Australian Aged Pension

[sceadugenga]

Posts deleted, there's more should be but I can't be bothered.

Now stick to the OAP issues and if you make a claim or disagree with one... provide a link to the DSS website.

[LosLobo]

On ‎5‎/‎27‎/‎2018 at 4:45 PM, LosLobo said:

I don't think that this site should be about arguing or proving who is right or wrong!

 

It should be about understanding the current legislation for the Australian old age pension.

 

Legislation is in the process of constant evolution and dissemination of information based on past glories and old legislation does nobody any good.

 

The attached Pension Calculator :

 

http://www.yourpension.com.au/APCalc/   

 

originally posted by tink2mutt

 

is modelled on up to date OAP legislation and can be used for any "what-if-scenarios".

Try these settings in your calculator... for $456,750 in Investment Property.....a non financial asset
  
+Marital and Home Status 
Single Non Home Owner 
+Assets Not Deemed by Centrelink... 
Investment Property $456,750

 

You get $908/fn.......which is the full pension. 

Try these settings in your calculator... for $450,750 in Financial Investments..... a financial asset
  
+Marital and Home Status 
Single Non Home Owner 
+Investments Deemed by Centrelink... 
Allocated Pensions and Annuities $456,750
  
You get $707/fn.......which is $201 less than full pension. 

 

Please note that financial assets are treated differently to non financial assets!

 

Payment of OAP is based on both the Income and Assets tests and the one with the least benefit is paid!

Supporting documentation.......

 

https://www.dss.gov.au/seniors/benefits-payments/age-pension

 

[David Walden]

18 hours ago, simple1 said:

In the normal course of events you're posting misinformation. If you're talking to a specific scenario it would need to be explained.

If you leave Aus go overseas and you get sick, break a leg or need hospital treatment Medicare will not pay for any treatment overseas.  You can get treatment if you can get back to Aus.  The cost of repatriation must be born by the patients.  It seems if you are absent from Aus for more then 5 years there will a time limit as to how long you need to be back before you Medicare is reinstated.  If you think I'm wrong with this information I'd appreciate you telling where I'm wrong.   I have not been away long enough from Aus  on my regular trips to and from Thailand but have friends who have been away over 5 years, all just falls into place when I return after 3/4 months.  If I see a doctor back home I pay nothing and get almost all treatment and medicine free. 

     I'd be happy if you could tell me where if my information is wrong, "misinformation you say"? I have said before I only comment on matters I have had personal experience with.  Well I've only had minor treatment for 2 lovely black eyes after falling down some steps at a hotel in Nong Khai, never had to have any major medical treatment whilst overseas but plenty of Aussies ( some are friends) that are overseas do not qualify for Medicare as they have been away from Aus more then 5 years.  Much of this post applies only to Aus Aged Pensioners.

[sceadugenga]

Now that you've qualified your "Medicare Cancelled" statement can we get back onto the OAP?

[Nemises]

 

From last Sunday’s Sydney Telegraph.

 

It’s typical of what many self-funded retirees are planning on doing should Mr Shorten become PM.

 

[ELVIS123456]

44 minutes ago, Gregster said:

From last Sunday’s Sydney Telegraph.

 

It’s typical of what many self-funded retirees are planning on doing should Mr Shorten become PM.

 

Both Labor and Liberal Parties are going to try and reduce benefits to the older generation. 

They both see it as a means to reduce costs. They are both planning on doing it  - just differently.  

Labor will 'attack' those who have saved privately - such as removing taxation benefits; like input tax credits etc etc.

Liberals will 'attack' those receiving OAP benefits - such as increasing qualifications; like putting the age up to 70 etc etc.

 

Meanwhile just the costs of detaining and processing asylum seekers (illegal immigrants) in 2012-2013 cost $3.3billion.

Add the annual payments of welfare to those assessed over the last 10 years as 'valid' refugess (over $10 billion ).

And then add the number of prople receiving DSP and Newstart (most OK, but many are not).

And there you have just a few reasons why both Parties are trying to reduce payments to the older generation.

Hopefully they both continue to block each other's changes.

 

Meanwhile, keep across the politics and what changes are likely to be passed, and take steps before they are implemented.

 

[moojar]

^ The Sunday Tele letter is, I believe, referring to the planned removal of "cash payments for unused franking credits".  This is one of those Howard-era mining-boom-drunk-with-revenue crazy generous changes that we can no longer afford - if you pay no tax, you get given cash (tax return) for franking credit tax deductions you could have made if you were paying tax.  i.e., you have no taxable income, the tax department sends you a cheque.  Self managed super funds (SMSFs) and the wealthy benefit from it.  It was a gift from Howard to his heartland, and Labor will cop the flack to remove it - so that they can no doubt throw some benefits at their heartland.   

 

Labor have partly backed down on it btw -  http://www.afr.com/news/labor-spares-300000-pensioners-in-33b-policy-backdown-20180325-h0xy8t

 

It is Labor planning to remove another overly-generous Howard gift that will hurt more IMO - reduction in the Capital Gains Tax (CGT) discount on investment properties.  That and the removal of negative gearing on property.  They say they will "grandfather" existing investors, but it is still going to impact property prices for those that have investment property/s as their "retirement nest egg".    

[sceadugenga]

This was in the Canberra Times financial section.

 

Question. My wife is on a temporary protection visa and as such can't claim any benefits - also she is not of pension age. I put it to Centrelink that this is unfair to pay me half the married rate so they did an about face and put me on the single pension rate. However now that my wife is getting $900 a fortnight in wages I just wondered how this would be assessed and applied by Centrelink. My question is, would Centrelink use the rules for a married pension or a single pension to assess me. It seems to depend on who you talk to or who you complain to.

 

A departmental spokesperson says there are exceptions which allow for a member of a couple to receive the single rate of payment. In deciding whether or not to apply this exemption, Centrelink will consider whether there is financial difficulty as a result of a couple’s circumstances. If a person is receiving this exemption and their circumstances change, Centrelink will need to determine if the exemption should continue to apply. If it is determined that exemption should no longer apply, then a person is assessed as a member of a couple, which includes being paid a couple rate of payment, and being subject to the couple income and assets test. Individuals should contact Centrelink if they would like to know more about this exemption.

People receiving social security payments are responsible for accurately updating Centrelink when their circumstances change, including partner income. Failure to notify Centrelink of a change may result in a penalty.

 

Noel Whittaker is the author of Making Money Made Simple and numerous other books on personal finance. His advice is general in nature and readers should seek their own professional advice before making financial decisions. Email: [email protected]

[MalandLee]

Post removed

[sceadugenga]

Don't include abuse in your posts please.

[Nemises]

Speaking of Noel Whittaker..here is a 2GB podcast link from a few weeks back in which he talks about giving/loaning/gifting cash to your children in order to meet the assets test to qualify for the OAP.

 

 

Roll the tape forward to 00:12:10

 

Noel’s segment lasts about 7 minutes.

 

 

https://16633.mc.tritondigital.com/GEORGE_AND_PAUL_P/media-session/b0b1477d-2f33-49c0-a5e4-df15c42e6259/d/clips/88b564ea-a9a6-4751-910a-a5d800019396/212b76cd-6901-42e3-aa87-a6820041d565/4c1715f0-45d1-4f8f-b8ab-a8d700398c4e/audio/direct/t1525491229/George_and_Paul_Full_Show_Podcast_05_05_2018.mp3?t=1525491229

 

 

 

 

 

 

[ELVIS123456]

7 hours ago, Gregster said:

Speaking of Noel Whittaker..here is a 2GB podcast link from a few weeks back in which he talks about giving/loaning/gifting cash to your children in order to meet the assets test to qualify for the OAP.

Roll the tape forward to 00:12:10

Noel’s segment lasts about 7 minutes.

https://16633.mc.tritondigital.com/GEORGE_AND_PAUL_P/media-session/b0b1477d-2f33-49c0-a5e4-df15c42e6259/d/clips/88b564ea-a9a6-4751-910a-a5d800019396/212b76cd-6901-42e3-aa87-a6820041d565/4c1715f0-45d1-4f8f-b8ab-a8d700398c4e/audio/direct/t1525491229/George_and_Paul_Full_Show_Podcast_05_05_2018.mp3?t=1525491229

 

Good advice - CLink counts all money spent/withdrawn/gifted for 5 years before the OAP. 

 

DHS link is:  https://www.humanservices.gov.au/individuals/enablers/gifting  

 

 

 

[OzinThai]

Expats and the Australian Aged Pension 

 

Firstly, I know I will get a lot of knockers and those.. why don’t you simply go back to Australia types. But I feel I should as a mater of civic duty express my frustration and disappointment in the Australian Governments position on granting the Aged Pension for those choosing to live overseas.

 

I recently reached the magic 65 and went back to Australia to attend to my usual fiscal and medical matters. While there I went into Centerlink to apply for the Aged Pension. A lengthy and somewhat convoluted process. I studied the criteria for qualifying for the Pension. I thought even though I lived overseas I may qualify for a small part pension. Well that was certainly not the case. My application was rejected on the grounds you need to have lived in Australia for 10years. Well when the 10 year period comes into play is anyone’s guess.. but having worked for 36 years there and paying tax I thought that would suffice .. not so. Even if I was to return and live in Australia for a lengthy period my pension application could still be rejected. Just to clarify one issue here.. I am not super rich and I do fit the profile of receiving a decent part pension. 

 

My choice to live overseas here in Thailand was a personal one based on numerous factors, climate, the cost of living, the great people. In the years I have lived here I have invested in my local community, have great friends, loved ones and my hobbies in order to have a full and meaningful life here. 

 

I am not a burden on the Australian tax payer as I still pay tax there. Plus medically I am well insured here in Thailand. So I small token of appreciation from the Australian Government would have been truly appreciated.. but alias, not to be.. once you leave Australia you are forgotten.. they simply do not care. I wrote to the federal Minister concerned and not any of my letter was read I simply got a standard generic reply.. not addressing any of my questions or concerns. To be treated which such distain is very hard to swallow and just plain rude on their part.

 

I have noted many nationalities here in Thailand receiving their Aged pensions without the drama. Their counties seem to have not forgotten their citizens and even encourage their expat lives. Australia is not a poor country and has in my opinion severely undermined the quality of life of those expats living here. Australia has become a mean, self-centred, inward looking country, which I am not proud to be a citizen of. I feel all expats should contact their respective members of Parliament and voice their disapproval of this obnoxious treatment of its overseas citizens. The Time to take action is now. It may not affect you now but it will in the future.. I can see a time when even our superannuation which we saved hard for will be taxed if you do happen to live overseas. They are always scheming new ways to get more money from us. We are even taxed differently even if we are over 65 years old simply as a penalty for living overseas.

 

The fact is thousands of people in Australia get various government pensions and support who have never contributed anything to the Australian society.. something is indeed wrong here.. often they do not have to even wait 6 months to get our tax dollars.

 

This letter will be forwarded to The Australian media as well as as many sitting members of parliament as possible. 

 

 

 

Forgotten Australian Citizen

[giddyup]

30 minutes ago, OzinThai said:

 I recently reached the magic 65 and went back to Australia to attend to my usual fiscal and medical matters. While there I went into Centerlink to apply for the Aged Pension. A lengthy and somewhat convoluted process. I studied the criteria for qualifying for the Pension. I thought even though I lived overseas I may qualify for a small part pension. Well that was certainly not the case. My application was rejected on the grounds you need to have lived in Australia for 10years. Well when the 10 year period comes into play is anyone’s guess.. but having worked for 36 years there and paying tax I thought that would suffice .. not so.

 

How can you have worked in Oz for 36 years and get knocked back?

[sceadugenga]

You get knocked back on portability.

[giddyup]

2 minutes ago, sceadugenga said:

You get knocked back on portability.

He says you have to have lived in Australia for 10 years, as far as I know you have to live there for 2 years prior to applying for the pension, but a total of 25 years to be eligible for a part pension. His post doesn't make a lot of sense.

[sceadugenga]

He would get a pension, or not, based on his other income.

Because he's living overseas it's not portable for 2 years.

[OzinThai]

Ps. Sorry for the large fonts.. it was cut and pasted from another format.

[sceadugenga]

No worries, I wish all the problems in this thread were so easily fixed.

[giddyup]

5 minutes ago, sceadugenga said:

He would get a pension, or not, based on his other income.

Because he's living overseas it's not portable for 2 years.

I get that, but what's he complaining about? We all have to meet that criteria, fair or not, them's the rules.

[OzinThai]

Just to clarify.. I have been living the past 10 years in Thailand. I took the option of early retirement at 55 yo. and used my superannuation to find this.. I and living on a self funded retirement package at present. Prior to moving to Thailand I was working for 36 years in Australia. 

[giddyup]

1 minute ago, OzinThai said:

Just to clarify.. I have been living the past 10 years in Thailand. I took the option of early retirement at 55 yo. and used my superannuation to find this.. I and living on a self funded retirement package at present. Prior to moving to Thailand I was working for 36 years in Australia. 

To qualify for an OAP or part thereof, you have to live  in Australia for 2 years prior to becoming eligible. Not sure what your actual complaint is.

[sceadugenga]

He thinks that the potability rule is unfair, like most of the other contributors to this thread.

[OzinThai]

Thanks sceadugenga... my point exactly.. sorry I did not use the correct terminology in my letter.  I feel we are simply not given a fair go.

[ELVIS123456]

Seems to be some confusing statements being made.

 

You dont have to live in Aust for 2 years to get the OAP. You have to be an eligible resident of Aust to get the OAP.  That means you must live in Aust when you apply and intend to stay in Australia forever, and you must have lived in Aust for a total of 10 years minimum during your life.  You must also meet certain age, assets and income requirements.  You can return to live in Australia and be eligible for the OAP if you meet those basic requirements.  There are many other exclusions and requirements:

https://www.humanservices.gov.au/individuals/services/centrelink/age-pension

 

To get portability of the OAP - meaning to be able to take it overseas - requires a person to also meet certain requirements. Basically you must meet the above requirements as a minimum and have recieved the OAP (for a while). If you return to live Australia (having lived overseas for a while) you must also stay for 2 years before portability is approved.  There are also many other exclusions and requirements:

https://www.dss.gov.au/about-the-department/international/policy/portability-of-australian-income-support-payments

 

Seems to me OzinThai didnt know the rules and requirements and expected to be able to go back and get OAP and immediately take it back to Thailand.  May I suggest he needs to read through this post in some detail - go back to above 150 and slowly work your way through it all OzinThai.  

 

[sceadugenga]

It's quite possible that someone who has been overseas for a while would not be aware of the legislation regarding portability.

I believe the government is being lobbied to provide this information to people leaving the country or on receiving a new passport.

[giddyup]

16 minutes ago, sceadugenga said:

It's quite possible that someone who has been overseas for a while would not be aware of the legislation regarding portability.

I believe the government is being lobbied to provide this information to people leaving the country or on receiving a new passport.

You'd have to be totally out of touch with any other Australians as well as this subject has been discussed widely, not just here on TV. I understand that there are people who feel spending the 2 years in Oz to get portability is a hardship, but why should exceptions be made if others have had to comply?

[giddyup]

32 minutes ago, ELVIS123456 said:

 To get portability of the OAP - meaning to be able to take it overseas - requires a person to also meet certain requirements. Basically you must meet the above requirements as a minimum and have recieved the OAP (for a while). If you return to live Australia (having lived overseas for a while) you must also stay for 2 years before portability is approved.  There are also many other exclusions and requirements:

https://www.dss.gov.au/about-the-department/international/policy/portability-of-australian-income-support-payments

 

I think the portability is what's being discussed here, that's why I mentioned the 2 year rule.

[ELVIS123456]

4 minutes ago, giddyup said:

I think the portability is what's being discussed here, that's why I mentioned the 2 year rule.

Yep all good.

I agree about knowing the rules and being aware of them - that someone wouldnt even check first is just ridiculous.

 

 

[LosLobo]

3 hours ago, sceadugenga said:

It's quite possible that someone who has been overseas for a while would not be aware of the legislation regarding portability.

I agree.

Sometimes we don't know what we don't know......