How much can I own in assets – and earn in income – and still get the pension? [Article]
Thresholds as at 01/01/2011:
Asset Test
Homeowner
Full Pension (up to)
Part Pension (less than)
- If I have super will I also get the Age Pension? [Article]
...n your income and feel justified in receiving the age pension when you retire.
As at 20 September ...
- What level should my assessable assets total in order to be eligible for a Centr... [Article]
You will not be eligible for a Centrelink allowance if your assessable assets exceed the levels below. If you are part of a couple, your assets are considered on a joint basis: Figures a
- What is deeming? [Article]
Deeming is the process applied by Centrelink to assess the level of income you derive from your financial investments, regardless of the actual income being earned. Financial investments include:
- Do I choose a lump sum or a pension, and what about taxes? [Article]
Choosing a lump sum or pension is very much an individual choice.
Many people will withdraw some money as a lump sum from super to repay debt or undertake capital expenditure (often home renovation
- What is the work bonus scheme? [Article]
The Work Bonus is designed as an incentive for pensioners to participate in the workforce. Under the Work Bonus scheme, the first $250 of fortnightly employment income will be disregarde
- If I am working while receiving the Age Pension, am I eligible for the Pensioner... [Article]
... closed to new applicants, however those who were pension age prior to 20 September 2009 and who met...
- What is the difference between a Centrelink pension and an allowance? [Article]
A Centrelink pension differs from an allowance for a number of reasons. Firstly, the rates of payment differ. Similarly, the income and assets tests for pensions and allowances also differ depending
- At what age can I qualify for the age pension? [Article]
Currently men need to be age 65 before they qualify for the age pension, whilst the earliest that w...
- Can I leave my super pension to anyone? [Article]
A pensioner may commence a pension with a ‘reversionary’ pensioner (normally a spouse). Under this scenario if the primary pensioner passes away the pension then automatically ‘rev
- What are pensioner concession cards? [Article]
... to senior Australians.
Most people approaching pensionable age are keen to qualify for the Pensio...
- Can I spend my entire super and then get the pension? [Article]
...nt of your super, spend it and then apply for the age pension if you have reached the age to qualify...
- Is there an age when benefits must be taken? [Article]
...king as little or as much of their benefits as you choose.
If you choose to take your benefits in pension form,
- Can my industry super fund accept UK pension transfers? [Article]
If you have a UK pension you can now transfer it to Australia. The UK will tax the funds differently depending on whether the Australian super fund is a Qualifying Recognised Overseas Pension Scheme
- What pensions are available to me? [Article]
The minimum standards for pensions are as follows:
Payments of a minimum amount to be made at least annually, allowing pensioners to take out as much as they wish above the minimum (i
- Can I use the Transition-to-Retirement rule? [Article]
If you are at least 55 you may be able to utilise a ‘Transition to Retirement’ pension. Transition-to-Retirement pensions will allow no more than 10 per cent of the account balance (at t
- Can I turn my pension into a lump sum? [Article]
For most account-based pensions the answer is yes. You may decide you no longer want to wait to access your super through regular payments over a period of years and would rather do other things wit
- How are super pensions taxed? [Article]
Anyone who has reached 60 and retired will pay no tax on income streams. The only exceptions are some retired public servants who receive benefits from untaxed funds.
Pensions paid from taxed funds
- What assets are assessable in the assets test? [Article]
Cash, investments such as shares, unit trusts (investment/managed funds), insurance and friendly society bonds (less any debts against these assets, e.g. a loan you arranged to purchase some
- How much income will I need? [Article]
There are many opinions about what is a reasonable and achievable level of retirement income. Essentially, this is an area where individual circumstances and expectations play a big part. On
