Jan 22, 2019 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, Superannuation
What does it mean to commute a pension? A pension commutation is a lump sum withdrawal from the theoretical capital supporting the pension. The theoretical capital is not exactly calculated as the pension balance itself. Basically, if a lump sum withdrawal is made...
Jan 22, 2019 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, Superannuation
If you were born in 1965, you can retire when it is affordable to do so. For most people, retirement becomes affordable when they can access their superannuation. Retirement income can also be supplemented if you become eligible for the Centrelink Age Pension....
Nov 13, 2018 | Blog, Centrelink, Retirement Income Streams, Superannuation
The Centrelink Assets Test for superannuation savings is determined by your age and the value of your super accumulation and pension assets. Centrelink applies both an Assets Test and an Income Test. The test that results in you receiving the lower social security...
Oct 29, 2018 | Blog, Centrelink, Death Benefits, Retirement Income Streams, SMSF, Superannuation, Superannuation Tax
A pension refresh strategy involves commuting an existing pension and commencing a new pension to include contributions accumulated since the original pension was initially established. Starting a superannuation pension does not prohibit a person from continuing to...
Oct 22, 2018 | Blog, Centrelink, Retirement Income Streams, SMSF, Superannuation
A grandfathered account based pension is an account based pension where the assessment of the pension income is calculated using the deductible amount method. The current assessment of a non-grandfathered account based pension for social security or aged care purposes...
Oct 11, 2018 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, Superannuation, Superannuation Tax
The best time to retire for tax purposes in Australia is largely determined by superannuation rules. In saying that, the level of retirement income you need will also be a consideration. This article will assume that you have adequate funds to retire and are simply...
Oct 9, 2018 | Blog, Centrelink, Retirement Income Streams, SMSF, Superannuation
The Centrelink schedule example shown below includes the information required by Centrelink/DVA for recipients who have an income stream product. The details in a Centrelink schedule can be used to complete the Centrelink Details of an income stream product (SA330)...
Oct 5, 2018 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, SMSF, Superannuation
The Centrelink treatment of lump sum withdrawals from super is important to understand. There are a number of ways that lump sum withdrawals can be made from super and each way is assessed by Centrelink differently. Making one lump sum withdrawal from super has the...
Oct 4, 2018 | Blog, Centrelink, Retirement Income Streams, Superannuation
The defined benefit pension Centrelink asset test is based upon the capital value of the income stream. The nature of defined benefit pension income streams is that they do not have a capital value. If you refer to your defined benefit income stream schedule for...
Oct 2, 2018 | Accessing Superannuation, Blog, Centrelink, Retirement Income Streams, Superannuation
The retirement age for women, based upon the general concept or definition of retirement, is no different between men and women. Therefore, the retirement age for women in Australia is the same as the retirement age for men. I define retirement as the ability to cover...
