So you do the right thing, work hard and make sacrifices for the future as well as paying more tax. Then you are not entitled to a pension. Or you waste your money, put nothing aside for the future and you are and you are rewarded with a pension. Government is sending the wrong message
If you don't qualify for the aged pension, you don't need it. I am thankful that I was able to have a secure work life, enjoy good health, pay my taxes and thanks to superannuation, have an income which lets me enjoy retirement. That is my reward. Life would be a lot less comfortable if I had to get by on the aged pension.
I agree with you. It seems to be that way and it feels that way. But I look at age pension, not as a deserved golden handshake only for those who work hard, but as a survival package to those who fail to save for the rainy days. So while I am not receiving the well deserved survival package from the goverment, I am happy that I do not need it. I just enjoy the difference. How does it feel to go to a restaurant, and never been forced to order just what you can afford from the Senior's Menu. Yes, the one that taste like hospital food.
Hi Katherine, I am 66 years old now, I have an investment property, if I sell or give it away after 67 years old, will I get my part pension after 5 years from selling the property?
The Australian pension is very stressful for us older people. It seems like we are prisoners. We paid into the pension when we were working so every pension aged person if they had PAID into this tax , should have a full pension without being mean tested. But it seems those who had paid little or none at all , get the full pension , council housing, extra payments….this unfairness only happens in Australia.
@@petesmittI read somewhere that there used to be a portion of tax paid by workers directed into a pension fund but this was changed by Paul Keating & the money gobbled up into general revenue
@@jennyt7612 There was a National Welfare Fund started in WW2 by Curtin but the name was a misnomer, as taxes paid into it were used as consolidated revenue and eventually the name was dropped. The Paul Keating part of the story likely relates to the fact that he created the modern superannuation system.
The National Welfare Fund in 1946 on-was a compulsory fund, a levy of one and sixpence in the pound on all personal income. When Robert Menzies came in he said the amount should be shown separately on Taxation and paid into a Trust Account and not mixed with General Revenue. He said The stigma of charity should be removed from the pensions.. It is shown separately on personal tax assessments 1946 46 47 48 49 50. when the balance was 100 million pounds. In 1949 this was taken and put into the Consolidated Revenue by Menzies The levy was still taken out but not for NWS
As an import from the uk 43yrs ago I retired first asked when applying for pension have you worked in another country of course they knew that they press a computer button all your information is there ,bank info you name it straight away gave me a uk pension application from under the desk told to chase that first 😂😂😂😂 after that all you get is hurdle after hurdle with paperwork after paperwork here in Australia the uk part pension paperwork what a breeze
Hi Katherine, Me at 60 years old my assets blow my age pension out of the water. I own a holiday house, expensive boat, have super, savings, shares and crypto trading. My aim is to be self sufficient. Love your channel and subscribed.
Thank you Aussie Taipan 😀As you are a self-funded retiree, you are facing slightly different issues, so if you do have any questions, please let me know and I can create some video answering such questions as well.
I wonder do politicians have to adhere to these asset tests we are all servants of Autralia…. Thank you for this information it makes things very clear..
They are intitled to a pension that the polititions get .: Prime Minister Anthony Albanese is entitled to a parliamentary pension in excess of $400,000 per year.
I'm sick of pension crap the government going on about the cost pensioners don't live for ever wonder how many pass each say I do know they get a lot of mine back
hi Katherine, thanks for your vids. I think it would be interesting for many pre-retirees to review their financial retirement plan at least five years before becoming eligible for the aged pension. If not expecting to be self-funded, this enables you to identify and gift financial assets which are not required to fund retirement without being considered a deprived asset by Centrelink and at a time when a cash windfall is more likely to benefit children. Homeowners can make decisions concerning upgrading or downsizing their residence to adjust the level of assessable assets. Perhaps you could develop a roadmap or countdown for year by year and link these to your videos?🤔
Can you explain the rules of pension receiving it abroad? One can retire anywhere in the world and receive full pension or there are some deductions, etc...
Katherine, thank you for your clear, factual and well-paced presentations! You are obviously 'in your element' presenting these, but I also understand how much research and preparation goes into each one...
Great video and information. I have recently moved to a retirement village and paid $500,000 for it. I would therefore be very interested to find out from you how this affects a claim for a pension from Centreline. Tks.
Hi Paula, thank you for watching and for your question. If you purchased a property in a retirement village, this becomes your home and it is exempt under Assets Test just like any other home
Hi Katherine thanks for your advice, I’ve started the transfer over to Age Pension, but with my Unisuper and savings in bank, I’m just a little over, I haven’t finished the online claim, I’m taking your advice, to legally pay a few bills,
Id like to know more about retirement villages and owning the building but not the land please. enjoyed and found useful those videos Ive already watched. Thanks
Hi Shirley, thank you for watching and your question. Your topic is coming, retirement villages are a big topic and I need to prepare all information to present it logically.
Successive Australian Governments are good at making things so complicated Make it simple you work here and pay Tax for 35yrs Pay the Pension no Questions Asked
Hi Katherine, I am 71 and have been on a pension since I was 65, My Wife is still working and turning 67 later this year, she does have some Super. Because of her earnings I get a quarter or less pension each fortnight, when she retires will her Super effect our pensions.
@@AboutRetirementTV Hi Katherine, thanks for your reply, her super balance is about $25,000. I forgot to add initially I enjoy your podcasts, so very informative.
Hi Travice, how have I missed your question, I have no idea, so apologies. As a couple your assets cannot be greater than $405K as per Feb'22 if you wish to have full Age Pension. Anything about will reduce your Age Pension to part payment.
@@AboutRetirementTV... For each $1000 over the assets level, you lose $3. If over the asset threshold limit by $100,000 you would lose $300 to bring your pension to $686.30 For a single non-home-owner pensioner it would mean your assets are about $600,000.
Sorry to change the subject, i am recently widowed and going to live with my daughter. At present she is renting but i want to buy our own house. I will put down 50% of the house value as a deposit my grandaughter will get a morgage for the other 50% then i will put the house in my daughter and granddaughters name. Then the three of us will live together. Any problem to that idea.
i am being pushed to claim the UK state pension by centerlink with the threat of stopping my Australian pension . if i can get the UK pension , where will i stand with the Australian pension ?
Hi Neil, you have no choice but to apply and accept UK pension, otherwise Austrian pension will stop. Your UK pension will be part of your income under Income test, hence if that income is above the allowable limit, your Age Pension will be reduced 50cents for each dollar above the limit. If you are not sure how the Income Test works, just watch my video: Age Pension income Test madness: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-WB0mKhALw7A.html
I have lived in Australia for the last 10 years. I am now 78 years old. I live in my own apartment. I purchased it for A$720/- I have 30,000/- as saving in my bank account. What comes under the Assets Test? Thank You.
What about if I travel for 2 years and rent my family home while away? Does it automatically turn to an asset and if so does it revert to my family home when I return. Thankyou
I am in a retirement village where I lease the unit I live in. Centerlink classes me as a Home owner and consequently receive a lower deduction for assets. Unfair. Anything I can do about it?
Your viewers are relatively well off middle class Australians who will do anything to not have their pension reduced. The government doesn't owe you anything, . Are you complaining because you can't have an overseas holiday every year? Be content with what the government gives you.
Hi Katherine. Thanks for your videos. I have found them to be very informative and educational. My mother is not eligible for aged pension - She is asset rich but income poor. Her investment unit is currently being looked at by a developer who has agreed to pay a deposit with a 3 year option to withdraw. My mother still lives in her own home and currently receives a home care package. Do you know if this deposit yet to be received will affect her home care package? I understand home care package funds are income tested and the investment unit is my mothers only source of income which is below the threshold. Appreciate your help.
Hi Venessa, thank you for watching and your comment. You mum's case might be one of more "questionable", general behaviour of Centrelink is that they will start counting money once they arrive in the bank account, so it could be the case of the balanced being under Income Test the moment money is received from the builder. But i think this is a pretty unusual case, so further research would be required. Katherine
Hello , i have decided to upgrade my car and use my some of my superannuation to fund it. My question is will this effect my pension. I'm 67 years old and only recieve a part aged pension
Your videos are very informative, can I make a lump sum contribution to my wife's super she is 62 and I am 68 and about to retire (03/07/23) from work. Would this be considered gifting? are there limits? thank you Katherine.
It would not be considered gifting, but whether you can or you cannot contribute depends on the size of the contribution and type of the contribution you want to make. Just get the advice to ensure you are not breaching any rules.
centrelink phone numbers! its frustrating trying to contact the correct section for enquires! i.e. my Mum is an aged care home and i would like to enquire about pension amount! i think she should be receiving more....
Ha, ha Jeff, I know exactly what you mean, I deal with Centrelink every week, and sometimes it is a puzzle. I think with your inquiry you should be calling Centrelink Older Australians line, as it relates to your mother's Age Pension payments and not Aged Care. So try 13 23 00. Hopefully this should be the correct line for your inquiry. Good luck 😀
I am confused, I am 70, single, own my home and my main asset is my super account with Australian super. It has dropped to about $570K because of market drops lately. If this is my asset (I have maybe $10K in other as my car is 10 yrs old), no other investments and no gifting(that is another question). Is my asset deemed and included as income too? I pay myself $1000 per FN from this super. I am thinking of applying for at least a Health care card. Thanks for any thoughts.
It really depends when you started your income stream, if after 2015, then Centrelink does not care about the real income you are receiving from your Australian Super as they will deem your balance and base Income Test on deeming outcome
I am a single pensioner selling my house shortly. Now I understand we have a two year limit now to downsize in relation to our assets test. Is there any problem by buying a smaller house abroad instead of in Australia. I will be living permanently abroad.
Hi Katherine, thank you for such a detailed and well presented video on a important and somewhat complex matter. A question that my grandmother is concerned about, is whether the assessment of an application for an aged pension, is that starting from the date of application and spans back 5 years (of one's income/assets)? I.e, if she were now 70 years old and is now in a financial position to require an Aged pension, would they be assessed from the age of 70 (and going back 5 years worth of income/assets)?
Hello, I love your RU-vid name 😆. Thank you so much for watching and for your question. To answer your question, yes, when accessing Age Pension entitlement one of the questions on the application is "over the last 5 years have you given away any assets?" Depending on the answer Centrelink will decide if the value given away is according with gifting rules or is it assets deprivation. If the second, assets given away will be counted for a period of 5 years as if the applicant continue holding them. After 5 years those assets are no longer counted. I hope this helps
Hi Katherine, I've just come across your videos which are very informative and helpful. How is the asset test worked for a couple where the spouse alone is the homeowner?
Hi Barbara, I am not sure if I understood the question correctly, but if you are referring to the situation of a couple where only one person is listed on the property title (hence the legal owner), for Centrelink that makes no difference. You are a couple and both are treated as homeowners.
Your presentation has been a great help, thank you. In my situation my wife and I have been estranged for over 10 years and she lives in the family home and I pay the rates, while l house sit for friends or rent a granny flat on a friends property. How do I explain this to CentreLink ? and is there provisions for people like me ? Thanks again
Hi Katherine. I think I have a handle on what constitutes Assets. I am not sure on one aspect of an Asset though. I am a veteran now aged 64 and receive a Disability Pension with Veterans Affairs, and this is not taxed. This I suppose is an Asset. With your knowledge and experience, could you please confirm to me if this is also included in the Asset Test.
Hi "Hadtobe" - love the name 😀. Your Disability Pension is an income you are eligible for from DVA based on time served in the defence forces for safety of our nation. First of all - on behalf of all of us - thank you so very much. To answer your question, when you reach the Age Pension age, most likely your Disability Pension will be changed to the Service Pension or Age Pension and both are means tested. So the level of the income is not included in the test, but it is an outcome of the test. So in short your Disability Pension is not treated as an asset. I hope this helps.
It is very informative! May I get more info on the assesst that one can control, how does it work around it? Any chance to find out more details from you?
Hi Vivian, I don't think I will be creating a great deal of videos on this topic, as it is complex and very specific to each person's needs. As mentioned in the video, you need to receive your personal advice as to choices and how this is done. Depending what you have in mind and what is your ultimate goal, you will need to either speak to a financial planner or accountant or both. you can contact me directly if you wish katherine@aboutretirement.com.au
My parents are going into residential care next week from indepentent living in a retirement village. They were told that there is an exit fee. It is around 30% of the deposit they paid. They will give the rest only after 6 months. I am filling up the means tested form currently and not sure what to do in this case.
Hi Susan, I feel for you, those are some of the most complicated and un-friendly forms I have ever seen. I am unsure what you are asking exactly, is it about disclosure to Centrelink, or payment of the entry fee? With disclosure of assets, you only disclose assets that are available at the time, but if you are filling those forms in a paper-from - not online - just explain on the form that 30% (provide the $$$ amount) available now and the balance in 6 months. Centrelink should adjust those figures, or you might have to go back in 6 months when the balance has been received and advice that now money is in the bank account. If your question is about the entry fee - this is more complicated and likely you might prefer to get advice (impossible for me to answer in this forum, as personal details are needed). I hope this helps
@@AboutRetirementTV thanks for the response. The retirement village will take more than 34% as exit fee and my parents will get only around 66% after 6 months. They lived there for 7.5 years. I just like to know how we enter this in the form for other assets question. As you adviced I will leave this question until we get the refund
@@susanthomas6940... I don't like what retirement villages take part of the sale price of the unit if you die or wish to move and yes it can be up to 30% of the sale price plus the cost of revamping the home ready for sale. In my experience, it is not 30% after 6 months. It is calculated as 3% required of the sale price per year for up to 10 years that you have lived in that unit. Which is sold after 10 years will amount to 30% You buy it for $300,000 and sell it 1 year later you pay $9000 being 3%. If you sell it 10 years later for $600,000 you will lose $180,000 which is now 30% of the sale price. They don't get many complaints as most people are dead. You are set to pay this 3% on top of weekly maintenance fees, these can be $100/$200 per week. My god how the money roll in? You never really get to own the place you really are only tenants.
No wonder a lots of people don't like working ,they can claims centreline then when the reach age pension they automatically get pension.People that work hard of their life what they get PEANUT, very wrong they should get incentives to work and save for their future.
Indeed. Our neighbour never worked , received inheritance from his parents bought a house outright. 10 years later he and wife received full pension. We worked until 70 and struggle to finally receive the Commonwealth Seniors Health Card. We are on our own Income Stream but people like them receive free money from the taxes we paid.🥴
We need to get rid of the myth that the family home is not included as an asset. The family home, regardless of its real worth, is assessed at $214500. The difference in assets allowed between "home owners" and 'non-home owners'. If this is not clear enough that the family home is an asset with an arbitrary value, , I don't know what is.
Hi Katherine. Thank you for for informative Videos. Can you please explain how assets such as cash in a joint bank account with my wife is calculated. Will it be calculated on the full amount or half? I will be eligible for the pension before my wife. Thanks!!
The asset limits are adjusted three times a year in March, July and September, according to the Consumer Price Index (CPI). but sometimes there are extra changes
I have inherited 200k from a partner dead. Half from his savings and half from his supper + half of his part of the house. I have may own Town house. How this would affect my age pension?
Hi,. I have a quick question......the Services Australia page regarding real estate assets says: " "We use current market value when we assess your real estate. This is different from how state and local governments value properties." I am curious as to how they obtain Market Value.....as unless you put the house on the market and get a sale, it is a bit subjective... do you know please? thanks
Hi Rob, thanks for the question. sometimes Centrelink will accept your disclosed market price, but if they disagree, they have their own valuers that will prepare figures for Centrelink their own way. But the good thing is that Centrelink tents to be on conservative side, so not over-valuing properties at all.
Thanks Katherine...that is good news and might help me to squeeze a bit more of a part pension, the rising property prices are a two edged sword! Great videos, very helpful!
Im in philipines went there so i could afford a categiver aussi cutt my pension because im living in a 3rd world country now have to go back to au to get my pension i have a lot of bills since i had to borrow to furnish a flat and buy a car wich i will also loose can anyone give me some advice
Hi Katherine, I'm 74 and have now just applied for a Pension. I have a BT fund from which I draw the minimum allowed per year. Since December 2015, I have not made any contributions to this fund. I vaguely remember this policy was grandfathered Dec 2015 and that the income was tax-exempt and ALSO did not count towards pension. Do you know if this is correct? Also, the funds are with BT can I move them, Roland
Hi Roland, very likely you have the old type of the pension fund, that is not available today, but has very special Centrelink benefits. But I cannot say if you need it or not, as it depends on all other assets you have. Just call my office on 1300 274 731 and organise appointment, I have to check what you have, before I provide advice
Thanks, Katherine. As you will know, the pre-2015 -BT policy I have was taken over by Mercer on 1st April 2023. I'm now waiting to try and understand the exact outcome of the taking over, especially regarding Deeming. In the past, I did not take care of the Pension performance that's now changed. Roland
I also thinking the same. My husband and I are self funded retired and living on less than that. We are on our second year, drawing 2% of our super pension balance.
Thank you very much Katherine it was very informative and delivered succinctly in a way that I have as a novice could understand. I had forgotten most of what I knew about the subject and you reminded me of 2 hectare limit. I have a property that I live on which is 0.4 hectares over. Do they take that proportion which is over and cost that on the unimproved value? Also do they take total balance of your super at the time you apply. Ie do they include accumulated portion as an asset as well as custom pension portion. Thanking you again and I give you my kind regards Peter
I have a friend who has 11 acres. Centrelink regards 5 acres as part of the house. However, the other 6 acres are swamp and are assed as to be unfarmable with no value They receive the full aged pension. There can be exceptions.
Hi Katherine, great videos - thank you. Q, If my older spouse turns 67 and I stop working at 65 is my super still exempt from her asset test to allow her to get some part pension until I turn 67 when we can apply as a couple ? Our assets treated as a couple at that point would appear to allow her some form of pension, or do I have to draw an income from my super or count it as our asset ?
Apologies Julian for missing your question, yes your super is exempt from Centrelink assessment until you turn 67 as long as money is in super accumulation and not pension.
Thanks for all the information. Can you please explain how deeming works. What rate is it at and what happens if your investment makes more interest than the deeming rate. Thanks in advance. Rita
My biggest surprise was that they assess your furniture! A houseful of furniture would sell for next to nothing on the open market but surely they don't think people would start selling off their second-hand bed or lounge chair and sleep on the floor or sit on an orange box. Pettiness of the highest degree.
@@petertaggart2231 Usually... Centrelink will assess the value of your household furniture and good as if sold in a fire sale. That is often 10% or less of the replacement purchase value.
Hi Geoff, great question, they both Income and Assets tests are being applied at the same time. Whichever one gives the lower outcome of Age Pension, this is what the pensioner is going to receive.
If you divide your house into 3 and allow your children to live in the other house sections for rent or free that other 2/3rds will be regarded as an asset. You will be deemed as having received rent even if you allow them to live there free...not good. If you use your house as an air BnB that part of your house will be deemed an asset. That part is not the home you live in. You may get away with it but don't count on it. I had a friend who had a 1.2 million dollar house. He divided it into 3 units, one unit for him and the other 2 for grandchildren to live there rent-free. His section for Centrelink purposes was worth $400,000 the other 2 flats were worth $400,000 each... he got away with this for 2 years, lost his pension and had to repay Centrelink as he had understated his assets. He was single. The kids had to start paying rent. If he had not divided the property up all would have been OK if kept quiet.
@@davidwalden2887 This has me confused. If the house is not registered as flats but is just a house under one roof and it is in his name, why should it matter who lives with him and how many kitchens he has? Are you not allowed to have a relative live with you when you are on the pension?
How does Centrelink value the membership in a Time Share.? They call them an asset but as you have to pay regular “maintenance fees” and they are very hard to sell, if you are lucky you might get 10% of the value paid, they more of a liability than an asset.
Hi Katherine. Great information, thanks. You asked any retirees who had cryptocurrencies to contact you. I have some but they are incredibly volatile, so their value in AUD can fluctuate wildly. How can I arrive at an accurate value of their worth when applying to Centrelink? That could make a huge difference to the amount of pension I might receive.
Hi Vincent, in all honesty I don't know how to value those currencies, and I am sure Centrelink will have lots of problems with them as well. I generally stay away from advising clients to invest into them.
@@AboutRetirementTV they are included under “other” assets. I advise Centrelink about once a month on the value at that time. The asset cannot be user-updated via their website- have to call them (same for bullion)
Hi Katherine I am currently 62 and wanting to plan for retirement and would like the correct information of gifting to my son in the coming years property and car, can you please give advise
Thank you so much for your ever so clear explanation Katherine, it cleared up a lot of queries I had re this topic. My wife and I are 65, both blue collar workers and hoping to fit within, at least, a partial entitlement. I will try to contact you for further info that we will need for centrelink. Cheers Shaun
My question is about deeming. I still work part time and recieve the same job pay each fortnight. I dont understand deeming at all. I was told I had units for my super and that these were used by centrlink to determine the amount I'm paid each fortnight. I asked my super to explain to my how many units I have but they tolme none as I have no suuper insurance. So I don't get it.??
Hi Katherine thanks for the videos and info. My mum is going into aged care and her primary residence is capped at $175k. My question is after 2 years her home cap is removed and the full value is calculated, is their a way to extend the 2 years? Thanks looking forward for your reply. Thanks
No, there is no way to extend the 2 year period. This is the time to get advice to compare scenarios with the house, sell, keep, keep and rent etc. Each scenario will give different Age Pension and Age Care fees outcome, so you need to know before the 2 year period passes.
I am wondering how interest from fixed term deposit is treated by centrelink in regards to the aged pension? Eg: If someone earns lets say 10 thousand dollars a year in interest and is too frail to work and is already in nursing home. How much pension will be lost?
Hi Katherine, thanks for your great videos which I’ve been watching with a lit of interest. I have a question about Centrelink Curtilage and the asset test. We have a conservation property which we live on. Our house is on a 5 acre section of the property. The remaining 95 acres are listed by LANDGATE the Govt Conservation Department as conserved land for wildlife and we are not allowed, by a covenant on the Property Interest Report over the entire 100 acres, to do anything with the land. We cannot touch the land in anyway, We live there for the quiet and privacy only. We are not farmers. We cannot cut a tree down, nor touch any bushes, wetlands, waterways nor any part of the 100 acres. The Government has stipulated that Nothing is allowed to be done with the land and it is there solely for conservation of the bird life and fauna. Therefore, our question is as the Government has stipulated it is unusable land, would the remaining 95 acres be included as an asset in relation to obtaining our pensions? If so, we will sell it and move before we apply for the aged pension. Looking forward to your reply. Thank you!!
Hi Katherine, thank you for your time and energy. We have rural property (family home) in agricultural zone . We still have mortgage to pay. Our children are prepared to cover that for us so that we can remain in our home and still retire. Will their contributions to tbe mortgage affect our pension. Thanks in advance
Thanks for your videos.Can you please tell me,is there an upper limit to the value of your house that would affect your pension entitlement ,like one million dollars ?
Hi Joseph, thank you for your question, for now there is no upper limit, the full home value is exempt, as long as this is your family home and you live in it permanently. We can expect some changes in the future, as governments have tried to introduce some upper limits, but it meets so much opposition that every government till now just backs off. But I am sure this will change in the future, for now however, your home could be worth 10mil, still fully exempt. Amazing.
@@josephcosta1802 you are most welcome, this is the whole point to make the legislation that is very complex, as easy to understand and follow as possible.
I have a part pension. My son is on disability. I bought a home for him but in my name (negative gear while I worked) he pays $13500 in rent but I use that money to pay the loan and all utility costs, I actually do not get any net profit which I don't care about as it is my son. The council valuation is $500K I have $69K left on the mortgage. How can I bequeath the property to him to get a full pension.
Hi Stephen, thank you for your message. Actually granny flat arrangement can be pretty complex, that's why I always advise to seek advice prior setting it up. It is not a one simple answer issue. You can contact me if you wish directly.
@@stephenpell7092 hi Stephen, just visit my website aboutretirement.com.au and head to contact page. Alternatively just email me directly to katherine@aboutretirement.com.au.
Only the house you live in is free of the assets. A granny flat if for rent is likely deemed an asset. However, if your house is your only asset and the value of the granny flat is less than $280,000 or less and you have no other sizable assets you may as well tell Centrelink about it. It will likely not affect your pension due to assets or income. It would be a nice little extra $200 a week or so and also tax-free. And you are likely not to have to put a tax return in. PS... maybe I could rent it. hmmm?
Hi Katherine, It is possible to convert term deposits or Goal Saver Accounts in bank plus Superannuation into a partial asset investment property , that is buying 50 to 60% of the house of my eldest daughter located in Victoria due to constant travel from our house in NSW to help another daughter in looking after their newborn daughters, in the mean time we are helping our eldest daughter to go out of the mortgage. I think we need to register the stamp duty and our names in the title. The house in Victoria cost around 500K and our primary house in NSW continue to be the primary home.
oh my gosh, this is such a complicated question, please just organise the meeting with me, we can go over those details and options and then I can confirm with some degree of certainly what options are available to you. It is impossible to answer in one sentence here
If I own and live in a very small one bedroom apartment next door to the city and would like to rent a bigger place to live in but far away from the city. I want to lease my apartment and with the income from that lease I pay the same $ amount for the new place. The target is to live comfortably in a bigger space with no loss of money. would that effect my age or disability pension under the income or asset tests or both?
Very likely it will impact your Age Pension. I have created couple of videos about this situation, please watch them, if not sure what the outcome for you would be, please organise a meeting with me.
Hi and thanks for your valuable videos. I understand that whether a person is a single homeowner or a single non home owner can make a significant difference in the amount of pension entitlement. But in MY case, I am single and live with my brother ( does not receive a pension ) in a home which was bequeathed to us recently, each receiving half. I have lived on a disability support pension for 18 months, and am now aged pension age. I have a moderate superannuation. I stand to lose about half of my pension because I have a half share in the home. Hope I haven't confused you. Is there a ruling covering this situation?
Your part of the house you live in is not counted in the assets test. Provided your other assets do not exceed the $280,000 (or about) you will receive the single pension rate. Then on a sliding scale until your assets exceed the assets test amount where you will lose all your pension. As you are brothers you will not be subject to the married pension rate. This can also be so when "Living separated under the one roof" and still have a legal wife but legally separated living under the one roof.
I applied for the Age Pension when I retired 8 years ago. As my husband was still working my application was rejected as my husband was earning more than the cut off threshold. Why is this the law? I just didn't take it any further. Can you advise me on what I can do? By the way my husband is still working. He's 70. Thanks
If your husbands assets are a problem...Take a long holiday on your own and state that you and your husband are separated but now are "Separated living under the one roof" apply that to your application. Your assets will no longer be communal....hmmm yes, I know it works. Go to Centrelink and pick up the form called "Separated living under the one roof" and study it and apply it to your situation, many people do this. You don't have to sell your joint property or get divorced. You will receive a single-aged pension. Your husband's situation is his business, not yours. You can still be friends but not be intimate. (that is your story and you stick to it). Don't let Centrelink bluff you.
The best thing what you can do just divorce just 5 years prior to pension many people do it in this way and live together as separated and get everything from Centrelink.
@@jeanvonbarberode2377 You do not need to divorce. Just be "separated living under one roof". there is even a form for it at Centrelink. Split your money and have separate Bank accounts. Just send your estranged partner off to Thailand or anywhere to holiday on his own or now and again or go bush in Aus for a while and never be intimate, oh no!!!. Follow the rules. When he returns you are living separated under the one roof... Separate bedrooms and separate social activities...of course? Under the one roof.
Hi Cynthia, there are few calculators, such as this one: www.noelwhittaker.com.au/resources/calculators/age-pension-calculator/ that will give you a very general payment eligibility, but unless you have access to a proper calculator that allows for every type of investment, pension, types of exemptions for assets or for income, those general calculators can be pretty misleading.
Katherine, are you saying that if a couple who have under $800K in Super are entitled to full or part pension? Also what is a part pension? Thank you, really appreciate your very clear videos, you are helping so many people with them. Christine
Not so, you will get the full pension while your assets are below $480,000 if single with no house you live in. When you assets get to $780k your pension will nearly stop. You lose $3 per thousand dollars over the asset threshold per fortnight. So if you are $300,000 over the asset limit that is $3 x 300 which amounts to $900 off your pension per fortnight....sorry. You will get $986.39 p/f less $900= $86.30. Married couples are different. The formula is on the Centrelink website for each category.
