How is Super assessed by Centrelink
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- Опубліковано 26 вер 2024
- Superannuation savings can be either in the accumulation phase or in a pension phase. This information is the main decision point for Centrelink and the government when counting or not the asset for whatever benefit you wish to be eligible for. If you are below the Age Pension age any money you have in the super accumulation phase, Centrelink will not count, neither under the Income Test nor Assets Test. So whatever balance you have in a superannuation accumulations phase, until such time that you reach your Age Pension age, those savings are not assessed by Centrelink, therefore it is a perfect and legal place to hide your money.
If you are below the Age Pension age - any money in your Super Pension phase is fully assessed by Centrelink. So please be very careful, even though you are below the Age Pension age, if you move any money to a pension phase, your savings are fully assessed by Centrelink.
If you are above the Age Pension age, your money in the Pension phase is still counted, but now all the savings you have in a super accumulation phase are counted as well.
Super no longer works as your hiding place for your savings and the party is over. All those assets are now being assessed and will most likely impact the level of the government benefit you wish to have. Here are some examples.
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Is your super assessed yet?
If a spouse is over 60 but under 67 and they take money from their super for home repairs, do you need to inform centrelink if their spouse is over 67 and receiving an aged pension.
The solution for pensions is simple. If you have paid taxes all your life you deserve to get a pension. However, the OZ Government makes it very complex for the little people. In the case of themselves the OZ Government makes it very simple.
This statement makes no sense.
It isn't an entitlement. It was sold as such when it was introduced after one of the world wars, but it was taken away in about the 1970s.
Now, the government pension is a miserable small pittance that you are entitled to if you have failed to manage to take care of yourself financially.
It's a miserable way to live, on a pittance and undignified. And Centrelink will take it off you & make it as hard as possible to let you have your rightful entitlements.
For example- on your death bed and didn't fill in a form? Pension cut off. Earned money in one lump sum for a 6 month project? Goodbye pension - easier to not earn than argue with them.
Come on viewers, pls leave a like for Katherines great, and free work. Liked 63
I love your support, thank you 😀
Thanks Katherine, and you've just reinforced the need for professional advice when making financial decisions. When it comes to Centrelink things cannot get much more complicated.
Unfortunately I don't believe it will get any easier. Thanks Robyn 😀
Thanks Katherine. Finaly someone who gives advice that we can understand.
Thanku so much. Very informative and simply put
Great video as always Katherine. Keep up the good work, and have a wonderful festive season!
Thank you Daniel, all the best for Christmas holiday and 2023 😀
Make your own money wealth forget government control what you can spend simple 💰💰💰💰💰💰💰💰💰💰😁👍🤔😉
Great clear warm communication
"I have a query. I spent 19 years working at the RBA and had a superannuation account. Following my redundancy in 2008, my superannuation account became inaccessible for additional contributions. Currently, I work on a casual basis, and due to being born with a hearing disability, I have finally been put on the disability pension. (I was on 'Newstart' then Job keeper') I'm 52 years old. Each visit to Centrelink leaves me bewildered; the personnel I encounter vary, and it seems like the rules keep changing. I'm left wondering if Centrelink is considering my locked superannuation account in their assessments. What are your thoughts on this?"
Was the pension reduce because Andrew has too much in super asset or because of the income of $14,000
They find out what you own, then tell you what you may receive. It is like going to a birthday party. When you inherit or win big, you need to spend it within 12 months.
Thank you for this information Katherine. I think that in one of your other videos you advise that your "place of residence" is not regarded as an asset in the Asset Test". Is that correct.
yes, this is correct. For now home is exempt from Centrelink tests
Asset testing is criminal. Australia should take a leaf out of New Zealand’s book when it comes to a senior pension. EVERYONE gets it from the age of 65.
Now, I relied that pensioners are dictated by how much money they have in their bank account. This is what a democratic nation against their Senior Citizens because the government use this system to collect taxes. They are too frightened to go after the wealthy and multi businesses.
But if you coalition, they do things in favour of their wealthy supporters disregarding pensioners who are struggling.
Hi Katherine do I have to be an Australian resident for 2 years before I can claim the age pension meaning do I have to actually living here
that is so much more complicated, fist please find my videos on this topic, secondly, if still not sure, make an appointment to get full explanation, as your eligibility will depend on so many variables.
@@AboutRetirementTV I plan on retiring to Thailand and I know we do not have a social security agreement with them yet
You should claim a government if you have a million dollars or more in assets. It's just plain greed if you do. The pension is supposed to be for the poor not the rich.
Many many countries around the word disagree. It should not be means tested. So what you are saying is that if you have worked hard; saved and done well you should be penalised right?
Why wouldn't he start a pension with an amount up to the threshold and retain the remainder into his superannuation? Why draw the whole lot out, and contribute some back into super? That's a stupid idea!!!!
Great stuff... Keep it up Kath
Thanks Katherine , just discovered your channel and prescribed,just a quick question,Is TTR account a pension account?
It is a pension account as it does pay you an income up to the limit, but from tax perspective it is still a super, hence paying 15% tax on all earnings. Here is my video on TTR: ua-cam.com/video/15jOpDoXMYM/v-deo.html
Thanks ❤
Pizza 🍕
pensioners are greedy. you could double the pension and they would still complain
Tend to agree😊
Not really. A lot of people have studied and worked hard in order to improve their lives and get into paying jobs (and payhigher taxes for the privilege). Then they forgo holidays, restaurants, expensive clothing, drinks, cigarettes, partying, expensive cars and on and on as I have done and as my parents did, and then are penalised by government for having saved. Yeah, real greedy. Meanwhile wasters who accuse savers of being greedy get the biggest handouts. Many pay no net tax. Pot calling kettle. Waster's want it all. They spent it all, waste it all, get handouts along the way and a full pension at the end and complain that it isn't enough. So who are the greedy ones? I sacrificed a lot to pay down my mortgage and save for my retirement while those opposite me are living in government housing for decades and drive fancy cars. So who are the greedy ones?
😂
@@toby9999 there are some pensioners who want to have the same standard of living that they had when they worked. It's not possible to have all the extras when you are on a pension. It is enough how ever to pay for the basics. Pensioners should be grateful for what they receive from the government
@@anthonyscully2998 You're obviously not relying on a pension for daily living. I know some who need to juggle electricity and food costs just to survive. I have worked all my life and have a small super fund, and when that runs out I have no further income supplement. I do not think it will affect me, I know I will no longer be able to go for a weekly coffee, or a monthly movie, or an annual holiday. If I sell my car I will have reduced expenses, and hopefully will be agile enough still to catch the bus to the shops. To generalise and say pensioners are greedy is just a short-sighted statement. Get someone to do some research for you, check the increasing price of fresh food and power costs and work out just why pensioners would like more money to live on.