Many of us worked hard at very ordinary jobs all our working life, doing without the "high life" and all it entails, saved our money only spent wisely, paid all our taxes, but you come to the end of your work-life with a bit behind you and all the Government wants to do is try it's best to get out of paying you anything. Have/save nothing, then you can live off the system all your life. A non-means tested Pension system based on your taxpaying history would be far more equitable.
I agree Garry, but to have such a system, we all would have to pay much higher taxes, as they do in Europe, but in Australia people do not like to pay high taxes, and no government will dare to increase our taxes, as it is a death sentence for any government that tries to do so.
Katherine, I think your other video on Work Bonus was most useful, when retirees try to understand what combine income both partners can earn before one's pension starts to reduce..
Hi Kathryn, not sure where to ask my question so thought the latest video best. Thank you for all your wonderful and informative videos which have been invaluable for preparing to retire. One thing I am not clear on is this: If I want to use some Superannuation to pay for a renovation( and increase pension payment), does the money have to be completely spent at the time of the pension application, or can it be withdrawn but not included in the assets test as it is allocated? I know one of your messages is don't complicate your application by having to making adjustments!
Hi Lynath, you can withdraw funds from your super/pension for your renovation. whatever you spend will be disregarded in assessment, as you no longer have those funds, whatever is left, will be included in Income and Assets Test, just like any other cash asset you might have.
Hi Katherine, thank you for your UA-cam videos. I have learned a lot watching these. I am eligible for the pension in 3 months and my wife does not reach pension age for 6 more years. I plan to continue casual paid work after retirement but will likely earn less than $20,000 year. My wife has her own business, the business has a high earnings but after allowable deductions her taxable income is less than $50,000 annually. I believe certain expenses are not permitted in the income test such as super but are you able to do a video or offer advise on how Centrelink assesses a spouses business income? Kind Regards, Brian
HI Brian, nobody really asked me for a video of this topic. I might look into this topic, as you would not be the only one impacted by spouses income from privately run business.
Good Morning My partner arrived from Thailand in 2018 on a tourist visa. She applied for a visa soon afterwards and has been accepted after 4 years Centrelink then cut my pension from Single pension to a de-facto pension by $200?whilst she was applying for her visa. She was unable to get any benefits in that time.She has now a Medicare Card and is on my Pension card has found a casual job which she earns approximately $2000.00 a fortnight ,pays Tax and into a Super Fund. I now report fortnightly to centre link on what she earns and this again effects my pension??WHY. My assets have been assessed by Centrelink and meet this criteria,is their anyway or anything I can do to to achieve my Pension Entitlements . We all paid our taxes ect in the past but the Government still find ways to screw us.
Oh Micky, I understand what you mean, it all really depends how your money is structured, outside of your partner's income. You really need a good conversation with someone who can check your overall financial position, or can always call my office or just book a meeting online via my webiste to see if anything can be done
How does one contact you ,do you think that there maybe something missing in my applications,Centrelink have been through my assets assessments twice, I have $60k in the bank and I met all that was required,but still screw me. What am I able to earn if I find a part time /casual position without effecting my pension again ?
Get her to get a cash in hand job mate if she looks hard she will find otherwise centerlink will just cut you every chance they get it's unbelievable it's one of the lowest age pensions in the OACD and they still give us a really hard time put up with bosses trying to cut our wages then retire and Centrelink does it unbelievable
Love the magic card name, Chris what both parties promised is to extend the Commonwealth Seniors Health Card to more self funded retirees, with income test increased up to $140K for a couple
Yes retirers are victims to a scheme that put aborigines first by giving them millions of dollars and they expect everything for nothing. The Australian government will take money from your pension if you have money to invest but they give aborigines that money you earn . All Australians who earn a living will find that a portion will is given to aborigines while your follow Australians are struggling to survive. Ownly those who work in government departments are lucky when they retire because our money pay for their superannuation. And of course members of parliament receive millions of dollars in superannuation while retirers will lose money if they earn money from investment. A single pensioner can lose over $10,000 from their pension but aborigines will get millions of dollars and don't have to pay Taxes.
Many of us worked hard at very ordinary jobs all our working life, doing without the "high life" and all it entails, saved our money only spent wisely, paid all our taxes, but you come to the end of your work-life with a bit behind you and all the Government wants to do is try it's best to get out of paying you anything. Have/save nothing, then you can live off the system all your life. A non-means tested Pension system based on your taxpaying history would be far more equitable.
I agree Garry, but to have such a system, we all would have to pay much higher taxes, as they do in Europe, but in Australia people do not like to pay high taxes, and no government will dare to increase our taxes, as it is a death sentence for any government that tries to do so.
Thank you so much, your videos are invaluable.
Thank you Andy, happy that my videos are helpful 😀
Thank you very much for clear and easy understand explanation. Is granny flat included in assets test.
Katherine, I think your other video on Work Bonus was most useful, when retirees try to understand what combine income both partners can earn before one's pension starts to reduce..
So very happy to hear that 😀
Thankyou ! another wonderfully helpful video.
My pleasure!
Hi Katherine thank you for your very informative videos .
Thankyou your videos are really helpful.
glad to help 😀
Hi Kathryn, not sure where to ask my question so thought the latest video best. Thank you for all your wonderful and informative videos which have been invaluable for preparing to retire. One thing I am not clear on is this: If I want to use some Superannuation to pay for a renovation( and increase pension payment), does the money have to be completely spent at the time of the pension application, or can it be withdrawn but not included in the assets test as it is allocated? I know one of your messages is don't complicate your application by having to making adjustments!
Hi Lynath, you can withdraw funds from your super/pension for your renovation. whatever you spend will be disregarded in assessment, as you no longer have those funds, whatever is left, will be included in Income and Assets Test, just like any other cash asset you might have.
My wife is entitled for salary packaging. Do I report to Centrelink my wife’s gross pay or the amount after the salary packaging deduction?
Hi Katherine, thank you for your UA-cam videos. I have learned a lot watching these. I am eligible for the pension in 3 months and my wife does not reach pension age for 6 more years. I plan to continue casual paid work after retirement but will likely earn less than $20,000 year. My wife has her own business, the business has a high earnings but after allowable deductions her taxable income is less than $50,000 annually. I believe certain expenses are not permitted in the income test such as super but are you able to do a video or offer advise on how Centrelink assesses a spouses business income? Kind Regards, Brian
HI Brian, nobody really asked me for a video of this topic. I might look into this topic, as you would not be the only one impacted by spouses income from privately run business.
Good Morning
My partner arrived from Thailand in 2018 on a tourist visa. She applied for a visa soon afterwards and has been accepted after 4 years
Centrelink then cut my pension from Single pension to a de-facto pension by $200?whilst she was applying for her visa. She was unable to get any benefits in that time.She has now a Medicare Card and is on my Pension card has found a casual job which she earns approximately $2000.00 a fortnight ,pays Tax and into a Super Fund.
I now report fortnightly to centre link on what she earns and this again effects my pension??WHY.
My assets have been assessed by Centrelink and meet this criteria,is their anyway or anything I can do to to achieve my Pension Entitlements . We all paid our taxes ect in the past but the Government still find ways to screw us.
Oh Micky, I understand what you mean, it all really depends how your money is structured, outside of your partner's income. You really need a good conversation with someone who can check your overall financial position, or can always call my office or just book a meeting online via my webiste to see if anything can be done
How does one contact you ,do you think that there maybe something missing in my applications,Centrelink have been through my assets assessments twice, I have $60k in the bank and I met all that was required,but still screw me. What am I able to earn if I find a part time /casual position without effecting my pension again ?
@@mickyd2673 the easiest is via my website aboutretirement.com.au/ where you can book the time that suits you.
Get her to get a cash in hand job mate if she looks hard she will find otherwise centerlink will just cut you every chance they get it's unbelievable it's one of the lowest age pensions in the OACD and they still give us a really hard time put up with bosses trying to cut our wages then retire and Centrelink does it unbelievable
Are you receiving the correct payment from Age Pension?
All those boys "cradle-snatching"! :-) A bit naughty, depending on when they met.
Hello
Good information, but a bit too old.
with a $120k income job who wants to give up to just to get a penny $30k age pension?
That’s fine, if all you want to do is work 😂
@@kerilockwood7819 No I dont want to just work and die, there is no meaning of life. But I also dont want to live bare no money
122 liked.
love it, thank you so much 💞
u mentioned the magic card. didnt both parties go into the last election promising the magic card to self funded retirees.
Love the magic card name, Chris what both parties promised is to extend the Commonwealth Seniors Health Card to more self funded retirees, with income test increased up to $140K for a couple
Yes retirers are victims to a scheme that put aborigines first by giving them millions of dollars and they expect everything for nothing. The Australian government will take money from your pension if you have money to invest but they give aborigines that money you earn . All Australians who earn a living will find that a portion will is given to aborigines while your follow Australians are struggling to survive.
Ownly those who work in government departments are lucky when they retire because our money pay for their superannuation. And of course members of parliament receive millions of dollars in superannuation while retirers will lose money if they earn money from investment.
A single pensioner can lose over $10,000 from their pension but aborigines will get millions of dollars and don't have to pay Taxes.