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Showing posts from July, 2016

Reducing the impact of the 2017 Age Pension changes

Maybe you are one of the two-thirds of age pensioners who are going to have their entitlements reduced, or withdrawn, on Jan 1 2017?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? 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. 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. Odd Jobs ‘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. A few matters that he should be careful with: Being self-empl