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]
This is a frequently asked question. You have paid tax on your income and feel justified in receiving the age pension when you retire.
As at 20 September 2011 the full age pension is $689 a
- 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:
- What is the minimum level of income I must draw from my retirement income stream... [Article]
The minimum level of income that you can draw from a retirement income stream is dependent upon your age, and whether any additional initiatives such as the temporary drawdown relief provisions appl
- 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
- How will my expenses change during retirement assuming I’ve paid off my mortgage... [Article]
You may spend less on:
transport costs to and from work
work-related expenses eg. clothing and bought lunches
food and utilities as dependents move out
- What is my marginal tax rate? [Article]
The term marginal tax rate is sometimes used to describe what tax bracket you are in. The rates below apply to individuals who are residents of Australia for tax purposes:
- What are the tax limits on super contributions? [Article]
...nt. Consider your options.
Some quick tax facts*
Contributions made to super out of after-tax income are capped at $150,000 a
- What are the before-tax salary sacrifice limits? [Article]
Concessional contributions (paid by your employer, such as SG and salary sacrifice) are capped at $25,000 a year for persons under the age of 50 and $50,000 for persons who are 50 or over on the las
- How much can I contribute to super? [Article]
...s to your super fund attract tax concessions or not.
Concessional contributions
An employer, or in certain circumstances t
- Is there a limit on the amount that can be salary sacrificed to superannuation? [Article]
Some employers are unenthusiastic about packaging salaries for employees covered by an award if it would result in income payments dropping below the award rate (it may be possible to negotiate a Work...
- Should I sacrifice salary into super? [Article]
Super offers considerable tax advantages as a form of saving if your marginal tax rate is above the super contributions tax rate of 15 per cent.
If you are earning more income than you need
- What is a Government Co-contribution? [Article]
...r-tax contributions to their super account may be eligible to receive a payment from the Government into their super, which is called a Government Co-contribution. Af
- What’s the benefit of taking out hospital cover? [Article]
Hospital cover provides you peace of mind knowing that access to a hospital bed is available when you need it. Hospital cover will often come with cost reduction options ranging from co-payment, exces...
- What is TPD Insurance? [Article]
Total and Permanent Disability (TPD) cover is often taken out in conjunction with a life insurance policy. It provides a lump sum payment in the event that you become totally and permanently disabled....
- 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
- Should I roll my ETP to superannuation if it meets the transitional arrangements... [Article]
...cause you may be able to reduce you overall tax liability. However, funds may then become preserved in superannuation and unable t
- What eligibility tests do I need to consider to receive Centrelink payments? [Article]
There are 2 means tests that are applied to decide your eligibility for payments from Centrelink:
The assets test
The income test
For more information on these tes
- If I am working while receiving the Age Pension, am I eligible for the Pensioner... [Article]
The Pensioner Bonus Scheme (PBS) is now closed to new applicants, however those who were pension age prior to 20 September 2009 and who met all other eligibility conditions (eg. residency etc) may
