Sep 10, 2023 | Accessing Superannuation, Blog, Centrelink, Superannuation
The average retirement age in Australia in 2023 is difficult to determine. The reason it is difficult to determine is because the definition of retirement has evolved over the past decade or so. How do you define the term retirement? There is actually a definition of...
Sep 9, 2023 | Blog, Centrelink, Retirement Income Streams, SMSF, Superannuation
What is a commutation payment? Commutations are a withdrawals made from the capital supporting an account based pension. Commutations may affect Centrelink entitlements. The extent to which commutations affect Centrelink entitlements depends on a few factors, which...
Sep 9, 2023 | 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)...
Sep 5, 2023 | 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...
Sep 5, 2023 | Blog, Centrelink, Retirement Income Streams, Superannuation
The deductible amount definition for Centrelink and DVA purposes refers to the amount of income received from an account based pension, allocated pension or defined benefit pension that is not assessed under the ‘Income Test’ When completing documentation...
Sep 4, 2023 | 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...
Sep 3, 2023 | Blog, Centrelink, Retirement Income Streams, Superannuation
Pension grandfathering rules apply to recipients of account based pensions (formerly allocated pensions) continuing to have their pension assessed for Centrelink and Aged Care purposes under the deducible amount method, rather than the deeming method. Some conditions...
Sep 3, 2023 | Blog, Centrelink, Retirement Income Streams, Superannuation
The defined benefit income stream schedule for Centrelink assessment purposes is determined by the tax free component of the income stream. Unlike other types of retirement income streams, a defined benefit pension does not use a formula to calculate the deductible...
Sep 2, 2023 | 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....
Aug 19, 2023 | Accessing Superannuation, Blog, Retirement Income Streams, Superannuation
What is the retirement age for someone born in 1966? The retirement age for someone born in 1966 in Australia depends on whether you are referring to your superannuation retirement age, or when you can collect social security. This article explores superannuation and...