying for the Commonwealth Seniors Health Card?
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.
Turning 55: Taking super, tax and timing
Q: If at 55, I take up to $150,000 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…
Tax-free super for over-60s
If you’re aged 60 and retired, you can receive your superannuation benefits tax-free — as a lump sum or as an income stream (regular payments over a period of time). It sounds incredible but it is certainly true. You can enjoy a tax-free income in retirement assuming you have sufficient super savings to deliver you that regular income in retirement.
Are you eligible for a Commonwealth Seniors Health Card?
The question is a popular one among prospective retirees, and the answer can be best explained by dividing the question into four parts.
Super for beginners, part 16: Tax-free twice
When you reach 60 and start a retirement income stream you get two dollops of tax-free super. If you’re aged 60 years or over, any lump sum or income stream benefits you receive from a taxed super fund (90% of all super benefits) are tax-free.
Turning 60 means tax-free super
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 [...]
Not all super payments count for Seniors Health Card from July 2009
Note: This article is no longer current.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 [...]
