9 ways to legally hide money from Centrelink Age Pension  

That's right, Menzies introduced the pension tax back in the early 1950s so if you've been employed, you've paid for and earned your pension.

Yp we paid for it but has our govt invested it well for our retiredment. I bloody sure they javnt!

@@brianohehir9515 Exactly

​@@brianohehir9515 invested in Ukraine?

Except the following government’s used that money elsewhere and now there’s nothing left. Bloody thieves the lot of them.

How did we let them get away with this highway robbery

there pension difference should be taxed 👍

🤣🤣🤣🤣🤣🤣

Politicians' pension scheme is obscenely generous.

Yeah that's your opinion. It's also mine but the opinion of plebs doesn't count

I understand your stance on this, in the UK, aged pension isn't means tested but it is half of what the Australian aged pension is.

Stop whinging Work hard and invest in super

It was 55 when I entered the workforce. The goal post keeps shifting!

@@chrisknight8164 and so ? You have longer to work and invest and not rely on the pension

Anyone can retire at any age they choose. The issue in this discussion is the entitlement to an Age Pension. Nobody in Australia can get an Age Pension at age 55. But they can retire.

@@chrisknight8164 cause the system is broken and it will only get worse :/

The biggest issue with the asset test in my years at Centrelink was not people who had worked hard and saved. It was "that holiday house" that had been in the family for decades got suddenly revalued and now started affecting the owner's pensions. Their situation had not changed at all - from their perspective they had the same actual assets, it's just that property prices went up. I remember the project that was rolled out nationally to automatically revalue properties - the government had figured out that they would save more in age pensions reductions than they spent in property valuations.

sweden is

The only way you can legally shelter money from Centrelink is to put it into superannuation.

😂😂😂😂

@@johnfoster7626Which is the WORST place to park your money.

@@Ninsidhe That is absolutely true but my financial planner told me that is the ONLY way you can legally shelter money from Centrelink. In saying that it doesn't hurt to check but he knows everything about Centrelink

@@Ninsidhe Not in my superfund

all very well whilst enough tax payers are available, but they are rapidly shrinking compared to people wanting handouts from them

These RICH people you talk about actually WORK HARD for their money. It's not gaming the system or luck.....it's hard work.

Not even the people who work for Centrlink understand the system. And this clip is 3 years old. The rules change all the time, every year with every new budget. Best thing to do is increase your super contributions while you work as they are before tax and not need the pension at all. It’s no longer something you have a right to, it’s just a safety net.

Maybe so, but our system is means tested and it is provided to those that are within the Income and Assets Test. So we need to work within the system.

@@AboutRetirementTV yes, I just dont agree with the current system. It's basically penalising you for working all your life. I know we have superannuation but that's money we've basically earned. I'm sorry, the pension shouldnt be means tested, those in higher wage brackets are just as entitled as Joe Citizen in a low wage bracket. Superannuation is basically our own money that the government deigns to give back. I don't know how anyone can live on our current aged system money if they have no super. The systems flawed.

You might feel that way but why take money from those who are in need when you are not. And by the way ... when you have worked all your life did you not derive any benefit from the public purse while you were working? These videos on how to legally hide assets are nothing more than a sham way to encourage those who can afford not to have a pension to diminish the pool of resources available to others. Dance around it how you want to but that's the fact.

My parents drilled it in my head since I was young; I am NOT entitled to anything in life. Always prepare for the worse. Do not rely on anyone or the government. Because when you're relying on anyone/government and they don't show up >>> you're screwed. Grown up now; I don't expect a "thank you". I don't expect any "acknowledgement". I contribute, I give, I pay my taxes and I don't expect anything in return. I remember when I was young and telling my parents, "This is a wealthy country. Australia is the lucky country." My parents' replied, "Keep that attitude, and you'll be homeless and begging for food in the future."

Remember, super is something we all pay for. It is unfair to pay twice.

@Michael Liberals promised it , Labor confirmed they would keep it. We'll know in a few weeks :)

If the threshold is $144k then no one needs the seniors card like you said it's minor discounts Nothing of real value at all

Would rather starve than deal with Centerlink

It’s not cheating, it’s working within the standards they have set

As Packer said I'm happy to pay an account 1 million dollars if he can save 2 million dollars in tax. Your not lying or cheating or hiding the money. Your just making the best of ways to minimise your assets or income to get a higher pension.

What planet are you living on ? I mean.. As a GENERAL rule, Sure but i think you missed the point that - Centrelink are the liars and cheaters - The Government PURPOSELY makes your life difficult and extracts too much money from you FOR THEIR GAIN so... You .. Faced with the criminals , liars and cheaters Your philosophy is... Never hide, Lie or cheat LOL DID YOU THINK THIS THROUGH PROPERLY ?

As an ex-Centrelink employee (I used to be a Complex Assessment Officer working in complex financial arrangements particularly in retirement), I can say this video contains solid advice. The title of the video is total click-bait, but the actual video takes you through serious issues to think through about the best use of your money in retirement. Having said that, I also agree with others that we already pay for age pensions through taxation, and it is shocking that governments have raised the Age Pension age. And a lot of this video doesn't apply if you don't have any money to begin with.

Why the government they lie hide and cheat us on the daily. Fuck em

True for baby boomers and later generations. The silent generation, who lived through the Great Depression and World War 2 were able to cope much better on the aged pension. This is the generation that threw away nothing, repurposed everything and grew their own food and kept chickens for eggs, even in suburban backyards.

💯💯

Not if you own your home and plan to sell up and move to Spain.

@@Phantoma3 Planning on buying one of those run-down 1 Euro homes in the middle of no-where? You will not be able to handle the local bureaucracy and the lack of services for the elderly.

Thank you for sharing, yes help like this can go a long way 😀

Lucky you. I went to Uni 50 years ago and there were no youth study allowances, hecs didn't exist and scholarships were few and far between. I was lucky to get a scholarship but that only paid tuition.

@@johnnolang3734 Didn’t TEAS exist? I know it existed over 40 years ago. Were your parents too wealthy for you to qualify?

@@COOLARUL I went to University FIFTY years ago.

@@johnnolang3734 Just checked, TEAS commenced in 1973 which was 51 years ago. It was means tested however, based on parents income (or your income if you were classed as independent). Therefore I gather you had finished your university education prior to 1973.

Hello, I think the best idea first would be to organise a meeting to chat what the actual problem is with savings. There are so many strategies, that it is essential for you to find what fits best to your life and which one would bring the best outcome for you 😀

As old fashioned as it is the best thing you can do is look at your bank and credit card accounts to find out where your money actually goes. You will be surprised at how much money can be saved . I had a friend who was in this situation and his credit card was maxed out and he never seemed to have any money even though he earn’t good income. Some things that can be cut out are subscriptions that are never or rarely used, parking and speeding fines, gambling losses (this was one of his issues), overbuying food which is then thrown away when it goes bad, overspend on clothes you don’t or rarely wear, reviewing your energy and insurance plans every year (many companies charge loyal customers a higher fee than new customers). There is so much money to be saved if you simply look through where you currently spend on things you don’t need or don’t use.

Thank you

Thank you, Katherine, for helpful advice! Аbout the mortgage - we have a filled up offset account, which we keep as emergency fund. We are 8 years from retirement age, my wife is already getting PSS pension of $35000 a year , and I am still working. When do we have to close the offset account, so it is not counted by asset test, if I'm going to apply for the age pension in 8 years? And would I qualify for the full pension, if by then my wife's PSS will be around $43000 and all our assets around $600000? (and income from those assets will be around $15000)

@@donkaster9738 Hi Don, thank you for watching and your question. With the mortgage against your home, you are not penalised per say, it's only that the loan does not reduce the value of your home under Assets Test, because it is not included in Assets Test. But I think it is beneficial to remove loan before you actually retire, so not necessarily before you apply for Age Pension, but just not to have any liabilities. You can close that loan anytime you feel you don't need it. the second question about your Age Pension is harder, because I do not know what rules we will have in 8 years, lots can change and government keeps changing those all the time, but if you were to retire today with those assets you would have approx. $260.00 per person per fortnight of Age Pension. So yes, still eligible, but again, rules can change. I hope this helps

@@AboutRetirementTV Thanks, Katherine! If I understood you correctly, any money in offset account is not included in Assets test?

@@donkaster9738 NO, I am sorry if I am not clear enough. Centrelink does not care for your mortgage, and will not reduce your assets, just because you have a mortgage, but most certainly they will count your money in the offset account as your asset under both Income and Assets Test. Unfortunately this is not the acceptable way to "hide assets"

@@AboutRetirementTV Thanks, Katherine! Now it's all clear!

Thank you so very much, I really appreciate your comment and I am so very glad people are watching and trying to use money better and smarter, especially during retirement 😀

For greedy money grabbing rich pigs who want it all

Thank you so much for your message, watching and subscribing. I love your comment about the title, great lesson, but not easy to implement across all videos, 😆

Listen to Leslie, he is funny and tells it real. silver and gold are your friend. they sit silently in the background ready to be spent when needed. they are the ultimate retirement plan. the sooner you get in on it, the better off you'll be. buy a couple ounces a week and you'll be laughing.

@@Fanta.... when you buy precious gems and metals your details are recorded, the government knows exactly how much you've purchased!

Where and how can I sold silver

I bought gold with my inheritance. I had already declared the money and it didnt affect my pension. Since then It has gone up by $1000 an ounce. Im assuming I would have to declare any profit if I sell it

My water will be worth more than your gold one day.

Hi Anthony, this is a great idea, thank you for sharing.

happy you found the video helpful and informative 😀

Hi Lou, thank you for your message and for watching. I don't know how much above the limit you are, but if you would like to check with me if this is in any way passible "to make it happen" and receive a small part pension, or maybe to find in how many years that would be the case, email me your contact details and we can have a private chat. But as I say, it is always better to have more than not enough 😀 Katherine

Hi Lou, how did I ever miss your message? sometimes RU-vid will not advise me of the new note. Lou, if you are still in the situation of not having access to Age Pension, please contact me and we can check if there is a way to make it happen, at least as a part Age Pension.

Thank you Christina for watching and your comment. By the time you get to the retirement stage, rules might be completely changed.

@@AboutRetirementTV hello and thank you for your response and yes you are right. However, the advice is worth hanging onto and some of it might be able to still be used even thirty years later.

​when your time comes there will hardly be a pension ..don't you see selfish entitled people now ruin it for the next generation ristinamitrovich7554

​​ Selfish entitled people now will ruin it for the next generations if you think there will be an age pension in 20 or 30 years you are sadly mistaken @@christinamitrovich7554

Don't worry, by then the pension won't buy anything.

MY mother is an old age pensioner.She was widowed after being a home maker to a large family most of her life and left very little by my father.She receives her money every fortnight without fail and without harassment,there is nothing to fear in dealing with Centrelink relating to old age pensions.

to your credit

@@spinmyhead1667 your mother is a rare case. Not the norm when dealing with Centrelink. Don't get confused thinking they're there to help. That's what many others thought, before they were lied to then forced to take the Indue card. Go do some research on that to see how Centrelink are happy to help.

@@rogerramjet6429 I can only relate my family’s experience.I’d be surprised if I my mother was treated favourably compared to others.

@@spinmyhead1667 I dont doubt you for one second where as in my case Centrelink benefits saved me from an avaricious family

I agree, it shouldn't, but rules have been created and changed over so many years, this is the reason for complexity

Your English writting is excellent like a novelist. You're not in a group who can only understand 5% financial literacy. You just like to vent your anger at the government who has been rifted off for many many years by those who never want to pay or minimising tax whilst earning and yet want to collect unemployment benefits and pension. No goverment in any countries can last forever if giving out money without any reasonable restrictions. Read the Age every wednesday, the Q&A section, which will enhance your financial knowledge over the years. I'm from non-English speaking country, and you know how hard it is when reading financial literacy but I enjoy reading them without crying. Take it as a challenge.

I felt that way until 2017, The trick is to get educated. Here are some ways . Most of the large super funds have regular seminars for their members where they explain how the system works. Book yourself in and go to them. Don’t wait until you are ready to retire, go early and ask questions. Don’t be frightened to look like you don’t know anything. Remember, there is no such thing as a dumb question. That’s how I learnt about the system. Also read books on the topic (but make sure the authors are qualified to give advice, and it is specific to your country). Your local public library may have some books published after 2017 which may help you. Take your time, reread them if you have to. Your library may also have finance magazines (eg money) which covers some of the topics. Services Australia (formally known as Centrelink) also provides free seminars during the day and the evening conducted by their “financial information services” officers. Book in and go to them. Replays of some of these free information seminars are also available on the services australia website. Just type in “services australia seminars”. Even if you feel overwhelmed just keep attending and keep asking questions. Bit by bit you pick things up, you learn and you become more confident. This. is how I learnt about the super system (and I don’t have a PhD and come from a working class background). Please do it well before you are ready to retire. Having the knowledge gives you peace of mind when the day comes that you have to leave work.

Thank you David

thanks Greg, funny how every person is different and enjoys different things and consumes information differently.

Yeah well NZ keep going to Oz in droves trying to get social security...that loophole needs to be stopped too....not up to Aust tax payers to pay for 2 countries

​@@ykook7000what social security are they leaving in droves to get?

With the move to digital transactions it gets harder

The govt and banks are working hard to remove cash

@@primafacie5029 Correct and very slimy. Considering the amount of money the government wastes on stupid things they are thinking squeezing more out of the average person is the way to go. Despicable!

Cashless society is coming

Hiding cash at home is not a good idea because any monies you get from wages or investments(or other income streams) will go straight into your bank account. Even if you hide money at home you still have to withdraw it from your bank account and sooner or later you will have to account for that money. Now, I'm no expert but my understanding is the ONLY way you can legally hide( shelter might be a better word to use) money from Centrelink is to put it into superannuation. Oh, yes, I forgot to mention to put some money into your property. Do a renovation or build a shed or invest in solar or some watertanks.

Buy silver and gold coins and "sit" on them until money is needed then cash the bullion in.

Yep that's what the Chinese and Indians do.

@@garyblack6994 traceable

@@garyblack6994 And slowly let inflation eat away at your purchasing power. Gold and Silver have failed to keep up with inflation since 1980. I hope you have bullet proof security at your home.

😅

Define 'need?

@@jonahtwhale1779 Need>Greed

@@jonahtwhale1779 Define "don't need" first ... seriously ... the take, take, take mentality is a pestilence on our society.

I'd be more worried about corporate taxation, corruption within bureacracies, waste and inefficiency, ineptitude and lack of accountability, let alone the corporate plundering of our energy and mineral assets. Fix them and there'd be plenty for everyone.

That includes the Government!

Good to hear from you 😀

another great subject - noted and thank you 😀

they don;t determine their pay

The Federal pollies who entered parliament after 9 October 2004 do not get those generous defined benefits pensions. They are on a defined contributions super scheme, like the vast majority of us. I am happy to be corrected, but the only modern employees I know of who still have a defined benefits pension are Victorian firefighters. There may be others but no longer any politician who enters the parliament now.

@@COOLARUL Don't let their Boomer logic get ya mate. Pollies don't even dictate their pay.

​@BenState course they do. They all vote on their increase. Not one of them has stood up saying no, we don't want an increase.

@@elvirafeher4254 its an independent Tribunal that decides muppet

Hi Peter, I am so glad to hear that my videos are helping you to understand the maze of Centrelink and Age Pension, And yes you are correct, Centrelink applies both tests, Income & Assets Test and whichever gives the lower entitlement outcome, this is what you are going to received. Sad, but true

Many people are assed by Centrelink.

OFC you are assessed by Centrelink for both Everything is means tested!!

Hi Neil, thank you for the question, technically if you give away a car of $15,000, Centrelink will reduce your assets by $10,000 in year 1 and continue calculating $5,000 as your asset for that year, and then reduce the value of your assets by a further $5,000 in the second year. But because it is within $35,000 limit allowable for the period of 5 years, it is not treated as deprivation of assets. I hope this makes more sense now. 😀 Katherine

Hi Rob, no no, if everyone did that, Centrelink would be even more overwhelmed. It is to your advantage to let Centrelink know, so there is no threshold, but in most cases I would advise on declaring a more significant values that can actually increase your Age Pension payment.

Beware of the gifting rules

Hi Bill, helping your friends with some cash is treated as a loan, not gifting, unless you consider "forgiving the loan" which then creates a problem. If you are listed on the title of your friends 'property as part owner, then Centrelink will count it as your asset.

@@AboutRetirementTV Without paperwork, such as a loan agreement, how do you prove it is a loan and not a gift? I have seen enough conflict within families where parents consider money to help their children is a loan, but the children see it as a gift. Of course no paperwork is ever prepared or signed.

I wish it stayed that way, thank you Rhonda 😀

That's great Darryl 😀

I hope this Labour Govt doesn’t do what the Labour Govt under Keven Rudd did and that was to raise the pension age to 67, having started work at 15 also I felt betrayed by Labour when now I have another 2 years of work before I can retire. Thank You Labour.

This is lovely to hear Donelle, you are such a modest person with obvious appreciation for life and what you have. Most people concentrate on what they don't have, so this is a very positive outlook on life that you have. All the best to you and take care 😊

@@robinstewart4967 age extension would happen regardless of the party in power. There are just too many retirees and people live longer and longer.

@@AboutRetirementTV Your absolutely right, people are living longer, my Sister is a School Teacher, who is retiring this year, She and her husband will be entitled to the Pension. However she is still going to work 1-2 days a week. She doesn’t feel ready to fully retire just yet, so I think, yes people are living longer but I also think they want to as she has to cut down her hours but not retire completely while they still want to work.

Yes agreed, I can remember the pay slip that you got with the cash wage, that payslip actually detailed how much was removed for your retirement installment.

Hello Rae, there are many NZ living in Australia and I have been thinking about creating some videos specifically for New Zealanders, but nobody asked before, so thank you for your request. I will not start preparing some information specifically for NZ living and retiring in Australia.

Hi Garry, glad you find my channel informative. To answer your questions: a) yes absolutely, the residual value is no longer part of your family home, therefore no longer exempt so assessed under Income and Assets tests accordingly. b) It is impossible to answer this question no knowing all the necessary details about you and your personal and financial situation. Watch more videos about "downsizer contributions" as well as rules to contribute to super. Even better, speak to a professional financial planner that can assist you to set it up in the most optimized way. You can always contact me for the full advice. All the best 😀

Garry the residual is still means tested. I know of a 76year old man that met his current wife in Thailand and brought her plus their 2 kids to Perth WA. He owned his house and was told he had to many assets for her to be paid a pension, and they weren't giving him anything either. He had retired then gone over seas to help in a number of disasters and then met his wife over there. They came to Australia and got married in Feb 2018. I was at the wedding helping out. Centrelink told him he had to sell his house, so he did, then bought a smaller house. Centrelink then still asset tested him on that house then the residual funds. They refused to give him or his wife anything, and his daughter that worked for immigration couldn't understand what was going on. Centrelink claimed to have lost all documentation supplied 6 times. Then they just kept demanding more information about stuff they already had. He, his wife and 2 daughters were not being paid anything from Centrelink, the last time I saw them in May 2019. Only thing he was getting funds from was his 30 years worth of super, which (and I see this as being illegal) he was asset tested on. He's a very good man that has done a life's good hard work, and all Centrelink wants to do is kick him till he can't fight anymore The way he's constantly been lied to, abused, then told to jump through hoops, shows Centrelink do not care, and will lie to avoid paying anything. I know he was forced to get some casual work, just to pull through. He was even told to prove both daughters were his, and show them he was married. He's to much of a kind man to consider making waves, so just put up with the abuse. Some of the documents, he was told to take to Centrelink, do not exist, at the ATO nor immigration, so someone has been lying about a lot of stuff.

@Michael Depending on your asset base after downsizing, the main benefit out of it is if after downsizing your asset value still allows you to get full pension. You could then supplement your pension payment with that additional cash from the sale of the property. Certainly not for everyone but there are some couples that might have an expensive home but no real cash assets to speak of so it could be of benefit to them. My opinion only but if you're poor you will get the pension, if you are rich you don't need it. It is those that are going to fall in the middle ground that need to sort out their finances to be able to get the pension.

They just want the stamp duty.

Hi, thanks for watching, no, no I said that you can "HIDE" your money in a super of a younger spouse. Until she / he is eligible for Age Pension, those assets are NOT counted under Income or Assets Test for your benefit of Age Pension. I hope it makes sense now

@@AboutRetirementTV Hi Katherine, thank you for your prompt response. It is your comments on shuffling between supers that confused me. I took it as I can only contribute towards my spouse's super from my super. So, I can transfer fund from our savings to my spouse's super and the amount transferred will not be counted towards my asset test, right? Keep up your good works. Thanks again

@@guzzimk5lemans565 absolutely, smart strategy. all the best

Winning!

smart, reduced bill, help environment and more Age Pension - win/win/win

Exactly right not to mention stuffing it up for any future generations who won't get any pension due to the greediness of the ones rorting the system now ...beggars belief

I agree

Agreed!.. Pensioners should consider themselves lucky they get anything!

This woman is not greedy. She is giving helpful advice to hard working tax payers, for NOTHING. She would be greedy if she was asking for money from everyone.

And all her advice information is in plain sight on the Centrelink website. She is just clarifying it all and doing a great job.😮

Hi Herman, For as long as kids are financially dependent, this is part of your livings expenses and as a parent it is your responsibility to provide this support to your kids, so no Centrelink will not count this as gifting. Once kids are no longer financially dependent on you, then it will change

What is your AFSL number please?

I found it thankyou on website.

@@clareloney Thank you for you comment Clare and it is good that you stay aware. Yes, in my video, I do introduce myself as a Certified Financial Planner, hence I have to be licenced to be CFP. Also in the video there is a full disclosure when the music is running, with full license information and well as general advice disclosure. Thank you for that question

f#ck the systems rules be free those making rules do so to benefit the top not you and i ...to win you must play by your own rules like they do at the top ...but hey if you want to do as your told thats your freewill choice to do so good luck

" "I would like to consider the option of not having anything to do with centre Link." - Then don't have anything to do with them - support yourself. Simple.

i relate to that mate ...been here 42 years and honestly the place is over rated ...good luck to you sir

@@ljdperth4608 you work your whole life pay tax and then dont want to access your cut ? your right fought for by and contributed to by sacrifice of anzacs as part of that right ...no get what is yours and have very little to do with centrelink ..there are ways but aussies are way too compliant

@@thecelt4807 What a load of tripe. Invoking the spirit of the ANZACS to justify you pilfering from the pool of funds set aside for those of limited means. Frankly, I reckon an ANZAC would have been absolutely disgusted with those values .... actually!!

Are you still in Australia?

Good question. 👍

double check this ... can only gift $10k per annum, anything above that will remain to be considered an asset for the pensioner, even if they no longer hold the funds

Do it in cash over a period of time

Hi Ian, the full video to answer you question is coming out on 16 June 2022. Please watch and it will make the issue so much more clear.

What i used to do is take out 800 here and there and hide it then silver then well u work it out

this is the total allowable limit with no negative impact on your Age Pension, and it does not matter if it has been gifted in one lot or many.

Hi Dave, if you spend money for any reason, especially bigger lumpsum for renovation, do not wait for any review, just update your cash balance with Centrelink immediately as it will increase your Age Pension immediately. You can do it via MyGov, call or visit the Centrelink office, but do not wait.

@@AboutRetirementTV Thank you for that information Katherine

Hi Paul, thank you for watching, and this is a very good question. As long as you qualify under Income and Assets Test, yes you will qualify. If you haven't yet, watch my other videos: Age Pension - Are you eligible? and Age Pension Asset Test - the truth revealed. Those two video will help you determine if you are going to be eligible or not. I hope this helps, but if still unsure, just reply here. All the best, Katherine

Hi Dilma, thanks for your question, if your dad is single homeowner, with no other income then he is asset tested, meaning he can have up to $270,500 before Age Pension starts reducing. Just watch my video: Age Pension Asset Test for better clarification ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-UTs9uwCaMFE.html

Thanks Katherine, I'm not very good with understanding this topic and I am a bit confused. My Dad is not a home owner, but few people have told him he can only have $5000 in the bank as per the centrelink page? I'm so confused. Can you clarify please. Thanks

@@dilmaorellana6944 I have no idea what those people are talking about. Rules are very clear, please don't listen to what people say, there is lots of confusion, but often that's people who have no knowledge that speak the most. As a non-homeowner, your dad could actually have up to $487,000 based on assets test, but if he had that much, Age Pension would be slightly reduced under Income test. If you are unsure, just contact me directly on 1300 274 731, so we can chat privately. If I don't answer, it means I have an appointment, so just leave a message and I will return your call. All the best Dilma

Thank you so much, I will be in touch 😊

NO, unfortunately Job Seeker has a completely different set of rules

@@AboutRetirementTV I see, so thats not a field in which you specialise or offer guidance with?

HI Jae, thank you for watching and your question. To answer your first question, yes if one gives away assets of any value, after 5 years all those assets will not be counted under Income and Assets Test for Age Pension purposes. The 5 year period has been chosen to discourage people to give assets away, as it is very difficult for any retiree to survive with no income from assets given away. Not to mention that one is giving up all legal rights to such properties. Also I would not recommend keeping 1M under the pillow at home. Not only it can be easily stolen, there is no income earned, so a huge waste of money and on the top or it is still the person's responsibility to disclose such assets.

Thanks for your reply. Much appreciated

If you are quiet about it, and have a second safe as a diversion to keep your big stack safe (maybe have the decoy safe above ground and use a floor safe for the large amount) then I can't see why not. The key is to have something for the thieves to take in a robbery, but you absolutely must stay quiet and tell nobody. Also consider buying gold and silver, as generally they will go up over time and should hold their value. you may even be able to trade directly with it.

@@Fanta.... Or maybe just live off your own $1m instead of trying to get a few $s from the government. Sickens me that people who can afford to live off of their own savings try and leach from the gov, think they are entitled to something, the "I paid taxes all my life" doesn't cut it and you sound like a slimy c..t decoy safe, haha

Why would you keep 1 million dollars under a pillow when you could put it in a bank in a tax exempt place like the Caribbean 😅

just a "play of words"

They do not have access to your financial or medical records.

@@GayleDE Yes they do. When you complete the application, you agree to the terms and conditions and yes, that allows them to look at your bank account. The MyAged Care app also permits this. I have seen the screen personally at a CentreLink office because they were reviewing my rent assistance and that I had less than $5k in cash. But if you are genuinely in need of the Pension, that should not be a problem, would it? The ATO can also look into your bank account as well, so please give the correct advice. When I linked my Centrelink Pension to MyAged Care, its a requirement that your doctor has to send them a report on what regular medications you take and what chronic illnesses you have that could affect your care later on. Again, by agreeing to the Ts&Cs, they can access MyHealthRecord to verify it. They did. I got an email to say that for a kidney condition I listed, they noted it had been resolved in recent tests, and that it need not be listed. I had to do a new on line form. That changed my assessment. To navigate the Age Pension, it's best to look at it from CentreLinks perspective. You only experience it if you apply, interact and answer queries. They see it as a catch net, not an automatic entitlement. They can detect restructuring immediately. It's why you can lose it if you take too many overseas holidays. You must tell them. It's a truth test all this, because they have all the info already. They consider being able to afford trips abroad counters the spirit of the Pension which they see as being for those who fall through the Superannuation gaps. My friend had a bank account in the UK which she unwisely didn't tell them about. She had visited her sister twice in the previous 6 months. They added the estimated costs to her cash allowance. You have to report any change of over $1000.They cancelled her Age Pension. So expect scrutiny and tell them everything.

@@TechnikMeister2 sorry you are wrong. I work with Centrelink. Your bank details are what you tell them they do not have access to your bank account.

@@TechnikMeister2 some superannuation funds do sent Centrelink the latest statements that is true.

Thankyou,can't wait bye.

Hi Dossie, apologies, but somehow I missed your comment. I cannot speak for your overseas annuity and its treatment by Centrelink, not knowing what exactly it is, Super however has very clear rules and it is counted regardless if you take it as an income-stream or not once you reach your Age Pension age. The ideal of drawing income from your own money when your reach your Age Pension age is that you provide yourself with an income support from your own savings, regardless of the amount of Age Pension support.

Disability bludgers... protected species.

The Parliament has never agreed with you. Prior to 1909 there was no aged pension in Australia, yet people payed taxes (mainly to the states). If you were old, could not work and had no family support, you starved to death. This is why the Aged pension was introduced in 1909, as a means tested welfare payment. It always has been a welfare payment designed to help our poor elderly. Are you are happy for Kerry and James Packer and Rupert Murdoch and the Pratt family and Gina Reinhart and Andrew Forest, all who are (or were) Billionaires to receive this aged pension welfare payment from your taxes?

We do now, it is called Supeannuation.

I agree that Superannuation is an excellent system. My point was that the Aussie state pension system is overly complicated by layers of new rules and costs a small fortune to administer.

Some people are just greedy disgusting human beings. Perhaps he has a terminally ill wife because karma is a bitch.

@Michael He's not in a nice position - can't afford the rates on his new house. But yes, his beneficiaries will enjoy receiving whatever the house fetches when the prices have fallen........ rather than the capital stable investment he could have made instead.

Too funny for words Lol🤗

maybe not 😆

Hi Kira, thank you for your question, it depends, are you on Age Pension or another kind of Centrelink payment? If on Age Pension, your super savings are counted the same way, no matter if in super or pension stage, so you might as well draw a small pension from your money as supplement to Age Pension. If you are younger than Age Pension age, then different rules apply.

Why don't you just support yourself instead of trying to get more money from centrelink? that's what super is for

Hi Paul, keep those receipts in case Centrelink asks for the prove of the payment. You do not need to volunteer but provide copies when requested.

@@AboutRetirementTV Great thanks!

Have you considered selling your property, moving to a smaller property and investing the difference? Alternatively , with so many koala’s are you allowed to start an eco tourist business?

@@COOLARUL I have considered, but I am familiar with the location and haven’t moved in over thirty years. The thought of going through that ‘trauma’ again is more than I ever want to do again. Plus I need a reasonable amount of land for my horses. Plus, plus, plus, the powers that be would then say I had too much money to get any government handouts. I think I’ll just live with the status quo…. Me working and then hearing foreigners telling people how to rip off Australian taxpayers. Remember it’s the taxpayers who give the government money. The government actually doesn’t work or toil.

@@Bynggo So you do have an alternative, you just choose a lifestyle? It is OK to choose that, but you should not then blame the Government for your choice, your decision. At least you can make that decision here, In some foreign countries your land would be taken from you with little or no compensation.

@@COOLARUL maybe so, but I don’t live in another country. The point I missed is my neighbours who are similar circumstances, and on properties the same size, are on the pension. I actually like to work so I am not only forced into that choice, I also prefer to do that rather than have the authorities peeking over my fence. It’s difficult to write my situation here and have the clarity of verbal interaction. My major point in all this was, I am offended by this woman explaining how to rip off Australian taxpayers.

I am a lifter funding my own, however what incentive is there to be a lifter, self funded retiree.

That would be great….. can I have all the exorbitant tax I’ve paid for 40 years back?

I have paid tax all my working life i HAVE been a lifter. Time to be a receiver.

@@sharonmercer3549 Getting $95,000 in a super pension rather than $29,000 in aged pension sounds like good incentive to me. I know which one I would rather get.

Hi Dipak, unfortunately there is no shortcut or easier way than the actual full application for Age Pension. There are couple of companies that can assist in the process, so they will complete the application based on info provided by you, submit to Centrelink, but you still have to gather all details, all evidence. So the short answer is, no I don't believe there is any way to make it easier than what it is now. Sadly it is hard work that application, I know.

Thank you kindly Katherine !

It will only take 15 minutes. Except that it will be 15 minutes that takes a whole day and a half.

More like 50 years.

@@AussieFIag We pay for them as soon as they get here, out of our pockets. Subsidized housing, unemployment, primary and secondary education, roads, water, electricity, Medicare. We paid for it to get setup and we continue to pay for them, that's why our total tax-take is 62% (includes all taxes).

​@@gortnewton4765 The highest in the world, so I've been told. 🤷‍♀️