Centrelink changes could give you a saving of up to $7000pa: are you eligible? скачать в хорошем качестве

Centrelink changes could give you a saving of up to $7000pa: are you eligible?

From 1st July there have been changes introduced to means testing for Age Pension, Disability Support Pension and Carer Payment. That means that current pensioners will have an automatic increase of their pension payments, while other retirees might become eligible for pension payment for the first time during their retirement. your income free area is $218 per fortnight, an increase from the previous level of $212. However, remember that any dollar earned above this income free threshold, will reduce your pension payment by 50c, until you hit the new upper limit of $2,516 per fortnight. So in reality it means that if you earn fortnightly $300, the first $218 is your income free area, and the balance of $82, will reduce your pension by 50c for each dollar, therefore it means a reduction by $41 per fortnight. For couples the new combined income free area will increase to $380 per fortnight, this is the increase by $8, up to the upper cut-off limit of $3,844.40 Therefore, for singles, your pension payments will be cut off if your income exceeds $65,416pa And for couple that cut off is if your combined income is greater than $99,954.40pa, so just shy of $100K. But if you are a recipient of the Age Pension or a Carer Payment and let’s say you are working part-time, your employment income will also receive an additional exemption of $300 per fortnight. Therefore, if you earn $400pf, Centrelink will only count $100, as the first $300 will be exempt as your work bonus. Therefore, a pensioner with a part-time job, could earn up to $518 pf before Age Pension is being reduced. For singles the lower asset test limit is being increased to $321,500 from $314,999 and for couples from $470,000 to $481,500. The upper cut-off limit for homeowners increases from $697,000 to $704,500 and for couples increases to $1,059,000. Bottom line what that means is that based on the asset test and due to that increase, the fortnightly pension will increase by $22.50 for singles and $34.50 for couples. One think that most people are not aware of, is the fact that if you become eligible for $1.00 of the pension, as a single you will receive $59.10 and a member of a couple $44.50 providing you are a resident of Australia. Come and Join us to The Ageing Well Expo If you're living near Melbourne's eastern suburbs, we’d love to invite you to the Ageing Well Expo—a local event series designed to help you navigate ageing, finances, aged care, and more. Event Dates: Wednesday, July 16 Friday, August 29 Friday, October 3 (Senior’s Week Celebration) Location: Discovery Church, Mt Evelyn Time: 10:30 AM – 2:30 PM Featuring: Live music, expert talks, food, and more Register here: https://forms.gle/x2EpVDY1ZoL2V1d99 Or call us on 03 9736 2323 (Mon–Wed, 10 AM–3 PM) To download the book 12 PRINCIPLES OF INVESTING: https://ebook.aboutretirement.com.au/... Contact details: Katherine Isbrandt of About Retirement Website: https://aboutretirement.com.au/ Email: hello@aboutretirement.com.au Or connect with me: https://www.facebook.com/katherineisb...   / katherineisbrandt     / katherineisbrandt   https://www.pinterest.com.au/katherin... FSG: https://aboutretirement.com.au/wp-con... Katherine’s Adviser Profile: https://aboutretirement.com.au/wp-con... Shaun’s Adviser Profile: https://aboutretirement.com.au/wp-con... #katherineisbrandt #Aboutretirement #CentrelinkSavingsOf$7000