I know I will be losing all of my part pension in January and would like to know that when I am once again eligible, will I have to reapply from the start, or will all records be retained so that the transition back will be relatively easy?
Centrelink tells me that if your age pension is cancelled and you think you might be eligible again, you will need to submit another claim.
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The easiest way to do this is by using your Centrelink online account through myGov.
In most circumstances, the majority of details from your previous claim will be pre-filled for you to make reapplying for age pension more streamlined.
You will need to make sure all your details are up to date, including updating your financial circumstances if they have changed since your previous claim. You may also need to provide verification of your current circumstances.
I am having trouble following the government's intention with regard to post-tax money placed into superannuation. My current age is 71 years.
In late June 2007, I sold my house and put $750,000 into my accumulation account. The account was converted to a pension account in 2012. Is the government's intention to limit lifetime contributions to $500,000 going affect me?
The proposed changes do not affect what you have done, but if legislated they will prevent you making any more non-concessional contributions. Just keep in mind these are controversial measures, and passing of the legislation is not guaranteed at this stage.
My home loan is up for review with the Commonwealth Bank. What sort of interest rate should I push for, fixed or variable? What I am asking is how low will they go if I push for under 4 per cent.
Given that the Commonwealth Bank itself is forecasting the cash rate to be 1.5 per cent by the end of next year, my preference would be for a variable rate. The rate you can negotiate will depend on a number of factors, including how much the bank values you as a client. Maybe it's worthwhile getting a second opinion from a mortgage broker who could shop around for you. Just keep in mind that the fees and charges can be considerable with some loans.
I'm looking for some advice on whether to continue reducing my mortgage or boosting my contributions to super – I have about $250 per week to spare and was thinking about putting some of it into both. I am a 57-year-old nurse, and owe $130,000, presently at 4.1 per cent, on my mortgage. My home is valued at $400,000. I only have $300,000 in my super.
If you are a nurse I am guessing you are in the 34.5 per cent tax bracket after Medicare is included. Contributions to superannuation lose just 15 per cent in entry tax whereas money taken in hand for a person on your income would lose 34.5 per cent. You are at an age where access to super should not be an issue, therefore I am in favour of maximising your contributions to super by salary sacrifice as this will put more money working for you. This is based on the assumption that the returns from your superannuation will exceed the 4.1 per cent a year you are paying on your loan. It might be worthwhile taking advice to ensure your portfolio within super is structured to achieve good returns long term.
Recently you mentioned Seniors and Pensioners Tax Offset (SAPTO). We are self-funded retirees. Would we be eligible? I would be grateful for your reply as I have been unable to obtain one from other sources.
To be eligible for SAPTO you must be of age-pension age and be eligible to receive the pension even if none is paid because of the income or the assets test. The maximum offset is $2230 for singles and $1602 each for a couple. The shade-out threshold commences at $32,279 for a single and $28,974 for a couple. If you are a partnered senior Australian. and your incomes are unequal, you are allowed to transfer any unused portion of your offset to your partner.