Welcome to our first ever Retiree newsletter. If you missed our announcement, we are splitting our monthly newsletter into four topic-based newsletters – Super booster, Retirement planner, Retiree and SMSFs.
Learn more about the changes to SuperGuide newsletters and subscription plans here.
A: Tax rules and Social Security rules are totally different. To assess your eligibility for the Commonwealth Seniors Health Card, Centrelink assesses your Adjusted Taxable Income (which includes your defined benefit) PLUS deemed income on your account-based pension (which is not included in your taxable income).
Deeming is applied to the balance of your fund so although the asset value is not relevant for an asset test, it is required to work out how much income to assess under the deeming rules.
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.