tag:blogger.com,1999:blog-77734461691750609392024-03-05T01:48:11.843-08:00Age Pension Concierge @ yourpension.com.auYour age pension concierge service for Centrelink.
Case studies and observations on claiming and maintaining the Centrelink age pension in Australia.
The objective of this blog is to inform and promote discussion.
Information contained within is generic and does not constitute advice, and professional assistance is recommended before any action taken with Centrelink. Unknownnoreply@blogger.comBlogger28125tag:blogger.com,1999:blog-7773446169175060939.post-62949402602669464952017-03-20T13:54:00.000-07:002017-05-10T04:28:54.006-07:00<h1>
After the robo-debt debacle, here's how Centrelink can win back Australians' trust</h1>
This article was originally published on <a href="http://theconversation.com/">The Conversation</a>. Read the <a href="http://theconversation.com/after-the-robo-debt-debacle-heres-how-centrelink-can-win-back-australians-trust-74256">original article</a>.<br />
<img alt="Image 20170316 10925 14mlbmd" height="212" src="https://cdn.theconversation.com/files/161111/width754/image-20170316-10925-14mlbmd.jpg" width="320" /><br />
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Australia’s social security policy and service delivery system is not designed to put customer needs first.<br />
<span class="attribution"><span class="source">AAP/Julian Smith</span></span><br />
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<a href="https://theconversation.com/profiles/paul-henman-4296">Paul Henman</a>, <em><a href="http://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em><br />
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The ongoing furore over <a href="http://www.abc.net.au/news/2017-03-03/centrelink-debt-controversy-what-is-robodebt/8317764">Centrelink’s automated debt recovery program</a> has highlighted a perfect storm of poor and worsening service delivery in the federal government’s premier service delivery agency. <img alt="The Conversation" height="1" src="https://counter.theconversation.edu.au/content/74256/count.gif?distributor=republish-lightbox-basic" width="1" /><br />
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The extent of Centrelink’s customer service delivery problems is legendary, and it has been getting worse over the last decade. There are several reasons for this, including policy changes and funding cuts. But while the situation may look dire, there are ways Centrelink can win over dissatisfied Australians.<br />
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<h2>
Worsening wait times and customer experiences</h2>
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Since its creation in 1997, Centrelink has always had to deal with a troubled public perception of the quality of its service delivery. Challenges of long queues in crowded impersonal offices, and incomprehensible form letters, are well-known. <br />
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Even before the robo-debt crisis (which started this financial year), Centrelink’s wait times have been on a pretty much consistent upward trajectory since the early 2000s. <br />
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It would appear – contrary to expectations – that with the growth of new technology, problems have got worse, not better, as can be seen in the graphic below.<br />
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<img alt="" src="https://cdn.theconversation.com/files/161470/width754/image-20170320-6123-1rlm7ht.png" /><br />
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<span class="attribution"><span class="source">The Conversation</span>, <a class="license" href="http://creativecommons.org/licenses/by-nd/4.0/">CC BY-ND</a></span><br />
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<strong><em>See our full infographic on Centrelink waiting times <a href="http://theconversation.com/infographic-the-truth-behind-centrelinks-waiting-times-74700">here</a>.</em></strong><br />
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Ten years ago, the Centrelink officer that was dealing with you would almost certainly have been a permanent officer (97% of all staff), and therefore well-versed in the policies. Today, the numbers of casual staff have significantly grown: they now make up <a href="https://www.humanservices.gov.au/corporate/annual-reports/annual-report-2015-16/part-6-appendices/appendix-f-staffing-statistics-and-remuneration#a1">14% of Department of Human Services staff</a>, many of whom seem to be Centrelink call centre workers.<br />
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So, it is unsurprising that staff <a href="http://www.smh.com.au/comment/a-public-servants-account-of-what-its-like-to-work-in-a-centrelink-call-centre-20150522-gh79zs.html">may not be well-trained</a> in policy or how to deal with stressful customer situations, and face pressure to shift people online, ignoring the very difficult circumstances Centrelink customers may be in. <br />
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Centrelink’s reputation has taken a beating in the last decade. Complaints have more than doubled from around 53,000 in 2007 to almost 114,000 in 2015-16, the bulk of the increase being in the <a href="https://www.humanservices.gov.au/corporate/annual-reports/annual-report-2015-16/part-3-management-and-accountability/engagement-and-feedback">last two years</a>. The top three complaints relate to telephone, internet and processing wait times.<br />
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<a href="https://www.humanservices.gov.au/corporate/annual-reports/annual-report-2015-16/part-3-management-and-accountability/engagement-and-feedback">Only half of all customers</a> have satisfactory perceptions of Centrelink. So when we are told Centrelink needs to release personal information to ensure public confidence in it <a href="http://www.abc.net.au/news/2017-03-02/department-of-human-services-defends-release-blogger-personal/8317910">is not undermined</a>, the horse has already bolted. <br />
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It is also troubling that <a href="https://www.humanservices.gov.au/corporate/annual-reports/annual-report-2015-16/part-3-management-and-accountability/engagement-and-feedback">more than 20%</a> of customers do not think they get accurate or consistent information from Centrelink, or that their individual circumstances are taken into account when communicating with it.<br />
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However, on the positive side, customers believe they are <a href="https://www.humanservices.gov.au/corporate/annual-reports/annual-report-2015-16/part-3-management-and-accountability/engagement-and-feedback">treated with respect</a> by Centrelink officers (though this is down from 96% in 2007 to 90%), and the queues in Centrelink offices have declined from <a href="https://www.humanservices.gov.au/sites/default/files/documents/annual-report-2013-14.pdf">almost 17 minutes in 2013-14</a> to just under 11 minutes last year.<br />
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<h2>
What’s behind all this?</h2>
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So what could Centrelink do to improve its service delivery and perilous reputation?<br />
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Annual reports show that there has been a long-term cut in the Department of Human Services’ financial resourcing in real terms. This has been driven by the government’s blunt instrument of efficiency dividends. So, with fewer staff, fewer phone calls can be answered.<br />
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There have also been continual changes in policy, which has resulted in complexity and uncertainty. With each policy change and associated benefit payment change, customers contact Centrelink in droves to understand the changes and ensure they are doing the right thing to maintain their often-precarious financial state. <br />
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There has been a continual cultural demeaning of Centrelink customers by influential politicians, which reinforces a view that they do not deserve good service.<br />
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When Centrelink customers are perceived as leaners or bludgers that do not contribute to society and have a lot of free time, why should we care if they have to wait on the phone for long periods? <br />
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As a result, Australia’s social security policy and service delivery system is not designed to put customer needs first.<br />
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To improve its service delivery standards, Centrelink could immediately introduce a call-back feature so customers can request a call back when the queue is long. This is done is many businesses, and <a href="https://www.ato.gov.au/assets/0/104/300/530/532/3796/2a00e18c-8552-4254-9083-9ee00c3acc7a.pdf">also by the ATO</a>. It would be particularly welcome for people who only have mobile phones or who have to call during work breaks. <br />
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Centrelink could make its online and letter communication easier to understand and less threatening, and provide an accurate and complete explanation for the basis of its decision-making. <br />
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Centrelink could make better use of its social media platforms to engage with and respond to customers. It could provide dedicated hotlines for particular short-term issues. And the government should also ensure Centrelink is properly resourced to provide good service delivery. <br />
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Finally, the politically constructed public perception of Centrelink customers as bludgers, leaners and fraudsters must end. Many customers are working as well as receiving welfare, or have had a lifetime of work (age pensioners), or are saving government money by caring for people with disabilities or young children.<br />
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Those who face the considerable disadvantages of mental illness or poor education can find it very challenging to engage with bureaucratic processes while feeling under threat that the fine thread between survival and destitution could be cut at any wrong move.<br />
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<a href="https://theconversation.com/profiles/paul-henman-4296">Paul Henman</a>, Associate Professor, Sociology and Social Policy, <em><a href="http://theconversation.com/institutions/the-university-of-queensland-805">The University of Queensland</a></em><br />
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This article was originally published on <a href="http://theconversation.com/">The Conversation</a>. Read the <a href="http://theconversation.com/after-the-robo-debt-debacle-heres-how-centrelink-can-win-back-australians-trust-74256">original article</a>.<br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-12621767037744585332017-01-11T19:19:00.000-08:002017-01-18T19:10:33.541-08:00Contacting Centrelink<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><span style="background: white; color: #333333; font-size: 13.5pt;">Various
news outlets reported on the 11/1/17 that the human services minister, Alan
Tudge, said</span><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"> </span><span style="background: white; color: #333333; font-size: 13.5pt;">“…I know that the call wait time for Centrelink
can be long, the average call wait time at present is about 12 minutes…” and “People
can also go to a Centrelink office and typically they’ll be able to see a
person, in person, within 10 minutes.”</span><span style="mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman";"><o:p></o:p></span></span></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Now this
is a significantly different to that reported by Centrelink staff and that
which has been presented at Senate enquiries. The Australian National Audit
Office reported that in 2013-14 13.7 million callers hung up after waiting for
as much as 1 hour. From all reports the current situation is now far worse;
especially since the average age pension claim processing times have gone from
an average 6 weeks to 4-5 months!<o:p></o:p></span></span></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Now let’s
test those ‘access’ times. It’s unlikely to be statistically significant, but
it may give an idea of how a ‘typical’ Centerlink recipient needs to handle the
situation. We are going to work with an age pensioner and log their attempts to
contact Centrelink over a week period. We will attempt to contact Centrelink via
the phone and then attend a Centrelink office.<o:p></o:p></span></span></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Let’s
consider an age pensioner who is working and needs to report wages. They get
30min for lunch so we will attempt to contact Centrelink during that break and if
no answer then we will hang up after 30 minutes.<o:p></o:p></span></span></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Note: the
age pensioner is lucky enough to have a mobile phone – but not a smart phone - and
to save costs cancelled their fixed line some time ago. Hence a 30-minute call
to Centrelink’s ‘Older Australians’ 13 23 00 number will cost approx. $30.<o:p></o:p></span></span></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Also for
this trial we will visit a Centrelink office after that midday call. Now in
practice this would also need to be done during a lunch time as Centrelink
offices are only open between 8:30 am to 4:30 pm and the age pensioner works during these
hours. It is likely that the lunch time queues would be longer than what we will
experience; but it’s enough for this ‘trial’. Again the pensioner will wait 30
minutes – in practice they would have less than 30 minutes as travel time would
need to be allowed for.<o:p></o:p></span></span><br />
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<b style="mso-bidi-font-weight: normal;"><span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Day 1<o:p></o:p></span></span></b></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Call: commenced
at 12:03 – No answer, hung up at 12:37.<o:p></o:p></span></span></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Visit: visited
Centrelink at 3:42pm and told there are too many in the queue to be ‘serviced’ today,
so “please come back tomorrow”.<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Day 2<o:p></o:p></span></span></b></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Call: commenced
at 12:07 – No answer, hung up at 12:31.<o:p></o:p></span></span><br />
<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></span></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Visit: visited
Centrelink at 1:16pm, registered at the kiosk, and waited…After 30 </span><span style="font-family: "trebuchet ms" , sans-serif;">minutes left
without being served. <o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Day 3 <o:p></o:p></span></span></b></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Call: tried 4 times to connect and eventually connected at</span></span><span style="background-color: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 18px;"> 12:13 – hung up after 30 minutes wait. </span><br />
<span style="background-color: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 18px;"><br /></span></div>
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<span style="background: white; color: #333333; font-size: 13.5pt;"><span style="font-family: "trebuchet ms" , sans-serif;">Visit: was told at Centrelink kiosk that there was a 2hr wait, so left.</span></span></div>
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<span style="color: #333333; font-family: "trebuchet ms" , sans-serif;"><span style="background-color: white; font-size: 18px;"><i>Let's hope next week is better.</i></span></span><br />
<span style="color: #333333; font-family: "trebuchet ms" , sans-serif;"><span style="background-color: white; font-size: 18px;"><br /></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">Day 4<o:p></o:p></span></b></div>
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<span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">Call: tried 8 times, connected at 12:20 - hung up after 40 minutes.<o:p></o:p></span></div>
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<span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">Visit: minimum staff - "holiday and sick" - "can't be seen within the hours". Left.<o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span><span style="color: #333333; font-family: "trebuchet ms" , sans-serif;"><span style="background-color: white;"><i><span style="font-size: 18px;">Tomorrow will start work late and go to a Centrelink office first things @</span><span style="font-size: 18px;"> 8:30am.</span></i></span></span><br />
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<b style="mso-bidi-font-weight: normal;"><span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">Day 5<o:p></o:p></span></b><br />
<b style="mso-bidi-font-weight: normal;"><span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;"><span style="font-weight: normal;">Visit: Success! Only waited 20 minutes and was able to submit income earnings for the previous fortnight. </span></span></b></div>
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<span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;"><b>Summary. </b></span><br />
<span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">It is clear that:</span><br />
<span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">1. The process of reporting to Centrelink is cumbersome and time consuming. The above process could be repeated each and every fortnight.</span><br />
<span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">2. It is clear that Centrelink are pushing clients towards on-line systems. However, even the Governments own IT advisory body (DTO) does not recommend its use. The apps and web services are not compatible with all platforms and cause confusion with respect to what information Centrelink can request and retain.</span><br />
<span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">3. It is also clear that it is in Centrelinks interest - or it certainly appears that way - that barriers are built for the efficient reporting of circumstances. Claims are delayed or rejected, debt notices are issued for non-reporting etc. all assisting Centrelinks bottom line.</span><br />
<span style="background: white; color: #333333; font-family: "trebuchet ms" , sans-serif; font-size: 13.5pt;">4. More and more people are 'moving' to use 3rd party organisations - such as yourpension.com.au - to avoid problems, reducing the chance of debt notices and 'get on with life'. However, Centrelink do not provide IT support for nominees; "its coming" Centrelink have been saying for more than 10 years. Centrelinks suggestion? "Just log on as the client". This not only conflicts the nominee agreement but it is an offence!</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;"><i>Note: Now we have attempted to replicate a typical attempt to contact Centrelink. Of course it is possible that some recipients have the opportunity to contact Centrelink more than once per day. However, as can be demonstrated in the above, unless that person has more than 30 minutes break then it is nigh impossible.</i></span></div>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7773446169175060939.post-67786109755318318992016-11-06T14:21:00.003-08:002016-11-06T23:16:18.957-08:00Rebalancing the Assets Test<span style="font-family: "trebuchet ms" , sans-serif;">By now most pensioners will have received a letter from Centrelink outlining the changes to the age pension test from 1 January 2017.<br /><br />We have received a significant number of queries regarding this letter. Hence, we will attempt to summarise the most common concerns.</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<i style="mso-bidi-font-style: normal;"><span style="font-family: "trebuchet ms" , sans-serif;">For expediency we will use one central reference
‘document’ that in turn refers to key Government data. This reference is one of
a series of fact checks published by The Conversation. We will refer to this document
as The Conversation.<o:p></o:p></span></i></div>
<div class="MsoNormal" style="margin-left: 36.0pt;">
<i style="mso-bidi-font-style: normal;"><span style="font-family: "trebuchet ms" , sans-serif;"><a href="https://theconversation.com/factcheck-is-half-to-two-thirds-of-the-australian-population-receiving-a-government-benefit-41027">https://theconversation.com/factcheck-is-half-to-two-thirds-of-the-australian-population-receiving-a-government-benefit-41027</a><o:p></o:p></span></i></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">Proportion of pensioners affected – 90% unaffected sounds better
than 300,000 Australians to lose.</span><o:p></o:p></span></b></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">The Centrelink letter states that “Ninety per cent of pensioners will either not be affected by this change or will receive an increase in their pension”.<br /><br />The Conversation estimates that 2.4 million Australians “were receiving Age Pensions or Veterans Affairs Pensions”. Therefore, Centrelink are saying that approximately 240,000 Australians will have their pensions rejected or reduced.<br /><br />Superguide.com.au states “the harsher Age Pension assets test for part Age Pension means an estimated 300,000 Australians will lose Age Pension entitlements, with 100,000 of those retirees losing all entitlements. Now that we know the part Age Pension thresholds are lower than first announced, we expect these estimates to be conservative.”</span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;"><a href="http://www.superguide.com.au/smsfs/300000-retired-australians-to-lose-some-or-all-age-pension-entitlements">http://www.superguide.com.au/smsfs/300000-retired-australians-to-lose-some-or-all-age-pension-entitlements</a><o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: large;">Why the changes are
being made</span></b><o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">The Centrelink letter states – in part:</span><br />
<ul><span style="font-family: "trebuchet ms" , sans-serif;">
<li>“Each year an increasing number of people retire and many receive the Age Pension for far longer than in the past”</li>
<li>“The change ensures that taxpayer funded expenditure will be focused on those with lower or moderate wealth”</li>
</span></ul>
<span style="font-family: "trebuchet ms" , sans-serif;">
The first point is frequently reported and then used to imply age pensioners are a burden on society. Additionally, the wording implies that people retire by choice. When discussing this issue with our client we point out that:<br /><br />1. All too often older Australians would prefer to continue to work but are constrained due to Government policies such as work cover insurance schemes ceasing before the age pension entitlement date, or simply there is no work for older Australians.<br /><br />2. Most age pension claimants were contributing 3% of their tax to the age pension for the majority of their working life. Some still have their pay slips with that compulsory Government deduction.<br /><br />3. The age pension is not the largest ‘welfare’ budget item. While the ‘dole’ is approx. 16% and child assistance schemes account for more than 40%. The Conversation states that “As we know from the <a href="http://www.treasury.gov.au/PublicationsAndMedia/Publications/2015/2015-Intergenerational-Report">Intergenerational Report</a>, the proportion of Australians over 65 years is forecast to increase, leading to upward pressure on welfare spending. However, the overall number of Australians who rely on government benefits as their main source of income has been <a href="http://www.abs.gov.au/ausstats/subscriber.nsf/log?openagent&sih%202011-12%20data%20cubes.xls&6523.0&Data%20Cubes&E3075D36DB4F7605CA257BC80016E46F&0&2011-12&16.08.2013&Previous">going down</a> from about 28% in the mid-1990s to just under 25% in 2011-12.” Additionally, we know that the proportion of age pensioners in proportion to the tax paying population continues to fall and that trend is forecast to continue. <br /><br />4. It’s funny that when we consider the kafuffle about the proposed tax concessions for the recent superannuation changes, where a $1.6m limit for an individual was proposed. Compare this to the approx. 25% of that level is applied to a couple’s asset limit before reductions in the age pension are enforced.</span><br />
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<div style="background: white; margin-bottom: 13.5pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; vertical-align: baseline;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">What this
means for you</span><o:p></o:p></span></b></div>
<span style="font-family: "trebuchet ms" , sans-serif;">The Centrelink letter provides tables on the asset threshold changes and it can easily be interpreted that the changes only impact on those age pensioners whose part pension is being determined by their asset levels. This is not always the case. It is possible that your current part pension is being determined by your income yet the changes could result in your age pension now being determined by your asset levels. <br /><br />Also be warned about using the web site referred to in the letter </span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">https://www.humanservices.gov.au/customer/enablers/changes-pension-assets-test </span><br />
<span style="font-family: "trebuchet ms" , sans-serif;">“where you can access an asset tested rate estimator”. </span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span>
<span style="font-family: "trebuchet ms" , sans-serif;">This site only considers your assets and as such should only be used by those whose current age pension is being determined by the assets test. If you are unsure please use one of the other age pensioner estimator calculators such as ours <a href="http://yourpension.com.au/APCalc/index.html#CalcForm">http://yourpension.com.au/APCalc/index.html#CalcForm</a></span><br />
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<span style="font-family: "trebuchet ms" , sans-serif;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: large;">If your payment is
cancelled</span></b><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">Be careful of the wording “If you are age pension age or over on 1 January 2017 you will also be <b>eligible</b> for a Commonwealth Seniors Health Card.” And for the Low Income Health Care Card be “<b>automatically be eligible</b>”. This implies that you will not automatically be posted the cards. Many have interpreted the Ministers statement as age pensioners will automatically receive a card for use before 1/1/2017. We will assume the Ministers statement is correct and you will automatically be issued with the card. We will further assume that the Medicare/Health benefits will automatically be linked as you will continue to have the same CRN/CAN Centrelink client number. However, for most age pensioners the benefits are primarily with State and Local Govt based fees such rates, car registration, utilities etc. We are recommending that you contact these organisations to ensure the discounts continue after 1 January 2017. </span><br />
<br /></div>
<div>
<span style="font-family: "trebuchet ms" , sans-serif;">The Commonwealth Seniors Health (CSHC) card is an income based card only and does not consider assets. The changes to the age pension relate to assets. Hence if you are ‘on’ the age pension you would already be automatically entitled to the CSHC. The concession by the Government appears redundant.<br /><br />If the Centrelink letter is accurate and current processing times for the age pension are 4+ months! We expect a deluge of age pensioners applying for the above cards causing significant processing delays. Be warned about the possibility of loss of benefits during the processing times.</span><br />
<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;">We have been unable to determine what the implications are for ‘grandfathered’ age pensioners. Grandfathering only applies until ‘circumstances change’. Is this change by the Government being interpreted as a changed circumstance?<br /><br />We are also intrigued by the statement regarding the Low Income Health Care Card (LIHC) and CSHC cards that “they will never be income tested so you will retain entitlement to the cards indefinitely provided you continue to meet all other eligibility requirements.” With the CSHC card it is an income based card and has no assets test. So currently you could have $20m in assets – excluding the family home - and receive the CSHC card. The Centrelink letter implies that you can go back to work and receive $200k pa and still get the card - really?</span><br />
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<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "trebuchet ms" , sans-serif;"><span style="font-size: large;">Further Reading</span><o:p></o:p></span></b></div>
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<br /></div>
<span style="font-family: "trebuchet ms" , sans-serif;">If you are interested in where the age pension is heading, we recommend the Governments National Commission of Audit report. Where the report continues the trend of converting the age pension from a pension entitlement to a welfare payment.</span><br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "trebuchet ms" , sans-serif;"><a href="http://www.ncoa.gov.au/report/phase-one/part-b/7-1-age-pension.html">http://www.ncoa.gov.au/report/phase-one/part-b/7-1-age-pension.html</a><o:p></o:p></span></div>
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<span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></div>
<span style="font-family: "trebuchet ms" , sans-serif;">Where, for example the report forecasts that the number of ‘part’ age pensioners will increase and ‘full’ pensions will fall.</span><br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-41048724072063742552016-09-06T16:25:00.000-07:002016-09-06T16:27:16.799-07:00A house in Bali and a full age pension.<span style="font-family: "verdana" , sans-serif;">“John” recently “went through” a divorce and considers that he no longer has the funds to purchase a home whilst on the age pension. John is living with his son and their family.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">John and his former partner were on the full age pension and both were receiving approx. $660 pf.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">This is a summary what he did following the sale of the family home.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">He continues to run a small business that requires him to travel to Bali to purchase stock. He determines that the company would benefit if he “bought” a house in Bali to use when he visits. You can not own property in Bali but it will be treated as an investment property for Centrelink purposes. The property is valued at $300k.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">John also has a further $200k in super.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">As a single age pensioner, without assets, he would have been entitled to approx. $870pf. Now with the above assets his age pension falls to nearly the same as what he was receiving as a part of a ‘couple’ to $660pf. </span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">As there is no international agreement with Indonesia, John is also worried that as he no longer has the family home he may be considered a non resident. John uses the $200k in super to enable his son to renovate the house to “pay the costs associated to build a granny flat on someone else’s property or the costs to convert someone else’s property to suit your needs and establish a lifetime right to live there” https://www.humanservices.gov.au/customer/enablers/granny-flat-right-or-interest</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">John's age pension now rises back to the full single age pension rate – from $660 to $870pf.</span><br />
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-77315280669021536172016-09-06T15:45:00.000-07:002016-09-07T14:01:21.498-07:00Is $0.5m in super really a “small amount”?<br />
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<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">When
providing advice to a Centrelink age pensioner, a recent article in the mainstream press (7/9/16)
suggested “for a relatively small amount, such as $500,000”. </span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">Of course “relative”
can mean a number of things and is dependent upon - relative to what. So let’s
look at that relativity.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">First we
look at what $500k in super means to a single age pensioner – as was the case
for the press article. Let’s assume that this was the total amount of assets
held by the age pensioner.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">The age
pension would be reduced from $870 to approx. $440pf for that “relatively”
small amount. In 2017 that age pension is expected to be reduced by a further
$7,700 pa. A weekly loss to the age pensioners 'budget' of nearly $150 per week from the current 2016 pension.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">Back to
judging whether that $500k is a relatively small amount.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">In December
2015 the Association of Superannuation Funds of Australia Ltd(ASFA) published
the report “Superannuation Account Balances by Age and Gender”<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;"><a href="file:///Users/terryschwarze/Downloads/ASFA_Super-account-balances_Dec2015.pdf">file:///Users/terryschwarze/Downloads/ASFA_Super-account-balances_Dec2015.pdf</a><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">So we will
pick out a stat to assist with judging that relativity. The data
relates to “average superannuation balances at the time of retirement (assumed
to be between 60 to 64 years of age) in 2013/2014”.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">So the
medians – where 50% of the population has a lesser amount – the super balances
are:<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;"> $100,000 for men<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;"> $28,000 for women<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">That is,
for men, 50% of the retiring population has a superannuation balance of less
than $100,000. For those applying for the age pension it is presumably far lower.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;">Therefore,
the above mentioned relatively small $500,000 is at least 5 times that of the median for all retiring
males and nearly 20 times that for women!</span><o:p></o:p></span><br />
<span lang="EN-AU"><span style="font-family: "trebuchet ms" , sans-serif;"><br /></span></span>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;"><b>Update
8/8/16</b> – since we published this article we have received a number of comments
regarding the above statistics. So we should expand in an attempt to explain.<o:p></o:p></span></span></div>
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<br /></div>
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<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;">The above median
super balance of $100,000 for men, and $28,000 for women, is the <b style="mso-bidi-font-weight: normal;">median </b>balance. That is, 50% of people
have amounts less than that and 50% have amounts greater than that. <span style="mso-spacerun: yes;"> </span>Now it is the average super balance that is
often reported. From the same ASFA report the “average superannuation balances
at the time of retirement (assumed to be between 60 to 64 years of age) in
2013/2014 of $292,500 for men and $138,150 for women, many recent retirees will
need to substantially rely on the Age Pension in their retirement.”<o:p></o:p></span></span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;">Much of the
difference between median and average is attributed to the number of people
with large super balances and those without any super.<o:p></o:p></span></span></div>
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<br /></div>
<span lang="EN-AU"><span style="font-family: Trebuchet MS, sans-serif;">
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<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;">To look at the
average balance situation for a ‘household’ the ASFA report states that
the “The average total superannuation balance in 2013/2014 for a household
headed by a person 60 to 64 years of age was around $355,000 with a median
value of $110,000.”<o:p></o:p></span></span></div>
</div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
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<br /></div>
<!--EndFragment-->Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-60476248333539965632016-07-18T19:53:00.000-07:002016-07-18T19:53:25.740-07:00Reducing the impact of the 2017 Age Pension changes<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif;">Maybe you
are one of the two-thirds of age pensioners who are going to have their
entitlements reduced, or withdrawn, on Jan 1 2017? Some households will be up
to $15,000 pa worse off. How can you supplement your income to minimise the
impact?</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">The 2017
amendments to the age pension are primarily targeted towards ‘asset based’ age pensioners. The lowering of the asset thresholds may result in ‘earning’ additional
income not in fact impacting on revised age pension entitlements.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">The
following is a brief summary of the issues surrounding the options being
discussed by clients and ‘the web’. Of course the following is generic and is
therefore primarily designed to highlight the issues. Please contact us for
specific guidance.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Odd Jobs<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">‘John’
decides to do some odd jobs for neighbours and friends. John sets himself up as
self-employed and works from a shed ‘out the back’. He expects to earn around
$20,000 pa.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">A few matters
that he should be careful with:</span></span></div>
<div class="MsoNormal">
</div>
<ul>
<li><span style="font-family: Verdana, sans-serif; text-indent: -18pt;">Being self-employed, John is NOT eligible
for the $6,500 pa Work Bonus Scheme(WBS). Therefore, the $20,000 would be
income assessed, not $13,500 if he worked as an employee and the WBS was
applicable. John could set up a company structure and pay himself a wage but
many issues and costs are involved with establishing this framework.</span></li>
<li><span style="font-family: Verdana, sans-serif; text-indent: -18pt;">Centrelink may deem that part of his
home is no longer an exempt asset as it is being used for income generating
purposes. Centrelink does not use the same rules as the ATO. Even if he earned
less than the tax threshold, Centrelink work under different rules and may still
consider the asset value of the shed. Additionally, if John were to claim tax
exemptions for part of his utilities – e.g. power – it is always possible that
the ATO would consider capital gains tax.</span></li>
</ul>
<br />
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Charging Children Rent<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif;"><span lang="EN-AU" style="color: black; mso-ansi-language: EN-AU; mso-themecolor: text1;">’Julie’</span><span lang="EN-AU" style="mso-ansi-language: EN-AU;"> is an age pensioner and has two children still as university. She
expects to lose $5,000 next year with the changes to the age pension. Her
children have offered to contribute towards living expenses, but they are
concerned about the impacts for Centrelink and if these payments would be
deemed as income.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">If the
situation were reversed then Centrelink may regard the $5,000 of benefits as a
gift. However, receiving ‘living expenses’ from siblings is exempt from income
tests. Of course if these payments were in excess of actual costs then the
‘remainder’ would ‘appear’ in revised bank balances and therefore be assessed
via the normal asset testing.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Charging Board & Loadings – renting out a
room.<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">‘Colin’
decides to compensate for the loss of an estimated $3,000 pa in age pension by
renting out a room. Colin decides to charge $120 pw for the room which includes
breakfast. Centrelinks default position is that 50% of that $120pw is treated
as additional income (approx. $3,000 pa). The remaining 50% is assumed by
Centrelink as required to cover costs such as utilities, food etc. If the costs
were higher than the 50%, then a submission to Centrelink could see that 50/50
standard approach being adjusted. Colin is an asset based part pensioner so in
his case the additional $3,000 does not further impact on his pension.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">If Colin
were to offer “accommodation, breakfast and meals” then the percentage of
income that would be assessed by Centrelink would drop from 50% to 20% as again
Centrelink would default to the assumption of 80% of income would be directed
towards costs. Therefore, if Colin charged $240pw then only $48pw – or approx.
$2,400 pa – would be assessed as income.<span style="mso-spacerun: yes;">
</span><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">For more
details on this and the standard income assessment guidelines, please refer to
the following link.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;">Ref: </span><a href="https://www.humanservices.gov.au/customer/enablers/real-estate-income"><span lang="EN-AU" style="mso-ansi-language: EN-AU;">https://www.humanservices.gov.au/customer/enablers/real-estate-income</span></a><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">AirBnB <o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">It is
understood that Centrelink are reviewing this scenario. At this stage it could
be treated in the same was as ‘renting out a room’. However, it could be seen
as more of a commercial enterprise and treated in the same way as a small business/sole trader etc.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Uber<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">As with
AirBnB – it could be seen as a business operation.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Granny Flat<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Shirley and
Jack give up! The reduction in age pension means they can no longer live on the
age pension in 2017. They expect to have a $14,000 pa reduction in their
pensions. They are considering the option of a granny flat, as their daughter has
offered to renovate her house via an extension - adding a bedroom and <a href="https://www.blogger.com/null" name="OLE_LINK4"></a><a href="https://www.blogger.com/null" name="OLE_LINK3"><span style="mso-bookmark: OLE_LINK4;">ensuite</span></a>.
Shirley and Jack would then transfer the title of their house to their
daughter.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Shirley
approaches Centrelink to obtain a formal position in relation to the proposal.
Of course, Centrelink can not make that statement without a formal agreement.
Shirley does not wish to sell the house without a guarantee from Centrelink
that she can use the proceeds from the sale of the house towards both the cost
for the renovations to her daughter’s house and ‘life time’ living costs.
Shirley however does receive an informal ‘guestimate’ from Centrelink - that being $400,000 could be treated as a “life interest or right to use certain accommodation
for life”.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Centrelink
rightly would “recommend that you have a legal document drawn up by a solicitor
to have evidence of the arrangement. This can help to
prevent problems in the future if your personal circumstances change”.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Now Shirley
is still worried. Their property is worth approx. $700,000; so approx. $300,000
is above the expected $400,000 ‘life interest’ granny flat value. Therefore,
the additional $300,00 may be added to her asset base and further impact on
their pension. Although some of these funds could be used for the required
extensions and renovations.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">Shirley
decides to ‘transfer’ her house to her daughter and advises Centrelink that
they are looking for an alternate home, preferably a brand new home. She gets
24 months of assets exemption for the proceeds of the sale of the house. Shirley
now has 24 months to decide if the granny flat is the best option, or is able
to obtain an improved assessment from Centrelink.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">For further
information on granny flat rights or interest, refer<o:p></o:p></span></span></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Verdana, sans-serif;">https://www.humanservices.gov.au/customer/enablers/granny-flat-right-or-interest<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-14505910185375262832016-06-27T15:28:00.000-07:002016-06-27T15:28:28.774-07:00Income and Assets Test Updates – July 2016.<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif;">Our age pension calculator has been updated for the 1 July 2016
updates at<o:p></o:p></span></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="color: #ffc000; mso-themecolor: accent4;"><a href="http://yourpension.com.au/APCalc/index.html#CalcForm"><span style="color: #ffc000; mso-themecolor: accent4;"><span style="font-family: Verdana, sans-serif;">Yourpension.com.au<o:p></o:p></span></span></a></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 14.0pt;"><span style="font-family: Verdana, sans-serif;">Income Test<o:p></o:p></span></span></b></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif;"><span style="background: white; color: black; mso-fareast-font-family: "Times New Roman";">Income test l</span><span style="background: white; color: black;">imits for the
full Age Pension are indexed on 1 July each year and for part Age Pensions are
indexed in March, July and September of each year. </span><o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div style="background: white; line-height: 14.25pt; margin-bottom: .0001pt; margin: 0cm; vertical-align: baseline;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 450px;">
<tbody>
<tr style="height: 36.25pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: #FFC000; border: solid black 1.0pt; height: 36.25pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><span style="color: black;">Income Test – 1 July 2016</span><span style="color: black;"><o:p></o:p></span></span></div>
</td>
<td style="background: #FFC000; border-left: none; border: solid black 1.0pt; height: 36.25pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">For full pension/allowance (per
fortnight)<o:p></o:p></span></span></div>
</td>
<td style="background: #FFC000; border-left: none; border: solid black 1.0pt; height: 36.25pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">For part pension(pf) <o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Single<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">up to $164<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">less than $1911.80<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Couple (combined)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">up to $292<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">less than $2926.80<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Illness separated (couple
combined)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">up to $288<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">less than $3787.60<o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif;"><b style="mso-bidi-font-weight: normal;"><span lang="EN-AU">Work Bonus Scheme</span></b><span lang="EN-AU"> – </span><span lang="EN-AU">The WBS is an
incentive for age pensioners to “participate in the workforce” by providing an
income threshold of </span><span lang="EN-AU">$6,500 pa. This threshold remains unchanged since its inception.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Verdana, sans-serif;"><b style="mso-bidi-font-weight: normal;"><span style="font-size: 14.0pt;">Asset Test</span></b><b style="mso-bidi-font-weight: normal;"><span style="font-size: 14pt;"><o:p></o:p></span></b></span></div>
<div class="MsoNormal" style="background: white; line-height: 14.25pt; vertical-align: baseline;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 450px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: #FFC000; border: solid black 1.0pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Asset Test FULL age pension– 1 July
2016<o:p></o:p></span></span></div>
</td>
<td style="background: #FFC000; border-left: none; border: solid black 1.0pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Homeowners<o:p></o:p></span></span></div>
</td>
<td style="background: #FFC000; border-left: none; border: solid black 1.0pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Non-homeowners<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Single<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$209,000<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$360,500<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Couple (combined)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$296,500<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$448,000<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Illness separated (couple
combined)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$296,500<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><span style="border: 1pt none windowtext; color: black; padding: 0cm;">$448,000</span><span style="color: black;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">One partner eligible (combined
assets)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$296,500<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><span style="border: 1pt none windowtext; color: black; padding: 0cm;">$448,000</span><span style="color: black;"><o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="background: white; line-height: 14.25pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 14.25pt; vertical-align: baseline;">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="background: white; border-collapse: collapse; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-yfti-tbllook: 1184; width: 450px;">
<tbody>
<tr style="mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: #FFC000; border: solid black 1.0pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Asset Test PART age pension– 1 July
2016<o:p></o:p></span></span></div>
</td>
<td style="background: #FFC000; border-left: none; border: solid black 1.0pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Homeowners<o:p></o:p></span></span></div>
</td>
<td style="background: #FFC000; border-left: none; border: solid black 1.0pt; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Non-homeowners<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 1;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Single<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$791,750<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$943,250<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 2;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Couple (combined)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$1,175,000<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$1,326,500<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 3;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Illness separated (couple
combined)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$1,462,000<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$1,613,500<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="mso-yfti-irow: 4; mso-yfti-lastrow: yes;">
<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 247.7pt;" valign="top" width="248">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">One partner eligible (combined
assets)<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 3.0cm;" valign="top" width="85">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$1,175,000<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 117.25pt;" valign="top" width="117">
<div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$1,326,500<o:p></o:p></span></span></div>
</td>
</tr>
</tbody></table>
<div class="MsoNormal" style="background: white; line-height: 14.25pt; vertical-align: baseline;">
<br /></div>
<div class="MsoNormal">
<b style="mso-bidi-font-weight: normal;"><span style="font-size: 14.0pt;"><span style="font-family: Verdana, sans-serif;">Deeming Rates</span></span></b></div>
<div style="background: white; line-height: 14.25pt; margin-bottom: .0001pt; margin: 0cm; vertical-align: baseline;">
<br /></div>
<table align="left" border="1" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="-webkit-text-stroke-width: 0px; background: white; border-collapse: collapse; border-spacing: 0px; border: none; font-stretch: inherit; mso-border-alt: solid black .25pt; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-anchor-horizontal: column; mso-table-anchor-vertical: paragraph; mso-table-left: left; mso-table-lspace: 3.0pt; mso-table-rspace: 3.0pt; mso-yfti-tbllook: 1184; orphans: auto; widows: 1; width: 443px; word-spacing: 0px;">
<tbody>
<tr style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td style="background: #FFC000; border: solid black 1.0pt; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: .0001pt; margin: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><strong style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit;"><span style="border: 1pt none windowtext; color: black; font-weight: normal; padding: 0cm;">Deeming rates from 1 July 2016</span></strong><span style="color: black;"><o:p></o:p></span></span></div>
</td>
<td style="background: #FFC000; border-left: none; border: solid black 1.0pt; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: .0001pt; margin: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><strong style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit;"><span style="border: 1pt none windowtext; color: black; font-weight: normal; padding: 0cm;">Assets Threshold</span></strong><span style="color: black;"><o:p></o:p></span></span></div>
</td>
<td style="background: #FFC000; border-left: none; border: solid black 1.0pt; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-background-themecolor: accent4; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: .0001pt; margin: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><strong style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit;"><span style="border: 1pt none windowtext; color: black; font-weight: normal; padding: 0cm;">Rate of Deemed Income</span></strong><span style="color: black;"><o:p></o:p></span></span></div>
</td>
</tr>
<tr style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-yfti-irow: 1;">
<td rowspan="2" style="border-top: none; border: solid black 1.0pt; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: .0001pt; margin: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><strong style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit;"><span style="border: 1pt none windowtext; color: black; font-weight: normal; padding: 0cm;">Single</span></strong><span style="color: black;"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$0 – $49,200<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">1.75%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-yfti-irow: 2;">
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Above $49,200<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">3.25%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-yfti-irow: 3;">
<td rowspan="2" style="border-top: none; border: solid black 1.0pt; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: .0001pt; margin: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><strong style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit;"><span style="border: 1pt none windowtext; color: black; font-weight: normal; padding: 0cm;">Allowee Couple - per person (1)</span></strong><span style="color: black;"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$0 – $40,800<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">1.75%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-yfti-irow: 4;">
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Above $40,800<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">3.25%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-yfti-irow: 5;">
<td rowspan="2" style="border-top: none; border: solid black 1.0pt; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: .0001pt; margin: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; vertical-align: baseline;">
<span style="font-family: Verdana, sans-serif;"><strong style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; line-height: inherit;"><span style="border: 1pt none windowtext; color: black; font-weight: normal; padding: 0cm;">Pensioner Couple - combined (2)</span></strong><span style="color: black;"><o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">$0 – $81,600<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">1.75%<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-yfti-irow: 6; mso-yfti-lastrow: yes;">
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; font-size: inherit; font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: inherit; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm;" valign="top">
<div align="center" style="font-stretch: inherit; font-style: inherit; font-variant: inherit; font-weight: inherit; line-height: 14.25pt; margin-bottom: 6.0pt; margin-left: 0cm; margin-right: 0cm; margin-top: 0cm; mso-element-anchor-horizontal: column; mso-element-anchor-vertical: paragraph; mso-element-frame-hspace: 3.0pt; mso-element-wrap: around; mso-element: frame; mso-height-rule: exactly; text-align: center; vertical-align: baseline;">
<span style="color: black;"><span style="font-family: Verdana, sans-serif;">Above $81,600<o:p></o:p></span></span></div>
</td>
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<span style="color: black;"><span style="font-family: Verdana, sans-serif;">3.25%<o:p></o:p></span></span></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-56075369374995342292016-05-15T22:43:00.005-07:002016-05-15T22:58:39.172-07:00Age Pensions and Deeming<span style="font-family: "verdana" , sans-serif;">With the recent lowering of the cash rate by the Reserve Bank of Australia (RBA) there </span><span style="font-family: "verdana" , sans-serif;">has been renewed concerns over the Centrelink deeming rates applied for the age pension. </span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">We have discussed this topic before and suggested that while it is a relatively simple mechanism to ‘average’ the various investments returns, we are concerned with the growing discrepancy between the applied rate and the cash rate.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">The current (May 3 2016) RBA cash rate is 1.75% while the Centrelink deeming rate continues be as high as 3.25%. While even the most common term deposit rates are less than 2.5%. Four years ago there was virtually no difference between the cash rate and the highest deeming rate. The result? <b>Pensioners are receiving less!</b></span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Some of the arguments put forward by those supporting the 3.25% rate include:</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Q.<span class="Apple-tab-span" style="white-space: pre;"> </span>“Commercial superannuation returns are more than 7%, what’s wrong with 3.25%?”</span><br />
<span style="font-family: "verdana" , sans-serif;">A.<span class="Apple-tab-span" style="white-space: pre;"> </span>Super ‘funds’ generally recommend a more conservative fund balance balance for those in retirement. If we use web sites such as <a href="http://www.superratings.com.au/top-tens/returns?dataset1%5BPeriod_end1%5D=2016-03-31&dataset1%5BOption_Type1%5D=conservative%20balanced%20%2841-59%29&dataset1%5BReturn_Period1%5D=1%20year" target="_blank">Super Ratings</a> we can see that the majority of super funds reported on this site have a return rate of less than 2% for the last 12 months. This site also reports that those funds largely exposed to the share market report negative returns. It should be noted that these returns are also gross returns.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span>
<span style="font-family: "verdana" , sans-serif;">Q.<span class="Apple-tab-span" style="white-space: pre;"> </span>“The Government sets the deeming rate based on the CPI. Isn’t that the fairest benchmark?”</span><br />
<span style="font-family: "verdana" , sans-serif;">A.<span class="Apple-tab-span" style="white-space: pre;"> </span>Of course the Government’s decision is based on advice from the Department of Human Services and Centrelink. Also the deeming rates consider the simple Consumer Price Index (CPI). However, that index does not usually reflect costs of the age pensioner. That is why the Government has a number of price indexes. The one that covers age pensioners is the <a href="http://www.abs.gov.au/ausstats/abs@.nsf/mf/6467.0" target="_blank">Selected Living Cost Indexes.</a></span><br />
<div>
<br />
<span style="font-family: "verdana" , sans-serif;">Of course also remember that on the Jan 1 2017 the Government is reducing the deeming rate thresholds - further negatively impacting on age pension payments.</span><br />
<span style="font-family: "verdana" , sans-serif;"><br /></span></div>
<div>
<span style="font-family: "verdana" , sans-serif;"><a href="https://www.humanservices.gov.au/customer/enablers/deeming" target="_blank">More information on deeming rates here</a></span></div>
Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7773446169175060939.post-45675585988796144522016-04-03T17:42:00.000-07:002016-04-03T17:42:28.570-07:002017 Changes to the Age Pension assets test<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "verdana" , sans-serif;">We continue
to have enquiries regarding the changes to the Age Pension scheduled for 1 Jan
2017.</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;">Approximately
50,000 Age Pensioners are projected to be better off under the government’s
changes and receive the full pension and about 120,000 part pensioners are
predicted to add around $30 per fortnight to their wallet.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 13.95pt; margin-bottom: 15.0pt; vertical-align: baseline;">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;">However,
recent reports have indicated that far more will be disadvantaged with more
than 300,000 Age Pensioners having at least part of their pension cut, and just
under 100,000 of these people losing all Age Pension entitlements.<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 13.95pt; margin-bottom: 15.0pt; vertical-align: baseline;">
<span style="font-family: "verdana" , sans-serif;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;">The
government has said that people who do lose their pensions in 2017 will
automatically be entitled to receive a Commonwealth senior’s health card or a
low income health card. These cards will provide access to Medicare bulk
billing and less expensive pharmaceuticals. Of course, this is not a concession
as a result of the proposed changes this simply remains the current situation.
The Low Income/Concession cards are income based and the proposed changes affect
assets.</span><span style="color: #666666; font-size: 9pt;"><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 13.95pt; margin-bottom: 15.0pt; vertical-align: baseline;">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;">Our
Age Pension calculator provides an estimate of how you could be impacted by these
changes <a href="http://yourpension.com.au/">http://yourpension.com.au/</a><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 13.95pt; margin-bottom: 15.0pt; vertical-align: baseline;">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;"><b>Health
Care Cards</b><o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 13.95pt; margin-bottom: 15.0pt; vertical-align: baseline;">
<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;">Low Income Health Care Card<o:p></o:p></span></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 13.95pt; margin-bottom: 15.0pt; vertical-align: baseline;">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;">If
you are not entitled to the Age Pension then you may be entitled to a health
care card. For example, the Low Income Health Care card has a eight-week income
test as follows<o:p></o:p></span></span></div>
<div class="MsoNormal" style="background: white; line-height: 14.25pt; vertical-align: baseline;">
<span style="font-family: "verdana" , sans-serif;"><b><span style="border: none 1.0pt; color: black; font-size: 11.5pt; padding: 0cm;">Qualifying income limits from 20 March 2016</span></b><span style="color: black; font-size: 11.5pt;"><o:p></o:p></span></span></div>
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<td style="border: solid black 1.0pt; mso-border-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 150.0pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 14.25pt; vertical-align: baseline;">
<span style="font-family: "verdana" , sans-serif;"><b><span style="border: none 1.0pt; color: black; font-size: 11.5pt; padding: 0cm;"> Status</span></b><span style="color: black; font-size: 11.5pt;"><o:p></o:p></span></span></div>
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<td style="border-left: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 150.0pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 14.25pt; vertical-align: baseline;">
<span style="font-family: "verdana" , sans-serif;"><b><span style="border: none 1.0pt; color: black; font-size: 11.5pt; padding: 0cm;"> Weekly
income</span></b><span style="color: black; font-size: 11.5pt;"><o:p></o:p></span></span></div>
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<span style="font-family: "verdana" , sans-serif;"><b><span style="border: none 1.0pt; color: black; font-size: 11.5pt; padding: 0cm;"> Eight-week
period</span></b><span style="color: black; font-size: 11.5pt;"><o:p></o:p></span></span></div>
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<td style="border-top: none; border: solid black 1.0pt; mso-border-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 150.0pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black; font-size: 11.5pt;"><span style="font-family: "verdana" , sans-serif;"> Single, no children<o:p></o:p></span></span></div>
</td>
<td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; mso-border-alt: solid black .75pt; mso-border-left-alt: solid black .75pt; mso-border-top-alt: solid black .75pt; padding: 0cm 0cm 0cm 0cm; width: 150.0pt;" valign="top" width="150"><div class="MsoNormal" style="line-height: 14.25pt; margin-bottom: 6.0pt; vertical-align: baseline;">
<span style="color: black; font-size: 11.5pt;"><span style="font-family: "verdana" , sans-serif;"> $536<o:p></o:p></span></span></div>
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<span style="color: black; font-size: 11.5pt;"><span style="font-family: "verdana" , sans-serif;"> $4288<o:p></o:p></span></span></div>
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<span style="color: black; font-size: 11.5pt;"><span style="font-family: "verdana" , sans-serif;"> Couple, no children<o:p></o:p></span></span></div>
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<span style="color: black; font-size: 11.5pt;"><span style="font-family: "verdana" , sans-serif;"> $926<o:p></o:p></span></span></div>
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<span style="color: black; font-size: 11.5pt;"><span style="font-family: "verdana" , sans-serif;"> $7408<o:p></o:p></span></span></div>
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<b style="mso-bidi-font-weight: normal;"><span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;">Commonwealth Seniors Health Care Card<o:p></o:p></span></span></b></div>
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<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;">The Dept. of Human Services quotes the eligibility
criteria as follows<o:p></o:p></span></span></div>
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<i style="mso-bidi-font-style: normal;"><span style="color: #333333;"><span style="font-family: "verdana" , sans-serif;">“The Commonwealth Seniors Health Card is subject to an income
test which is indexed on 20 September each year and includes:<o:p></o:p></span></span></i></div>
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</span></span></span><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="color: #333333;">adjusted taxable income,
and<o:p></o:p></span></i></span></div>
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</span></span></span><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="color: #333333;">a deemed amount from
account based income streams<o:p></o:p></span></i></span></div>
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<i style="mso-bidi-font-style: normal;"><span style="color: #333333;"><span style="font-family: "verdana" , sans-serif;">There is no assets test.<o:p></o:p></span></span></i></div>
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<i style="mso-bidi-font-style: normal;"><span style="color: #333333;"><span style="font-family: "verdana" , sans-serif;">You should have an annual income of less than:<o:p></o:p></span></span></i></div>
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<!--[if !supportLists]--><span style="font-family: "verdana" , sans-serif;"><span style="color: #333333; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="color: #333333;"><b>$52,273</b> for singles<o:p></o:p></span></i></span></div>
<div class="MsoNormal" style="background: white; line-height: 18.0pt; margin-left: 36.0pt; mso-list: l1 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 72.0pt; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "verdana" , sans-serif;"><span style="color: #333333; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;"> </span><span style="font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; line-height: normal;"><b>
</b></span></span></span><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="color: #333333;"><b>$83,636</b> for couples
combined, or<o:p></o:p></span></i></span></div>
<div class="MsoNormal" style="background: white; line-height: 18.0pt; margin-left: 36.0pt; mso-list: l1 level1 lfo2; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; tab-stops: list 72.0pt; text-indent: -18.0pt;">
<!--[if !supportLists]--><span style="font-family: "verdana" , sans-serif;"><span style="color: #333333; font-size: 10pt;"><span style="mso-list: Ignore;">·<span style="font-size: 7pt; font-stretch: normal; font-style: normal; font-variant: normal; font-weight: normal; line-height: normal;">
</span></span></span><!--[endif]--><i style="mso-bidi-font-style: normal;"><span style="color: #333333;">$104,546 for couples
combined, who are separated by illness or respite care, or where one partner is
in prison<o:p></o:p></span></i></span></div>
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<i style="mso-bidi-font-style: normal;"><span style="color: #333333;"><span style="font-family: "verdana" , sans-serif;">The income limit is increased by $639.60 for each dependent
child you care for.”</span></span></i><span style="background-color: transparent; font-family: "verdana" , sans-serif;"> </span></div>
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<ul>
<li><a href="https://www.humanservices.gov.au/customer/services/centrelink/commonwealth-seniors-health-card" style="font-family: Verdana, sans-serif;">https://www.humanservices.gov.au/customer/services/centrelink/commonwealth-seniors-health-card</a><span style="font-family: "verdana" , sans-serif;">
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-31401230472601727232016-03-20T15:26:00.000-07:002016-04-03T15:29:16.716-07:00Age Pension Increases - March 2016<div class="MsoNormal">
<span style="font-family: "verdana" , sans-serif;">Every 6
months (March and September) the Age Pension is automatically adjusted in accordance
with indexation. <i>Of course the ‘age old’
question is which indexation factor is the one that should be applied. The ‘standard’
CPI or the CPI that best reflects pensioner costs?</i></span></div>
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<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;">From 20
March 2016 the following Age Pension rates will apply</span><o:p></o:p></span></div>
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<br /></div>
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<tbody>
<tr style="height: 16.0pt; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
<td colspan="2" nowrap="" style="background: #C6E0B4; border-right: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 278.0pt;" valign="bottom" width="278"><div class="MsoNormal">
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<br /></div>
</td>
<td nowrap="" style="background: #C6E0B4; border-left: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<br /></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 1;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="background: #E2EFDA; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Previous<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #E2EFDA; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Current<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #E2EFDA; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Increase<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 2;">
<td nowrap="" style="background: #E2EFDA; border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Single<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Base<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$788.40<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$794.80<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$6.40<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 3;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Supplement (1)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$64.50<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$65.00<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$0.50<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 4;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Energy Supp.(2)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$14.10<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$14.10<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "verdana" , sans-serif;">nill</span></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 5;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Total<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$867.00<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$873.90<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$6.90<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 6;">
<td nowrap="" style="background: #E2EFDA; border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Couple (each)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Base<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$594.30<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$599.10<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$4.80<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 7;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Supplement (1)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$48.60<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$49.00<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$0.40<o:p></o:p></span></span></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 8;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Energy Supp. (2)<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$10.60<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$10.60<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="font-family: "verdana" , sans-serif;">nill</span></div>
</td>
</tr>
<tr style="height: 16.0pt; mso-yfti-irow: 9;">
<td nowrap="" style="border-top: none; border: solid windowtext 1.0pt; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 142.7pt;" valign="bottom" width="143"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">Total<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$653.50<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$658.70<o:p></o:p></span></span></div>
</td>
<td nowrap="" style="background: #DDEBF7; border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div align="right" class="MsoNormal" style="text-align: right;">
<span style="color: black; mso-ascii-font-family: Calibri; mso-bidi-font-family: "Times New Roman"; mso-fareast-font-family: "Times New Roman"; mso-hansi-font-family: Calibri;"><span style="font-family: "verdana" , sans-serif;">$5.20<o:p></o:p></span></span></div>
</td>
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<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 135.3pt;" valign="bottom" width="135"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div class="MsoNormal">
<br /></div>
</td>
<td nowrap="" style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; height: 16.0pt; mso-border-bottom-alt: solid windowtext .5pt; mso-border-right-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 65.0pt;" valign="bottom" width="65"><div class="MsoNormal">
<br /></div>
</td>
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<br /></div>
</td>
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<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><o:p><span style="font-family: "verdana" , sans-serif;">So an age pensioner, who is in a relationship, has a additional $135.20 annually to spend and a single pensioner has the luxury of $179.40!</span></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><o:p><br /></o:p></span></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: "verdana" , sans-serif;"><b>Notes:</b></span></span></div>
<div class="MsoNormal" style="text-indent: 0px;">
<span style="font-family: "verdana" , sans-serif; text-indent: -18pt;">1. The above Pension Supplement is the maximum
amount payable and may be reduced to $22.50 for a ‘single’ and $18.60 each for
a ‘couple’ whilst travelling overseas.</span></div>
<div class="MsoNormal" style="text-indent: 0px;">
<span style="font-family: "verdana" , sans-serif; text-indent: -18pt;">2. The Energy Supplement (formerly the
Clean Energy Supplement) is no longer subject to indexation and will remain at
the rate of $14.10 for singles and 10.60 for each eligible member of a couple.
What a pity given that increasing cost of utilities is far exceeding other cost
increases.</span></div>
Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-7773446169175060939.post-24977149687395107982015-11-09T13:44:00.002-08:002015-11-09T13:44:52.790-08:00The Age Pension and Airbnb<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;">We have
received quite a few requests for information regarding running and Airbnb – or
equivalent – while receiving the age pension.</span></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: 'Trebuchet MS', sans-serif;">There
appears to be two reasons why people are considering this option:</span></div>
<div class="MsoNormal">
</div>
<ul>
<li><span lang="EN-AU" style="font-family: 'Trebuchet MS', sans-serif; text-indent: -18pt;">To reduce their assessed asset base
leading up to new pension rules in 2017. To avoid ‘losing the pension’ pensioners
are considering home renovations to enable the provision of an income generating
service such as Airbnb.</span></li>
<li><span lang="EN-AU" style="font-family: 'Trebuchet MS', sans-serif; text-indent: -18pt;">Recent press articles have implied
pensioners are ‘hogging’ prime residential space.</span><span style="font-family: 'Trebuchet MS', sans-serif;"> </span></li>
</ul>
<br />
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;">So what
happens if an age pensioner provides a service such as Airbnb?<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;">Currently
Centrelink will treat the income as a ‘board and lodging’ category income. In a
more traditional ‘board and lodging operation’ the declared income is more
easily declared. We understand this is currently understandably being reviewed
by Centrelink.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;"><b>So what
happens if the income is sporadic?</b> Then it falls into a type of wage/income
reporting where fortnightly income reporting is the norm.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;"><b>What about costs
such as cleaning, maintenance etc?</b> Can I declare these as costs and only declare
the net income? Centrelink do have a ‘simple’ one-page Profit and Loss document
that enables a reporting of gross income and costs. This document can be
submitted annually, quarterly or as often as required. In some cases, this maybe
the preferred reporting method. <o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;"><b>Can I
report the income annually?</b> As above if you can accurately declare your income
from the Airbnb then you can complete the P&L sheet. Remember if you under declare
your income you will be liable to repay any overpayments. However, if you over declare
Centrelink will not ‘make amends’.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;">As always
remember that additional income may not necessarily have any impact on your
pension. For example, we assisted an age pensioner who was an ‘asset based’ and
receiving a part pension. In this case the client ‘spent’ $100,000 on home renovations
to provide for the Airbnb service. The client’s pension increased as his deemed
asset – e.g. bank account – went down by the $100,000 and the home is exempt
from the assets test. His net income from the Airbnb service was below the
income threshold - $6,500 – so he benefitted both from an increased pension and
this additional Airbnb based income.<o:p></o:p></span></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span lang="EN-AU" style="mso-ansi-language: EN-AU;"><span style="font-family: Trebuchet MS, sans-serif;">Now the
above relates only to Centrelink and not the ATO. You should seek advice from
your accountant and/or your financial advisor for any tax implications,
including any capital gains implications etc.<o:p></o:p></span></span></div>
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<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Body Text Indent 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Block Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Hyperlink"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="FollowedHyperlink"/>
<w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong"/>
<w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Document Map"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Plain Text"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="E-mail Signature"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Top of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Bottom of Form"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal (Web)"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Acronym"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Address"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Cite"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Code"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Definition"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Keyboard"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Preformatted"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Sample"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Typewriter"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="HTML Variable"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Normal Table"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="annotation subject"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="No List"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Outline List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Simple 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Classic 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Colorful 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Columns 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Grid 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table List 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table 3D effects 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Contemporary"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Elegant"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Professional"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Subtle 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Web 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Balloon Text"/>
<w:LsdException Locked="false" Priority="39" Name="Table Grid"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Table Theme"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 1"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 2"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 3"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 4"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 5"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 6"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 7"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 8"/>
<w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true"
Name="Note Level 9"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text"/>
<w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading"/>
<w:LsdException Locked="false" Priority="61" Name="Light List"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 1"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1"/>
<w:LsdException Locked="false" SemiHidden="true" Name="Revision"/>
<w:LsdException Locked="false" Priority="34" QFormat="true"
Name="List Paragraph"/>
<w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote"/>
<w:LsdException Locked="false" Priority="30" QFormat="true"
Name="Intense Quote"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 2"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 3"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 4"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 5"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5"/>
<w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6"/>
<w:LsdException Locked="false" Priority="61" Name="Light List Accent 6"/>
<w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6"/>
<w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6"/>
<w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6"/>
<w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6"/>
<w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6"/>
<w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6"/>
<w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6"/>
<w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6"/>
<w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6"/>
<w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6"/>
<w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6"/>
<w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6"/>
<w:LsdException Locked="false" Priority="19" QFormat="true"
Name="Subtle Emphasis"/>
<w:LsdException Locked="false" Priority="21" QFormat="true"
Name="Intense Emphasis"/>
<w:LsdException Locked="false" Priority="31" QFormat="true"
Name="Subtle Reference"/>
<w:LsdException Locked="false" Priority="32" QFormat="true"
Name="Intense Reference"/>
<w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title"/>
<w:LsdException Locked="false" Priority="37" SemiHidden="true"
UnhideWhenUsed="true" Name="Bibliography"/>
<w:LsdException Locked="false" Priority="39" SemiHidden="true"
UnhideWhenUsed="true" QFormat="true" Name="TOC Heading"/>
<w:LsdException Locked="false" Priority="41" Name="Plain Table 1"/>
<w:LsdException Locked="false" Priority="42" Name="Plain Table 2"/>
<w:LsdException Locked="false" Priority="43" Name="Plain Table 3"/>
<w:LsdException Locked="false" Priority="44" Name="Plain Table 4"/>
<w:LsdException Locked="false" Priority="45" Name="Plain Table 5"/>
<w:LsdException Locked="false" Priority="40" Name="Grid Table Light"/>
<w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 5"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 5"/>
<w:LsdException Locked="false" Priority="46"
Name="Grid Table 1 Light Accent 6"/>
<w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6"/>
<w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6"/>
<w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6"/>
<w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6"/>
<w:LsdException Locked="false" Priority="51"
Name="Grid Table 6 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="52"
Name="Grid Table 7 Colorful Accent 6"/>
<w:LsdException Locked="false" Priority="46" Name="List Table 1 Light"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark"/>
<w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful"/>
<w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 1"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 1"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 2"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 2"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 3"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 3"/>
<w:LsdException Locked="false" Priority="46"
Name="List Table 1 Light Accent 4"/>
<w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4"/>
<w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4"/>
<w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4"/>
<w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4"/>
<w:LsdException Locked="false" Priority="51"
Name="List Table 6 Colorful Accent 4"/>
<w:LsdException Locked="false" Priority="52"
Name="List Table 7 Colorful Accent 4"/>
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Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7773446169175060939.post-23889919872280400822015-09-20T20:58:00.003-07:002015-09-20T20:58:51.713-07:00Age Pension : 20 September 2015 Updates<span style="font-family: Verdana, sans-serif;">The tables below set out the revised age pension rates. These will be applicable until 19 March 2016. Our <a href="http://yourpension.com.au/APCalc/index.html%23CalcForm">Pension Estimator/Calculator</a> has been updated to reflect these new rates.</span><br />
<span style="font-family: Verdana, sans-serif;"><br /></span>
<span style="font-family: Verdana, sans-serif; font-size: large;"><u>Age Pension rates increases
</u></span><br />
<span style="font-family: Verdana, sans-serif;"><br /></span>
<span style="font-family: Verdana, sans-serif;"><u><span style="font-size: large;">Couple</span> </u><i>(each member of couple, per fortnight - including the Energy Supplement)
</i></span><br />
<span style="font-family: Verdana, sans-serif;"><i><br /></i></span>
<table border="0" cellpadding="0" cellspacing="0">
<thead>
<tr>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><b><u>20 March 2015
</u></b></span></td>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><b><u>20 September 2015
</u></b></span></td>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><strong><u>Increase</u></strong>
</span></td>
</tr>
</thead>
<tbody>
<tr>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><strong>$648.40</strong>
</span></td>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><strong>$653.50</strong>
</span></td>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><b>$5.10 pf</b>
</span><br />
<strong><span style="font-family: Verdana, sans-serif;"><br /></span></strong></td>
</tr>
</tbody>
</table>
<span style="font-family: Verdana, sans-serif;"><u><span style="font-size: large;">Single</span> </u><i>(each member of couple, per fortnight - including the Energy Supplement)
</i></span><br />
<span style="font-family: Verdana, sans-serif;"><i><br /></i></span>
<table border="0" cellpadding="0" cellspacing="0">
<thead>
<tr>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><u><strong>20 March 2015</strong>
</u></span></td>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><u><strong>20 September 2015</strong>
</u></span></td>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><strong><u>Increase</u></strong>
</span></td>
</tr>
</thead>
<tbody>
<tr>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><b>$860.20
</b></span></td>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><b>$867.00
</b></span></td>
<td valign="top" width="214"><span style="font-family: Verdana, sans-serif;"><b>$6.80 pf</b><strong></strong>
</span><br />
<span style="font-family: Verdana, sans-serif;"><br /></span></td>
</tr>
</tbody>
</table>
<span style="font-family: Verdana, sans-serif;"><i>Please note that the Centrelink /Human Services site remains ‘down‘ and we have not been able to verify any changes to deeming rates or the impacts for
2017 pension as a result of recent Budget changes. As soon as the Centrelink site is restored we can verify those details.
</i></span>Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7773446169175060939.post-31392874027433885442015-07-06T00:38:00.000-07:002015-07-06T21:22:26.693-07:00Couple with $53,000 pa in 2017?<div class="p1">
Our most popular recent blog entries have been the articles relating to issues on:</div>
<div class="p2">
<span class="s1"></span></div>
<ul>
<li class="li1"><span class="s1"> couple earning $53k pa - $32,718 pa in pension and $20,000 pa wages and other income.</span></li>
<li class="li1"><span class="s1"> how much will I lose in 2017.</span></li>
<li class="li1"><span class="s1"> periodic work and the the work bonus scheme </span></li>
</ul>
<div class="p2">
<h2>
Age Pension Calculator and the Work Bonus Scheme</h2>
</div>
<div class="p1">
<span class="s1">Our <a href="http://yourpension.com.au/APCalc/index.html%23CalcForm"><span class="s2">Pension Calculator</span></a> also includes an estimate of how much age pensioners may gain/lose come Jan 2017 - remembering that these changes are not grandfathered or tapered.</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">So let’s combine all the above and update the situation whereby a home owning couple can have combined earnings of approx. $53,000 pa.</span><br />
<span class="s1"><br /></span>
<br />
<h3>
<span class="s1">Deemed Income </span></h3>
<span class="s1">First though we should explain that with respect to deemed income:</span><br />
<ul>
<li>we are treating the deemed income as an estimate for actual income, as this is the same way that Centrelink does. You may be able to achieve higher rates than those deeming Centrelink rates. Equally you may achieve less. For example Centrelink will assume that you will earn more than $2,000 of interest from a total of $100,000 in deemable assets - such as bank accounts.</li>
<li>There is no consideration of inflation. The deemed income is often merely just keeping up with inflation and many will argue that there is actually no 'real' income achieved. However, for the purposes of these examples we will treat deemed income as Centrelink does.</li>
</ul>
</div>
<div class="p1">
<h3>
<b>1. $53,000 a year and on the full pension</b></h3>
</div>
<div class="p1">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwXHUHseOCyY8BHGIyN142vpg9J3fNemnNuLQVKuSKGSMexhoF2LDZAWWtemE206rLO1X8gu-aCXBDO26okUUPk4aJqLaAhhz-kO1xzemVkY-RcPV7wiUy4NHofRuU4jJ0okr5QUFmcMQ/s1600/Screen+Shot+2015-07-06+at+10.03.32+AM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Age Pension Calculator" border="0" height="302" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiwXHUHseOCyY8BHGIyN142vpg9J3fNemnNuLQVKuSKGSMexhoF2LDZAWWtemE206rLO1X8gu-aCXBDO26okUUPk4aJqLaAhhz-kO1xzemVkY-RcPV7wiUy4NHofRuU4jJ0okr5QUFmcMQ/s400/Screen+Shot+2015-07-06+at+10.03.32+AM.png" title="Age Pension Calculator" width="400" /></a></div>
<b><br /></b></div>
<div class="p1">
<span class="s1">In our pension calculator we enter the home owning couple as having $250,000 in deemed assets - e.g. bank accounts - and each age pensioner having $6,500 per annum of wages.</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<span class="s1">The calculator estimates that the age pension should be the full pension entitlements of $648 pf or $16,859 each per annum. The calculator also shows that $6,916 pa was deemed income from the $250,000. So there is a combined total of $53,634 pa - ($16,859 for each age pension, plus $6,500 each for wages, plus $6,916 combined deemed income).</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">Now scrolling down the calculator you will see that the pension calculator also shows that in 2017 there is estimated to be no changes to those pension entitlements.</span></div>
<div class="p1">
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjX0o35NLaxE3lzh71is5QWZxYAvrH5m_xXBq1KlQIqFXNVOmUOec6SUmYbBrTNQXByNWK-DmjUmONyTOijNr3GLl6kCk6WqPDlMRqDI8TuCSUpzTe3f8ET9-gPWMALzhvNmOqj5cUAZxI/s1600/Screen+Shot+2015-07-06+at+10.10.08+AM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Age Pension Calculator" border="0" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjX0o35NLaxE3lzh71is5QWZxYAvrH5m_xXBq1KlQIqFXNVOmUOec6SUmYbBrTNQXByNWK-DmjUmONyTOijNr3GLl6kCk6WqPDlMRqDI8TuCSUpzTe3f8ET9-gPWMALzhvNmOqj5cUAZxI/s640/Screen+Shot+2015-07-06+at+10.10.08+AM.png" title="Age Pension Calculator" width="640" /></a></div>
<br />
<br />
<b><br /></b></div>
<div class="p1">
<h3>
<b>2. $53,000 pa and $0.5m ‘in the bank’.</b></h3>
</div>
<div class="p1">
<span class="s1"><br /></span></div>
<div class="p1">
<span class="s1">Now the 2017 pension changes increase the lower assets test threshold - the level before there is an impact on the pension. So let’s increase the couples assets by doubling their deemed assets - such as bank accounts, or super - to $0.5 million.</span></div>
<div class="p1">
<span class="s1"><br /></span></div>
<div class="p1">
<span class="s1">Here you will see that there is only a combined $400 annual loss in pension entitlements between the current situation and 2017. The couple would still be achieving a total ‘income’ of more than $53,000 pa. This is comprised of $12,802 each for the age pension, $6,500 each in wages, and now $15,401 in other income sources - such as deemed income.</span></div>
<div class="p1">
<b><br /></b></div>
<div class="p1">
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGH-9s_Pje6UQQzbzNJgHyrIUd2O-kAUt9RcY_tRPEa4uD47MERHCdwAf2Sc4uv4vPPptCp9miV8rNOTVDBHgml8AdPgSfxCyPeenXWqMA9lM3czdqVcPCRDP_itticZzEGikPxB2soEE/s1600/Screen+Shot+2015-07-06+at+10.29.00+AM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="Age Pension Calculator" border="0" height="224" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGH-9s_Pje6UQQzbzNJgHyrIUd2O-kAUt9RcY_tRPEa4uD47MERHCdwAf2Sc4uv4vPPptCp9miV8rNOTVDBHgml8AdPgSfxCyPeenXWqMA9lM3czdqVcPCRDP_itticZzEGikPxB2soEE/s640/Screen+Shot+2015-07-06+at+10.29.00+AM.png" title="Age Pension Calculator" width="640" /></a></div>
<b><span id="goog_1069792659"></span><span id="goog_1069792660"></span><br /></b></div>
<div class="p1">
<h3>
<b>3. $0.5 m ‘in the bank’ and one partner stops work.</b></h3>
</div>
<div class="p2">
<span class="s1"><b></b></span><br /></div>
<div class="p1">
<span class="s1">In the above scenario the $0.5m in assets meant that the age pension was a ‘asset based’ pension. So if one age pensioner stops work then there is no change to the age pension. The couples total annual income therefore drops by the $6,500 'lost' wages.</span></div>
<div class="p1">
<b><br /></b></div>
<div class="p1">
<h3>
<b>4. $0.5 m ‘in the bank’ one partner stops work and the other doubles their wages.</b></h3>
</div>
<div class="p2">
<span class="s1"><b></b></span><br /></div>
<div class="p1">
<span class="s1">In this scenario the couple may say “my partner has stopped work so I will earn 'their' wages”. That partner then earns an annual wage of $13,000.</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">Now the couple will only get the benefit of one Work Bonus Scheme credit of $6,500. However as the pension is still an asset based pension there is no change to the total income as shown in 2 above - that is, more than $53,000 pa for all income sources.</span></div>
<div class="p1">
<h3>
<b>5. $0.5m ‘in the bank’, one partner working periodically.</b></h3>
</div>
<div class="p2">
<br /></div>
<div class="p1">
<span class="s1">Our <a href="http://yourpension.blogspot.com.au/2015/06/the-age-pension-work-bonus-scheme-and.html"><span class="s2">blog on periodic work</span></a> provides another explanation of the situation. </span>However, let’s assume here that the one working partner is earning the above annual $13,000 but these earnings are over 4 periods of work. For simplicity we will say 4 days a week at $200 per day, for 4 weeks, for 4 periods during the year. Or in Centrelink fortnightly terms 8 fortnightly periods.</div>
<div class="p2">
<span class="s1"></span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">If the earnings were equally spread over the full year then each partner would be entitled to same as above with no change to the total income situation. These fortnightly age pension payments are shown as Pension A in the table below.</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">The Pension B column is the fortnightly pension payment when the work is periodic as described above. Whilst the couple still retain a pension entitlement over all periods the total pension entitlement is reduced by more than $3,000 over the year. If the wages were over only two periods, or the wages were higher, then the differential loss is even greater.</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiytzXSJMZxD0HYFVm5I20sAo6lDumeJjZEIiCwwgS2YSZXZRaMvlrwm3NyT3S6tXaMKuEAGD3ztL8IGvUbW085b7HixAIlyTDv0Xm3rRACpRrRLDYANGCYIf2hSYZeRlau2HPsgObkEk/s1600/Screen+Shot+2015-07-06+at+11.38.54+AM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img alt="work bonus scheme" border="0" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiytzXSJMZxD0HYFVm5I20sAo6lDumeJjZEIiCwwgS2YSZXZRaMvlrwm3NyT3S6tXaMKuEAGD3ztL8IGvUbW085b7HixAIlyTDv0Xm3rRACpRrRLDYANGCYIf2hSYZeRlau2HPsgObkEk/s640/Screen+Shot+2015-07-06+at+11.38.54+AM.png" title="work bonus scheme" width="467" /></a></div>
<br />
<div class="p2">
<span class="s1"></span><br /></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-40123935928883582262015-06-29T20:10:00.001-07:002015-06-30T15:36:00.422-07:001 July 2015 Age Pension Deeming Rate Changes<div class="p1">
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;">This article summarises both the recent and forecast changes to the age pension, specifically the changes to deeming rates.</span></span></div>
<h3>
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;">SUMMARY</span></span></h3>
<div class="p1">
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;"><b>1 July 2015</b> - every July the Government reviews the deeming rates, income and assets thresholds</span></span></div>
<div class="p2">
<span style="font-family: Trebuchet MS, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;"><b>20 March 2015</b> - every March and September the Government reviews the pension rates.</span></span></div>
<div class="p2">
<span style="font-family: Trebuchet MS, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;">Our <a href="http://www.yourpension.com.au/APCalc/#CalcForm" target="_blank">age pension calculator</a> reflects the above changes and forecasts age pension entitlements as at 1 July 2015.</span></span></div>
<div class="p2">
<span style="font-family: Trebuchet MS, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;"><b>1 July 2017</b> - a major change in age pension structure is proposed. </span></span></div>
<div class="p2">
<span style="font-family: Trebuchet MS, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;">Our <a href="http://www.yourpension.com.au/APCalc/#CalcForm" target="_blank">age pension calculator</a> forecasts a reduction in the age pension that most pensioners can expect.</span></span></div>
<h3>
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;">DEEMING RATE CHANGES</span></span></h3>
<div class="p1">
<span class="s1"><span style="font-family: Trebuchet MS, sans-serif;"><b>1 July 2015</b> - The deeming thresholds have changed slightly while the deeming rates have remained unchanged, with the ‘upper’ rate of 3.25% still well above cash rates - refer below,</span></span></div>
<ul>
<li class="li3"><span class="s1"><span style="font-family: Trebuchet MS, sans-serif;">for financial investments worth up to $48,600 (for singles - previously $48,000) and up to $80,600 (for couples - previously $79,600), a deeming rate of 1.75% applies.</span></span></li>
<li class="li3"><span class="s1"><span style="font-family: Trebuchet MS, sans-serif;">for financial investments above $48,600 (singles) or above $80,600 (couples), a higher deeming rate of 3.25% applies.</span></span></li>
</ul>
<br />
<div class="p4">
<span style="font-family: Trebuchet MS, sans-serif;"><span class="s2"><b>1 July 2017</b> - </span><span class="s1">The Government has announced that from 1 July 2017, the deeming thresholds will be significantly reduced. While the focus has been on the impact of lowering the assets threshold resulting in the majority of age pensioners losing entitlements these new deeming thresholds will also impact on a large sector of age pensioners. Specifically, from July 2017, the Government intends to reduce the deeming thresholds for the lower deeming rate to $30,000 (singles - from $48,600) and $50,000 (couples - from $80,600), subject to legislation.</span></span></div>
<div class="p4">
<span style="font-family: Trebuchet MS, sans-serif;"><span class="s1"><br /></span></span></div>
<div class="p4">
<span style="font-family: Trebuchet MS, sans-serif;"><span class="s1">For information on deeming please <a href="http://www.humanservices.gov.au/customer/enablers/deeming" target="_blank">refer to the Governments web site</a>.</span></span><br />
<span style="font-family: Trebuchet MS, sans-serif;"><span class="s1"><br /></span></span>
<br /></div>
Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-7773446169175060939.post-41632033866264877772015-06-28T14:56:00.000-07:002015-06-29T22:17:44.792-07:00Tapering Grandfathers<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">The Greens have announced they have struck a deal with the Government and agreed to a reduced age pension for most.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Over 4 years the $2.5 billion dollar saving will be the biggest single measure in the 2015 budget.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Most commentary has been focused on the impact of the assets test where some pensioners are to lose more than $13,000 pa. What must also be taken into account is that many pensioners may now have an income based assessed pension. You can not asses the impact via the assets test alone. There is a cumulative impact of the changes when the pension operates both on assets and income test to determine which generates the lowest entitlement. There will be far more age pensioners impacted than has been reported.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">There must be a recognition of what all too many say about the age pension. Those currently applying still remember the days when their wage had a deduction for contributions to the age pension. Many have shown us their pay slips with that deduction. </span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Now all that has changed, compulsory super was introduced and many adjusted their saving’s plans. They now find they are excluded from the age pension despite making contributions to the pension for the majority of their working lives.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">What should be considered is a period of tapering of entitlements in recognition of the many years of contributions. A similar concept exists when an age pensioner moves overseas and is paid in proportion to the number of years ‘worked’ in Australia - the Average Work Life Residence or AWLR.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">To outline the concept, and in rough terms, someone now 65 and applying for the pension would have approximately 45 years under the old system and 20 years under the new compulsory super system. So they should be ‘grandfathered’ with an approx. 70% of their entitlement; recognising that the majority of their life was operating under the old tax contributions to a pension. At least better than loosing the pension entirely. </span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Now under the AWLR formulae the number of years start at the age of 16. If this rule was also applied to the proposal then the proportion of pension would be approx. 45%. Again at least better then nothing.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Over time the number of age pensioners receiving this proportional rate would reduce and eventually become redundant.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Many will often cry out when changes are proposed for the superannuation system or taxation, requesting grandfathering rules. Why has there been no discussion about grandfathering these changes or at least tapering these changes?</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<br />
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">It’s probably too late to go back to the old system. But its not too late to go back to a system like in NZ where everyone gets the age pension - nearly all funded by the saving in bureaucracy costs.</span></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-35608458905382010202015-06-17T20:55:00.000-07:002015-06-28T15:00:57.131-07:00The Age Pension Work Bonus Scheme and Periodic Work<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Several recent queries have suggested we update our knowledge base on the <b>Work Bonus Scheme</b> (WBS).</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">The WBS provides a facility whereby the first $6,500 of age pensioners 'wages' is exempt from the income test. The WBS can apply to both you and your partner thereby providing a total of $13,000 of exemptions.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">In a previous blog entry we discussed how a couple on the full pension was ‘earning’ more than $20,000 on top of the full pension. Each were employed on $6,500 pa and had a $250,000 bank account earning a deemed income less than the 'other' income threshold. This is because the WBS is in addition to the the income test threshold allowance of just over $7,000. So a total of more than $20,000 can be exempted from all classes of income test.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Now it should be noted the WBS only applies to only certain classes of employment - refer below.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">What happens if the age pensioner does not earn a consistent wage - i.e. not a steady amount over the year - yet still earns less than the allowable $6,500 pa? Say working during school holidays.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">The WBS has a ‘bank’ or balance that accumulates over time - to a maximum of $6,500.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">If you earn less than $250 in a fortnight then your employment income will be assessed as $0 and the difference between what you earn and $250 will be added to your WBS balance. So if you earn $200 in a fortnight then $50 will be added to your WBS balance.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">If you do not work then $250 will be added to your WBS balance.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">If you earn $350 in a fortnight and have more than $100 in your WBS balance then you will be assessed as $0 employment income for that period.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Now let’s look at a more sporadic employment situation. Lets say you do not work for 10 fortnights and then earn $2,000 in a fortnight. You will have accumulated $2,500 in your WBS balance over the first 10 periods. So for the 11th period you will be assessed as having $0 employment income and your WBS balance will drop down to $750.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">Then say you don’t work for 4 periods and then earn $4,000 in the fortnight. In the period of earning that $4,000 you will then have accumulated $2,000 in your WBS balance; so your income will be assessed as $2,000 and your pension will be reduced, and your WBS balance will be back to 0.</span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;">So in this situation your annual earnings may not be the full $6,500 pa yet you have not received your full entitlement.</span></span></div>
<div class="p1">
<span class="s1"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="p2">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
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<div class="p2">
<span style="font-family: Verdana, sans-serif;"><br /></span></div>
<div class="p3">
<span style="font-family: Verdana, sans-serif;"><span class="s1"></span><br /></span></div>
<div class="p4">
<span class="s1"><span style="font-family: Verdana, sans-serif; font-size: x-small;"><i>NOTE: Centrelink states:</i></span></span></div>
<div class="p4">
<span class="s1"><span style="font-family: Verdana, sans-serif; font-size: x-small;"><i><br /></i></span></span></div>
<div class="p5">
<span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">“The Work Bonus applies to income from employment, including wages paid in Australia and outside Australia.</span></i></span></div>
<div class="p5">
<span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">The Work Bonus applies to income from employment, including:</span></i></span></div>
<ul>
<li class="li6"><span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">wages paid in Australia and outside Australia</span></i></span></li>
<li class="li6"><span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">leave, where you remain an employee of the same employer and</span></i></span></li>
<li class="li6"><span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">director’s fees</span></i></span></li>
</ul>
<div class="p7">
<span style="font-family: Verdana, sans-serif; font-size: x-small;"><i><span class="s1"></span><br /></i></span></div>
<div class="p5">
<span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">We will apply the Work Bonus to your assessable employment income before your pension is paid each fortnight.</span></i></span></div>
<div class="p5">
<span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">The Work Bonus is not applied to income from:</span></i></span></div>
<br />
<ul>
<li class="li6"><span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">leave payments if you have terminated your employment</span></i></span></li>
<li class="li6"><span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">self-employed income</span></i></span></li>
<li class="li6"><span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">payments to you as a principal from sole traders or partnerships</span></i></span></li>
<li class="li6"><span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">investments or</span></i></span></li>
<li class="li6"><span class="s1"><i><span style="font-family: Verdana, sans-serif; font-size: x-small;">superannuation income”</span></i></span></li>
</ul>
Unknownnoreply@blogger.com3tag:blogger.com,1999:blog-7773446169175060939.post-19403839385941554172015-06-15T00:25:00.001-07:002015-06-28T15:01:01.350-07:00Life Expectancy and the Age Pension<div class="gmail_default" style="background-color: white; color: #222222; font-family: verdana, sans-serif; font-size: 12.8000001907349px;">
<span style="font-size: 12.8000001907349px;">I recently read another article incorrectly suggesting that the “you would be expected to live until 84”.</span><br />
<br />
Excuse us for being a little morbid and even pessimistic when we talk about dying.<br />
<br />
Approximately 22% of Australian males die before they turn age pension age. For women it is approx. 15%. Ref: AIHW<a href="http://www.aihw.gov.au/deaths/age-at-death/" style="color: #1155cc;" target="_blank">http://www.aihw.gov.au/deaths/<wbr></wbr>age-at-death/</a><br />
<br />
Your life expectancy changes as you get older because as you survive birth, childhood and adolescence, the chance of reaching an older age increases. Life expectancy at different ages can be presented as the number of additional years a person can expect to live, or, their expected age at death in years.<br />
<br />
For example the life expectancy of men at birth is currently 80.1, at age 45 it is 81.8 and at 65 years old life expectancy is 84.2. Ref : AIHW <a href="http://www.aihw.gov.au/deaths/life-expectancy/#content" style="color: #1155cc;" target="_blank">http://www.aihw.gov.au/deaths/<wbr></wbr>life-expectancy/#content</a><br />
<br />
This is not an average. It not not saying that 50% of males are over the age of - say - 84. It is more like if you were a male and 65 years old then there is a 50% chance of you dying before you turn 84.<br />
<br />
So being pessimistic there is a 50% chance you will not need any super/pension at the age of 84. But fund managers and others don’t want you thinking like that.<br />
<br /></div>
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Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-73317322182678895832015-06-08T18:23:00.000-07:002015-06-16T19:08:55.054-07:00Age Pension PortabilityWe have again been called in to help an age pensioner who was incorrectly assessed by Centrelink with respect to ‘living’ overseas.<br />
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p3">
<span class="s2">Centrelink state that <i>“</i></span><span class="s1"><i>from 1 July 2014 new rules will apply regarding the period of Australian working life residence required to receive a full means-tested pension outside Australia after 26 weeks. To continue receiving your full rate of Australian pension you will generally need to have spent 35 years of your working life in Australia. This is an increase from the current requirement to have 25 years of Australian working life residence.” </i><a href="https://www.dss.gov.au/about-the-department/international/policy/portability-of-australian-income-support-payments"><span class="s3"><i>Read more here</i></span></a></span></div>
<div class="p3">
<span class="s1">and <i>“as at June 2012 there were 73,158 recipients of the Australian Age Pension residing overseas.”.</i></span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">Without going into the individual case let’s look at two scenarios</span></div>
<div class="p1">
<b><br /></b></div>
<div class="p1">
<b>Tony moves to Italy and still gets the full pension entitlement.</b></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">Tony had been living and working in Australia since he was 15. After he retired and claimed the age pension he decided to travel overseas to Italy and live with family for a few years. Because Tony had been a resident in Australia for more than 50 years he continues to receive his pension while he is living in Italy.</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">Tony continues to receive his entitlement as he has more than 35 years “working life”. The Australian Government calls this the Australian Working Life Residence (AWLR) - <a href="http://guides.dss.gov.au/guide-social-security-law/7/2/2/40"><span class="s3">more here</span></a>. It does not actually mean that you need to be working for those 35 years; you could be a student for many years, take long holidays, be ‘on the dole’ for the whole period etc.</span></div>
<h3>
<span class="s1">Joel moves to Thailand and only receives part of his pension entitlement.</span></h3>
<div class="p1">
<span class="s1">Joel had a business that went bankrupt and he lost everything. After 20 years of running a small business and only 3 years before he turned 65 he decided to live with friends in Thailand and avoid ‘going on the dole’. There is no international agreement with Thailand so Joel must return to Australia to claim the age pension - <a href="http://www.humanservices.gov.au/customer/enablers/centrelink/international-social-security-agreements/countries-that-have-agreements-with-australia"><span class="s3">for information on countries with agreements.</span></a></span></div>
<div class="p4">
<br /></div>
<div class="p1">
<span class="s1">Joel submits his claim and then goes back to Thailand to say goodbye, sell his possessions etc. Centrelink then treated him as a non-resident and his claim is rejected. He returns to Australia and re-submits his claim. He then lives in Australia on the full pension with rent assistance, Commonwealth Seniors Health Card, Pensioner Card etc. If he leaves Australia within 2 years Joel will loose eligibility and will need to re-apply upon returning to Australia.</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">After 2 years residing back in Australia his entitlement is then deemed ‘portable’ so he goes back to Thailand. Joel then finds out he is then only entitled to approx. 80% of his pension. </span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<div class="p1">
<span class="s1">This is because he only had 28 years of “working life” or AWLR. An approx. calculation is 28 working years / 35 = 0.8 or 80%.</span></div>
<div class="p2">
<span class="s1"></span><br /></div>
<br />
<div class="p5">
<span class="s1"><i>NOTE: This blog contains general information only and does not constitute advice. If you need advice on the age pension portability please contact us or call Centrelink on 132 300.</i></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-77010592916340007052015-05-10T15:58:00.003-07:002015-06-28T15:00:12.531-07:00So who loses nearly $10,000 pa under the proposed new pension rules?<div style="background: white; margin-bottom: 0.0001pt;">
<span style="font-family: Verdana, sans-serif;">The Federal Government is tightening the age pension assets test. The Government has estimated that 91,000 pensioners will completely lose their entitlement and a far greater number of age pensioners - nearly 250,000 - will receive significantly less. While a smaller number of age pensioners will receive a modest increase.</span></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<br /></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<span style="font-family: Verdana, sans-serif;">So let’s have a quick look at how much the majority of pensioners will lose. The following table is a very basic analysis of the implications. The table is for a home owning couple who have the following level of assets. For demonstration purposes we will assume they have no other assessable income or assets.</span></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<br /></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<span style="font-family: Verdana, sans-serif;">It has been proposed by the Government that the pension asset thresholds - or cut-off-points - are to be adjusted.</span></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<br /></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<span style="font-family: Verdana, sans-serif;">Age pensioners who have assets of less than $286,500 - the current ‘lower’ threshold - will have unchanged benefits as a result of this change.</span></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<br /></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<span style="font-family: Verdana, sans-serif;">Age pensioners who have assets of value up to the new threshold - $375,000 -may receive slightly more. For example, the table shows couples with assets of $350,000 will receive an additional $2,500 pa - or approx. $50 each a week more. </span></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<br /></div>
<div style="background: white; margin-bottom: 0.0001pt;">
<span style="font-family: Verdana, sans-serif;">Then the application of the new upper threshold ‘kicks in’. For example those with an asset level of $500,000 will receive nearly the same while those couples with assets of $800,000 will receive approx. $10,100 pa less </span><span style="font-family: Verdana, sans-serif;">- approx. $220 a week less.</span></div>
<div>
<span style="font-size: 10pt;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<span style="font-family: Verdana, sans-serif;">Table - Couples who own their home:</span><br />
<span style="font-family: Verdana, sans-serif;"><br /></span>
<br />
<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; margin-left: 40.85pt; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="background: #F79646; border: solid windowtext 1.0pt; mso-background-themecolor: accent6; mso-border-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">Assets<o:p></o:p></span></div>
</td>
<td style="background: #F79646; border-left: none; border: solid windowtext 1.0pt; mso-background-themecolor: accent6; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">Current Rate<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">Pension $pa<o:p></o:p></span></div>
</td>
<td style="background: #F79646; border-left: none; border: solid windowtext 1.0pt; mso-background-themecolor: accent6; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">Proposed Rate<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">Pension $pa<o:p></o:p></span></div>
</td>
<td style="background: #F79646; border-left: none; border: solid windowtext 1.0pt; mso-background-themecolor: accent6; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">Difference<o:p></o:p></span></div>
<div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">Pension $pa<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$250,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$33,700<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$33,700<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$0<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$350,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$31,300<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$33,700<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$2,500<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$450,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$27,300<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$28,400<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$1,100<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$500,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$25,400<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$24,800<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">-$500<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$600,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$21,500<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$17,700<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">-$3,800<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$800,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$13,600<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$3,500<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">-$10,100<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$1,000,000<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$5,900<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">$0<o:p></o:p></span></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin: 0cm 5pt 0.0001pt 0cm; text-align: right;">
<span style="font-family: Verdana, sans-serif; font-size: 10pt;">-$5,900<o:p></o:p></span></div>
</td>
</tr>
<tr>
<td style="border-top: none; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 74.65pt;" valign="top" width="100"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 88.35pt;" valign="top" width="118"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin-bottom: 0.0001pt; text-align: right;">
<br /></div>
</td>
<td style="border-bottom: solid windowtext 1.0pt; border-left: none; border-right: solid windowtext 1.0pt; border-top: none; mso-border-alt: solid windowtext .5pt; mso-border-left-alt: solid windowtext .5pt; mso-border-top-alt: solid windowtext .5pt; padding: 0cm 5.4pt 0cm 5.4pt; width: 3.0cm;" valign="top" width="113"><div align="right" class="MsoNormal" style="margin: 0cm 5pt 0.0001pt 0cm; text-align: right;">
<br /></div>
</td>
</tr>
</tbody></table>
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<br />
<br />
<div style="background: white; margin-bottom: 0.0001pt;">
<span style="font-family: Verdana, sans-serif;">Now the above does not take into consideration other recent changes to the pension such as the application of deeming rates to allocated income streams. For example, some of the above asset levels may be associated with ‘super’. In this case the pension may be additionally impacted by additional deemed income. </span><span style="font-family: Verdana, sans-serif;">Further the deemed rates remain high in comparison to ‘cash rates’.</span><br />
<span style="font-family: Verdana, sans-serif;"><br /></span><span style="font-family: Verdana, sans-serif;">We have already seen evidence of financial planners adjusting 'asset' levels to accommodate these revised thresholds. We may even see even more luxurious 'granny flats' being built?</span><br />
<span style="font-family: Verdana, sans-serif;"><br /></span>
<span style="font-family: Verdana, sans-serif;">A new age pension calculator that predicts your revised pension under these new rules is being developed.<span style="color: orange;"> <a href="http://yourpension.com.au/" target="_blank"><span style="color: orange;">Go to our web site for more information</span></a></span></span></div>
Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-71117233608676912402015-04-29T18:36:00.002-07:002015-07-05T16:24:23.519-07:00Full Pension and $53,000 paWe recently assisted a number of financial advisors on methods to achieve the full pension while still working.
To explain the options we will look at the process in small steps and be a bit simplistic. In subsequent post we will expand upon the scenario.
Let's say we have a couple - Jack & Jill - who run a small business, are both of age pension age and are paying themselves a small wage.
We may have both Jack and Jill paying themselves $6,500 per annum - which is the limit of the Work Bonus Scheme. Hence this combined $13,000 pa is exempt from the income test.
Now lets say they have other earnings of $7,000 pa - such as additional income. More typical would be if this income were as a result of deemed income. For example they may have $250,000 in bank accounts - below the assets test - which results in a deemed income of just under $7,000 pa. Again this income is below the income test threshold of approx. $7,400 pa.
So they now have a combined income of $20,000 pa - wages and deemed income.
The full pension for a couple is more than $33,000 pa.
The combined income is more than $53,000 pa.
Unknownnoreply@blogger.com2tag:blogger.com,1999:blog-7773446169175060939.post-24341637095316373262011-02-21T15:21:00.000-08:002015-04-29T18:38:15.631-07:00Super & Allocated Pensions – under the age pension ageThe last post we discussed the issues surrounding allocated pensions and ‘money in the bank’. <br />
<br />
What we did not highlight was the implications should a partner be under the age pension age.<br />
<br />
If a pensioner has a partner under the age pension age, then super assets of that partner are not taken into account. However if the partner starts an allocated pension / income stream, then the asset value, and income will come into the Centrelink pension calculations.<br />
<br />
Swapping the allocated income stream back to an accumulation phase super will reverse the treatment by Centrelink.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-43321168847211848102011-02-16T16:18:00.000-08:002011-02-16T16:24:03.273-08:00Allocated Pensions vs ‘Money in the bank’A few press articles of late, and a few clients confused on the impact on their pension. Seems to be based on the belief that it is better to take the money out if their allocated pension (life time pension) and put the money into the bank.<br />
<br />
Whilst there are many issues, we will simplify the key Centrelink points to provide a basis of understanding before discussing the issues with a financial advisor.<br />
<br />
As an example, let’s say a client has an allocated pension of $200,000. Now roughly speaking, Centrelink will allow the client to draw down on that pension without impacting on the income test. For example, if the client had a life expectancy of 20 years when the allocated pension started, then withdrawals/income of less than $10,000 pa ($200,000 / 20 years) will not be counted as part of the income test. Amounts in excess of $10,000 pa would come under the income test.<br />
<br />
Now if the client took the money out and placed it in a bank, all the money would be ‘deemed’. So, if the client was single, then the client may be assessed as ‘earning’ more than $8,000 pa; potentially meaning a pension loss of up to $4,000 pa.<br />
<br />
Other example are provided on the Governments FAHCSIA page provided below<br />
<br />
http://www.fahcsia.gov.au/guides_acts/ssg/ssguide-4/ssguide-4.9/ssguide-4.9.2/ssguide-4.9.2.30.htmlUnknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-75946145368168220442011-02-06T18:15:00.000-08:002015-06-16T19:08:31.204-07:00Sale of a Home and the Assets TestAnother big week for a client. The client had advised Centrelink of changes to his assets – as he is required to do, and <b>he 'lost' the pension.</b><br />
<br />
He provided new bank balances which included proceeds from the sale of his home - $500,000. Unfortunately he did not advise Centrelink that it was his home that was sold, and the new asset levels placed him over the threshold for the pension!<br />
<br />
We corrected the Centrelink records which resulted in him being provided with 12 months exemption from the assets test for the proceeds if the house sale; and we were also able to get him rent assistance for the period.<br />
<br />
He was not on the same full pension as previously, as he was benefiting from the proceeds being invested in a term deposit. In simple terms he had invested the $500,000 in a term deposit of 6%; therefore receiving approximately $30,000 per annum in interest. Therefore Centrelink reduced his pension by 50cents in the dollar for this interest - $15,000 pa. <br />
<br />
Instead on the original full pension of $716pf, he now receives less than $140pf from Centrelink. But he also receives the equivalent of more than $1150pf in interest. <b>His new new total income level is more than $1300pf</b>, much more than he was previously receiving, and better that the original Centrelink outcome of no pension at all! Plus he is getting rent assistance.<br />
<br />
A word of warning though, his ‘cash flow’ is severally impaired as he was not going to get his interest payment until the end of the term – yet his pension was immediately affected. He is now altering his term deposit to enable a better cash flow.Unknownnoreply@blogger.com0tag:blogger.com,1999:blog-7773446169175060939.post-91306207269295607412011-01-26T19:46:00.000-08:002011-01-26T19:46:00.710-08:00Pension Loans SchemePeople of age pension age (or their partners) who are not eligible for a pension because of either their income or their assets, or those who only receive a part pension, can access capital tied up in their real estate under the Pension Loans Scheme.<br />
<br />
For example, if you were on a part pension because of your assets, but you needed more income. Pension Loans Scheme would allow you to be paid the full pension, with the difference between your part pension and the full pension being treated as a loan. Interest is charged on the loan and a mortgage is taken out over the property by Centrelink or the Department of Veterans Affairs.Unknownnoreply@blogger.com1tag:blogger.com,1999:blog-7773446169175060939.post-40131376094936105972011-01-17T15:46:00.000-08:002011-01-17T15:47:46.149-08:00Loans taken out against the home“What happens if a pensioner takes out a $100k loan out against the home?” <br />
<br />
As with salary sacrifice, negative gearing etc. Centrelink treats the loans completely different to the ATO. Under Centrelink rules, loans taken out and secured over a person’s home are not counted as a liability, no matter what purpose they have been taken out for.<br />
<br />
If the money was taken out and placed into the bank – any account, savings, term deposit etc. – <br />
Centrelink will:<br />
<br />
• Add the $100k to the pensioner’s assets for the purpose of the assets test<br />
• Add the deemed income to the income test, and<br />
• The interest paid on the loan <b>will not</b> be taken into the account to reduce the deemed income. <br />
<br />
Of course if – say - $60k was used for renovations, then only the remaining $40k will be used to adjust the Centrelink assets and income values. However, again no recognition will be made of the interest being paid on the $100k loan. That is, your ‘deemed income’ will not be reduced by these interest costs.<br />
<br />
This is different if the loan was taken out against an investment property. In this case the asset value of the investment property is reduced by the property mortgage. However any loan amount taken out against the ‘family’ home, for the purpose of this investment property, would not be taken into account in a similar manner to above.Unknownnoreply@blogger.com0