15th Feb 2019
Age Pension rule changes could come into effect on 1 July
Author: Kaye Fallick
Pension income boost?

Three Federal Government initiatives to boost an age pensioner’s income have passed the House of Representatives and, if endorsed by the Senate, will come into effect on 1 July this year.

YourLifeChoices reported in depth on all these measures from the Budget Lockup in May 2018.

But to recap, the Social Services and Other Legislation Amendment (Supporting Retirement Incomes) Bill 2018 introduced on 13 February by Paul Fletcher, Minister for Families and Social Services, includes extra dollars through the pension work bonus for those still working, widened access to ‘pension home loans’ and new means testing rules.

Mr Fletcher states that this bill, costing $258.6 million over the forward estimates, will mean a better deal for 90,000 older Australians.

So how, specifically, will you be better off?

Increasing and extending the Pension Work Bonus
Older workers who receive an Age Pension, but who are still working will, from 1 July, be able to earn an extra $300 a fortnight without affecting their Age Pension entitlements (the current work bonus allows for a $250 per fortnight exemption). Those who are self-employed will be eligible for the first time.

Expanding the Pension Loans Scheme
Currently the Pension Loans Scheme excludes those on a full Age Pension and self-funded retirees. To date, the uptake has been low, but the new legislation will see the Pension Loans Scheme widened to include all eligible Australians of pension age who own their own home. Couples and singles will be able to borrow significant amounts against this asset. The combination of a pension payment and a loan payment will be up to 150 per cent of the full pension, or $1374.45 a fortnight for a single person of pension age. Mr Fletcher notes the convenience of this single payment, combining pension and loan, will afford older Australians increased income “rather than needing to enter into a reverse mortgage through a bank”.

Changes to the means test
The legislated changes to the means test will assess newer financial products, including pooled lifetime retirement income streams. “The new rules will make sure that these products are fairly and consistently assessed,” Mr Fletcher said.

One more thing …
On a somewhat lighter note, those pensioners who reside overseas and are aged over 80 will now need to prove to Centrelink that they are still alive. How will you be required to do this, you wonder? Breath test? A shining light to the eyeball? Deemed movement within a 24-hour period? No, you will need to produce a “proof of life certificate”, obtained by visiting an Australian embassy or consulate every two years to register that you are, indeed, still alive (otherwise you couldn’t have gotten there) and thus entitled to continue receiving payments.

At last some good news? Or not? How do you view these legislative changes? Will your situation be better or worse?

RELATED ARTICLES





    COMMENTS

    To make a comment, please register or login

    15th Feb 2019
    9:03am
    While this government increases the benefits paid to OAP's labor wants to turn modest SFR's into welfare recipients

    Such a contrast in policies and respect for retirees
    Old Geezer
    15th Feb 2019
    5:52pm
    Exactly.
    OlderandWiser
    15th Feb 2019
    7:03pm
    Yes - steal the hard-earned savings of the self-funded to hand out to people who Labor wants to enjoy TRIPLE benefits, while those who do what's good for the nation are screwed over and ground into hardship. Well, at least once they become pensioners they will enjoy some of the largesse the greedy are demanding SFRs pay for.
    OlderandWiser
    15th Feb 2019
    7:03pm
    Yes - steal the hard-earned savings of the self-funded to hand out to people who Labor wants to enjoy TRIPLE benefits, while those who do what's good for the nation are screwed over and ground into hardship. Well, at least once they become pensioners they will enjoy some of the largesse the greedy are demanding SFRs pay for.
    GreyViper
    16th Feb 2019
    7:48pm
    Hello! I, too, will be subjected to this Imputation Credit "tax" that is going to be introduced by the Labor party if they win government. I have a self managed super fund which i set up about 10 years ago so I could have a greater control over where my funds were invested. I hold a number of investments in managed funds and also a number of direct purchased shares which pay franked dividends. As I am currently in pension phase I get a tax refund of the tax I have paid via the company's payment of tax at 30%. This is not a 'PERK' or a 'RORT' as some seem to think but a legitimate refund of tax that I have paid as a part owner in that company. If I have to declare it as part of my income then surely I am entitled to claim it as part of the tax that I have paid! As I am in pension phase I am on a ZERO tax rate and should not have to pay this tax as the Labor party would suggest. If you would like to try an understand this concept then I suggest you read this report as it explains it very well in simple language that just about anybody should be able to understand.

    https://cuffelinks.com.au/franking-credits-made-easy/?fbclid=IwAR15EgiABEHwKFj_MsK3FMHeAjY_u5xjSlKv3BOKyyOagHHMnlqMPGwS-14

    I would also say that if the Labor party thinks this is going to raise a large amount of money then they are sadly mistaken. I feel it will be similar to their wonderful 'mining tax' which Chris Bowen introduced the last time he was Treasurer. If they go ahead and introduce this tax I will simply sell down all my assets that pay franked dividends and reinvest the money in other assets that pay unfranked dividends. That may require me investing in overseas companies instead of Australian companies which will not help this country at all. Whilst it will be rather inconvenient and bothersome it will not cost me a lot of money and my super fund will continue to earn good returns and pay zero tax as I am entitled to do. Before all you 'lefties' start complaining and calling me a bludger I will just point out that I have numerous other investments outside of my super fund and I pay a significant amount of tax on these investments, certainly a lot more than anyone on the pension, that's for sure. Therefore you people on the pension should be a little more understanding because, without people like me out here paying tax there would be no money to pay for your pensions. Also the pension is welfare because it is included in the welfare budget - just ask the treasury department!
    Adrianus
    17th Feb 2019
    9:30am
    GreyViper, Labor is hoping that those in SMSFs will roll over to an Industry Fund which is unaffected by the change and will continue to receive their franking credits. We are dealing with the most despicable mean spirited Labor Party in our history.
    OlderandWiser
    18th Feb 2019
    9:09am
    Adrianus, if people roll over to a fund that results in them being unaffected, Labor makes no budget savings, so that would make total fools of those who claim to support the policy because it means funds for schools and hospitals, and would make total liars of Labor politicians (well, they ARE total liars - but that would expose them further!)

    Industry funds are now claiming their members WILL lose. Latest figures suggest over 2.6 million lower-income workers will suffer a major hit to their superannuation savings under Labor's policy. Union-run Australian Super vigorously opposed the proposal when the LNP considered the move in 2015, declaring it would cause major economic harm.

    You are right about this Labor Party being the most despicable and mean spirited in our history. But my partner made the statement a very long time ago that Bill Shorten was one of the most dangerous men history had ever seen and if he ever gained power, he would destroy the nation. My partner is a Labor supporter, by the way. Well, not now. But was.
    OlderandWiser
    18th Feb 2019
    9:09am
    Adrianus, if people roll over to a fund that results in them being unaffected, Labor makes no budget savings, so that would make total fools of those who claim to support the policy because it means funds for schools and hospitals, and would make total liars of Labor politicians (well, they ARE total liars - but that would expose them further!)

    Industry funds are now claiming their members WILL lose. Latest figures suggest over 2.6 million lower-income workers will suffer a major hit to their superannuation savings under Labor's policy. Union-run Australian Super vigorously opposed the proposal when the LNP considered the move in 2015, declaring it would cause major economic harm.

    You are right about this Labor Party being the most despicable and mean spirited in our history. But my partner made the statement a very long time ago that Bill Shorten was one of the most dangerous men history had ever seen and if he ever gained power, he would destroy the nation. My partner is a Labor supporter, by the way. Well, not now. But was.

    15th Feb 2019
    9:03am
    While this government increases the benefits paid to OAP's labor wants to turn modest SFR's into welfare recipients

    Such a contrast in policies and respect for retirees
    Concerned
    15th Feb 2019
    12:17pm
    No labor wants to assist all pensioners. And pensioners are not welfare recipients
    Knows-a-lot
    15th Feb 2019
    4:21pm
    Lothario the Lieberal Shill continues with his trolling and lies.
    Old Geezer
    15th Feb 2019
    5:53pm
    Ys pensioners are on welfare.
    Old Geezer
    15th Feb 2019
    6:04pm
    Yes the pension is welfare.
    OlderandWiser
    15th Feb 2019
    7:06pm
    God, Pensioners are HYPOCRITES. They are 'not on welfare' but SFRs who object to unfair taxation are using a 'rort' to get taxpayers' money.

    Either you pensioners are bog stupid or the greediest and most disgustingly self-serving creeps alive.

    I used to defend pensioners, and respect them, but they have shown themselves to be beyond disgusting with their self-serving BS and nastiness. They deserve a CUT to their income, not an increase. They want people who earned their own way to have their income wiped out, yet they think THEY are entitled to more handouts!!!!!
    OlderandWiser
    15th Feb 2019
    7:06pm
    God, Pensioners are HYPOCRITES. They are 'not on welfare' but SFRs who object to unfair taxation are using a 'rort' to get taxpayers' money.

    Either you pensioners are bog stupid or the greediest and most disgustingly self-serving creeps alive.

    I used to defend pensioners, and respect them, but they have shown themselves to be beyond disgusting with their self-serving BS and nastiness. They deserve a CUT to their income, not an increase. They want people who earned their own way to have their income wiped out, yet they think THEY are entitled to more handouts!!!!!
    Lookfar
    15th Feb 2019
    7:34pm
    You are doing it again Rainey, screaming abuse, no arguments, just repetition of somebody else's dogma, - it is not right and human to behave that way, but you need to substantiate your arguments, you can't just scream and demand, - who do you think you are, Donald Trump?
    The statement that a company has paid it's tax, when many companies don't pay their tax but avoid it, and possibly even legally, does not answer my analysis, - if the company has claimed your payment as income and then written it off against their expenses, they have not paid it in respect of you, they have only "paid" it in respect of other unrelated items, the ATO did not get that money that you have to pay, - your income tax on your earnings, - No Rainey they did not get from you the money owed them, (us) from your earnings, whatever the company dodginess may spruik, so you did not pay your tax, and the company has illegally held back part of your earnings, apparently with your approval?
    Whatever, despite the flummery of third parties, you should pay tax on your app. million dollar investment earnings, the which you have apparently worked out a way of not doing.
    The fact that a huge number of multinationals are also not paying their tax is no justification for you not paying your tax, it is merely an absolute statement that the Multis must pay their tax or else the weak minded will try to not pay their tax also.
    You are not weak minded, although you do need to wash out your mouth with strong soap, you just need to find a quiet space where you can think it all through and change your actions concordantly, then, no blame.

    again OGR, the good part is that you can change your investments, and do the right thing without penalty, - but the bad thing is that the Neo-liberals, the multi billionaires, will destroy the world we all live on, without a thought, just so they keep their snouts in the trough, and another good thing, - you can decide not to help them..
    Lookfar
    15th Feb 2019
    7:54pm
    OG, you know that all workers pay tax of 8% for their pension, - several times it has been pointed out to you that Sir Bob Menzies took that money, in the early nineteen forties and spent it on whatever, yet the 8% remains being taken out of everybody's tax that pay tax, till the year dot. - You know this, yet you say again and again that it is not so, what is wrong with you that you have to repeat the same old BS time and time again, - like a record with a faulty track? - does your life dpend on living in illusion? why not look at historical proven facts?
    Old Geezer
    15th Feb 2019
    8:53pm
    Ha ha Lookfar where is my share as I must of paid at least 10 times as much as you did but don't get a brass razoo of it.
    Arvo
    16th Feb 2019
    4:10am
    The know it all Lothario and Old Geezer don't know how not to repeat their comments. Short for brains.
    GreyViper
    16th Feb 2019
    8:42pm
    Lookfar, you seem to think that you know what this "franked dividends" and "imputation payments" is all about but judging by the um?? "information" that you posted above you have absolutely no idea what it is all about! The first thing to say is, that if a company does not pay tax IT CAN"T PAY FRANKED DIVIDENDS! The franking credits that are declared on the investor's dividend advice slip is the tax that the company has paid to the tax department on behalf of the investor. I suggest you read the article available on this link as it is explained it in fairly simple language and you should be able to understand it.

    https://cuffelinks.com.au/franking-credits-made-easy/?fbclid=IwAR15EgiABEHwKFj_MsK3FMHeAjY_u5xjSlKv3BOKyyOagHHMnlqMPGwS-14

    This belief that many people have that most companies pay little or no tax is simply not true. If you view the annul reports of any of our major companies you will be able to see how much tax they pay. Admittedly, some years some companies don't pay tax but that is generally because they didn't make a profit that year and probably made a loss. If you don't make money, you don't have to pay tax.
    Also I can't believe that people are still banging on about how 8% (or some percentage) of their tax goes to pay for their pension. I can remember when you could claim your life insurance and your super contributions as a tax deduction and you could claim a tax deduction for your spouse! Guess what! The tax system has been restructured numerous times since those days and you can't keep dragging out things that happened 50 years or more ago. It's no longer a valid argument and totally irrelevant in today's environment.

    Ahhh! I forgot what a joy it was to read the 'contributions' that people make to this web site. So many people who have strange or distorted ideas about how things work. I think I need to go and check my blood pressure!
    SFR
    18th Feb 2019
    9:03am
    Can one of the Pensioners explain to me how 8% of the tax they paid over their working life was going to fund their Welfare entitlement.
    Show me the calculation that supports your argument that you are just getting your money back.
    BTW, Welfare is also paid to the increasing number of Drones that have never worked, so how do they justify the Pension.
    Whereas Self Funded Retirees, most of who are not wealthy by todays standards get ZERO funding or support.
    OlderandWiser
    18th Feb 2019
    9:05am
    Grey Viper, I agree with all you say. What boggles the mind is that the same people who keep banging on about having paid for their pension cheer when people who ALSO PAID FOR THEIR PENSION in the exact same way are robbed of BOTH the pension they paid for AND a fair return on their own savings. Clearly, envy is blinding them, or muddling their brains, as their arguments are total nonsense - illogical, irrational, based on volumes of propaganda and misinformation, and supportive of the worst kind of unfairness and elder abuse (yet they CLAIM to support fairness and looking after the needy!!!)
    OlderandWiser
    18th Feb 2019
    9:05am
    Grey Viper, I agree with all you say. What boggles the mind is that the same people who keep banging on about having paid for their pension cheer when people who ALSO PAID FOR THEIR PENSION in the exact same way are robbed of BOTH the pension they paid for AND a fair return on their own savings. Clearly, envy is blinding them, or muddling their brains, as their arguments are total nonsense - illogical, irrational, based on volumes of propaganda and misinformation, and supportive of the worst kind of unfairness and elder abuse (yet they CLAIM to support fairness and looking after the needy!!!)
    OlderandWiser
    18th Feb 2019
    10:07am
    Lookfar, you go on about pensioners having paid for their pensions, yet you ignore the fact that SFRs paid the same or more tax and don't get a pension. And now you want them robbed of the returns on their savings as well.

    How is it reasonable to suggest that one person should get their tax back in the form of a retirement pension while another who paid the same or more should get NOTHING and continue to be taxed. Explain that to me? Your rants are just repeated Labor Party propaganda, lying about who will be impacted, and lying about fairness.

    The bottom line is that ALL CURRENT RETIREES paid for their pension under the scheme that existed at the time, and only SOME CURRENT RETIREES are getting a fair return, but those that are act very selfishly and greedily claiming ENTITLEMENT and abusing those who DO NOT get any return at all, demanding those who get nothing continue to pay for the greedy entitled who are getting more than they paid refunded.
    OlderandWiser
    18th Feb 2019
    10:07am
    Lookfar, you go on about pensioners having paid for their pensions, yet you ignore the fact that SFRs paid the same or more tax and don't get a pension. And now you want them robbed of the returns on their savings as well.

    How is it reasonable to suggest that one person should get their tax back in the form of a retirement pension while another who paid the same or more should get NOTHING and continue to be taxed. Explain that to me? Your rants are just repeated Labor Party propaganda, lying about who will be impacted, and lying about fairness.

    The bottom line is that ALL CURRENT RETIREES paid for their pension under the scheme that existed at the time, and only SOME CURRENT RETIREES are getting a fair return, but those that are act very selfishly and greedily claiming ENTITLEMENT and abusing those who DO NOT get any return at all, demanding those who get nothing continue to pay for the greedy entitled who are getting more than they paid refunded.
    CarolAT
    15th Feb 2019
    10:59am
    Lothario, Labor has the Pensioner Guarantee so the franking credit issue will only effect retirees who have tax minimisation programs and share portfolios of over a million dollars. Currently 80% of the billions go to people with portfolios in excess of $3M. The contrast is stark, if you’re extremely wealthy there’s literally tens of thousands in tax payer dollars coming your way, but if you’re not so lucky, then you can work until you’re 70 and the government will ‘generously’ allow you to earn $300.00 per fortnight before they start ripping the meagre pittance that they call the Pension off you.
    Anonymous
    15th Feb 2019
    11:02am
    If 80% of credits go to those with portfolios in excess of $3M these people will use of all their franking credits

    It’s those with modest portfolios who will suffer most

    Get educated and stop spewing labor propaganda . Their policy is total rubbish and an attack on the lower middle class
    CarolAT
    15th Feb 2019
    11:12am
    On the subject of spewing propaganda, a little research might be helpful for you. Just Google Pensioner Guarantee and I’m sure that even with limited skills you’ll be able to find it. I hope that you’ve noted the word EXEMPT. Now if you have a real basis for your argument, I respect that but please do some homework before you start on your own individual scare campaign.

    Under the Pensioner Guarantee:
    o EveryrecipientofanAustralianGovernmentpensionorallowancewithindividual shareholdings will still be able to benefit from cash refunds. This includes individuals receiving the Age Pension, Disability Support Pension, Carer Payment, Parenting Payment, Newstart and Sickness Allowance.
    o Self-managedSuperannuationFundswithatleastonepensionerorallowancerecipient before 28 March 2018 will be exempt from the changes.
    Anonymous
    15th Feb 2019
    11:16am
    you just don't get it.
    Its the poor SFR's who will suffer

    Please stop embarrassing yourself by showing your ignorance or blind faith in labor b/s
    Anonymous
    15th Feb 2019
    11:16am
    you just don't get it.
    Its the poor SFR's who will suffer

    Please stop embarrassing yourself by showing your ignorance or blind faith in labor b/s
    TREBOR
    15th Feb 2019
    12:26pm
    Not if they do their taxes properly..............
    Sundays
    15th Feb 2019
    1:12pm
    Poor SFR Lothario? To receive even the lowest rate of $38 per fortnight as a part pensioner you have to have Assets of less than $848,000 for a home owning couple or income of $3066.80 and your home is exempt. This means SFR have more. If they are poor,it is enforced poverty. Imagined, not real
    Adrianus
    15th Feb 2019
    3:18pm
    Sunday, that is not a lot of money. The median wealth of an Australian is about $600,000. The highest in the world.
    Old Geezer
    15th Feb 2019
    6:11pm
    Ha ha guess what Labor will give those 80% of franking credits back too to those with over $3 million.

    It is only the poor self funded retirees and they will just join the welfare queues as a result of this insane tax grab.

    Certain pensioners may find that they will indirectly lose their franking credits too. eg if you have an annuity.

    Interesting Sundays even if a couple has $1 million in the bank then they would be luck to receive $20,000 a year between them. So in order to get a higher rate of return they need to invest elsewhere and that elsewhere at present is dividends.
    OlderandWiser
    15th Feb 2019
    7:12pm
    CarolAT, you are GROSSLY MISINFORMED. You have the bull completely by the horns.
    Yes, rich pensioners with fancy houses and a hoard of savings will continue to receive TRIPLE TAXPAYER FUNDED BENEFITS. People with $1.6 million in super will continue to enjoy some franking credits, and most with more than $2 million will retain ALL their benefits. High income earners will retain ALL their benefits.

    People with way less than $1 million - but self-supporting - will be deprived. A couple with just $420,000 each in savings will LOSE THEIR BENEFIT. That's a long way short of $1 million.
    In fact, a couple with $840,000 will be tens of thousands worse off than someone with just $10,000 less - and the self-funded will be cheated and punished for the rest of their life.

    Sundays is WRONG. SFRs DO NOT HAVE MORE. Many have way, way less than hundreds of thousands of pensioners, and will suffer severe hardship under Labor's discriminatory and unfair policy.
    OlderandWiser
    15th Feb 2019
    7:12pm
    CarolAT, you are GROSSLY MISINFORMED. You have the bull completely by the horns.
    Yes, rich pensioners with fancy houses and a hoard of savings will continue to receive TRIPLE TAXPAYER FUNDED BENEFITS. People with $1.6 million in super will continue to enjoy some franking credits, and most with more than $2 million will retain ALL their benefits. High income earners will retain ALL their benefits.

    People with way less than $1 million - but self-supporting - will be deprived. A couple with just $420,000 each in savings will LOSE THEIR BENEFIT. That's a long way short of $1 million.
    In fact, a couple with $840,000 will be tens of thousands worse off than someone with just $10,000 less - and the self-funded will be cheated and punished for the rest of their life.

    Sundays is WRONG. SFRs DO NOT HAVE MORE. Many have way, way less than hundreds of thousands of pensioners, and will suffer severe hardship under Labor's discriminatory and unfair policy.
    Sundays
    15th Feb 2019
    8:00pm
    OLd Geezer the couple with $1M don’t have it in the bank. They have it in their SMSF where any withdrawal over 60 years of age is tax free. At 65, they have to draw down a minimum of 5% so they are living on $50,000 not $20,000. Unlike pensioners they have more capital to fall back on.

    Now if they really did just put $1M in a bank account, and can’t negotiate more than 2% interest, yes they only make $20,000 of bank interest plus dividends on their shares . That’s eneough to have to pay tax so receive a refund of Franking credits. They are not affected by Shortens policy. Invest in dividends by all means just don’t choose shares just for the refund of Franking credits.
    Sundays
    15th Feb 2019
    8:12pm
    Rainey, SFR don’t have less than pensioners or they would qualify for a part pension. They may choose to live on less than the pension but that is a different thing. The pension s not Welfare. To call pemsioners ‘greedy, stupid, disgusting, self serving creeps ‘ is uncalled for and says more about you than them. The whole system does need an overhaul as there are lots of anomalies but you need to pull your head in
    Old Geezer
    15th Feb 2019
    8:59pm
    Sundays that is nothing but a mixed up hotch potch of irrelevant information. It makes no sense at all to mean so I suggest you rewrite it so us experts can understand it.
    Sundays
    15th Feb 2019
    9:21pm
    Come on OG, despite some of your right wing posts you’re not Stupid. Happy to rewrite, so those who can only dream of having $1 million dollars can see the wisdom of Shortens policy.

    You fully understand that SFR with a self managed super fund in pension mode pays no tax. It’s possible to withdraw $80,000 per year (that’s 5% of the $1.6m invested often only in Australian shares), pay no tax so it doesn’t go on a tax return PLUS also get a refund of Franking credits.

    You also understand that $20,000 is 2% bank interest on $1 million dollars. This is more than the tax free threshold and needs to go on a tax return. They can then add their dividends and other income and use the Franking credits to reduce tax
    Old Geezer
    15th Feb 2019
    9:36pm
    So what are you trying to say. You earn $20,000 but take out $80,000 from your super? So if you live another 30 years you will be broke in 15 years and then have to rely just on the pension alone.


    If that's the case see a financial advisor today as you need a lot of financial help.
    Anonymous
    15th Feb 2019
    9:44pm
    ROFLMAO :)))))
    Sundays
    15th Feb 2019
    10:35pm
    Maybe you are stupid after all. You used the ridiculous example of $1M in the bank earning a low interest to generate $20K. That might be some people but if they also have shares with dividends they can offset the tax on the interest against Franking credits

    The SFR shouting the most have all their money is in tax free super fully invested in Australian shares. These SFR aren’t happy with $80k, or a tax free environment, no they need Franking credits on top. Me personally, I have a diversified portfolio. The money will outlive me ,but if there is a catastrophe isn’t it wonderful to know we live in a country with a safety net
    CarolAT
    15th Feb 2019
    11:06am
    My mother died a few years ago, she did not have a share portfolio. She and Dad were honest working folk and although Mum worked hard all her life in both raising a family, tending to the farm and working part time as a stenographer/bookkeeper, she received no superannuation. In her twilight years she was existing on War Time Rations, as she called it, in order to pay the rates and electricity bills. As per War Time, I used to send her food parcels. Now what was it you wanted to tell me about your investment portfolio and your franking credits taxpayer handouts?
    Paddington
    15th Feb 2019
    11:40am
    Nice CarolAT your parents did it tough but people like that are the backbone of Australia.
    Lothario is a lib stooge and out to put anyone down who dares to challenge his right wing biases. He is not arguing for himself but on behalf of a dying party. They have already lost the election due to bullying and only looking after the banks and the wealthy. Anything they do now is no more than electioneering.
    OlderandWiser
    15th Feb 2019
    7:46pm
    CarolAT, my partner and I grew up as orphans in abject poverty. We worked our guts out for very low wages, supported and educated three children who now pay high taxes, and - in response to the urging of past governments - saved to be self-supporting in retirement so that we wouldn't cost the government tens of thousands a year. Meanwhile, people who didn't work as hard, didn't save as hard, or have more expensive houses - but generally were far better off all their lives then we could ever dream of being - are now on pensions with bonus income from investments and huge benefits and concessions and UP TO $30,000 A YEAR BETTER OFF THAN US, not needing to touch their capital. But they will get to keep thousands in franking credits while ours will be STOLEN from us, leaving us with far too little to live on.

    Your mother's story has NOTHING TO DO WITH THE FRANKING CREDIT ARGUMENT. My husband's father was a POW for 3 years and never drew a veteran's pension (due to illiteracy) despite returning with tuberculosis and shrapnel wounds. His story has NOTHING TO DO with the franking credit debate either.

    Franking credits are TAX that should rightly be refunded to self-funded retirees who have LESS than part pensioners, so that they can continue to contribute to the nation by being self-supporting and not be a drain on the taxpayer. It's simple economics - and fairness - to reward those who worked hard and saved well so that the country doesn't suffer a massively increased pension bill. It's also an issue of fairness to NOT deprive people for working and saving while rewarding those who didn't.

    Paddington is a Labor stooge who is supporting a policy that STEALS FROM BATTLERS TO GIVE TO THE RICH, and then condemning the LNP for doing precisely the same thing he applauds Labor for - STEALING from battlers to give to the rich. Only like you and many others, he is too blinded by Labor propaganda to recognize that they ARE stealing from battlers to give to the rich. He is swallowing their lies hook line and sinker - just like you! Mind boggling that you lot are not interested in FACT.

    Try checking the pension rules and looking at asset limits. The couple Sundays mentioned, with $848,000, and $38 per fortnight pension might have a multi-million dollar home, and regardless will keep their thousands in franking credits. The couple with $860,000 and a very inexpensive home get NOTHING in pension AND NO FRANKING CREDITS UNDER LABOR - EVER! Yet their income is almost guaranteed to be LESS than the former couple with their part pension. Add the fact that the latter couple get no benefits or concessions, and they are probably going to have $20,000 less per year under Labor than their part pensioner counterpart who saved just $12,000 less. That's what Labor calls 'fair' and good economics. Glad I'm not that stupid!
    OlderandWiser
    15th Feb 2019
    7:46pm
    CarolAT, my partner and I grew up as orphans in abject poverty. We worked our guts out for very low wages, supported and educated three children who now pay high taxes, and - in response to the urging of past governments - saved to be self-supporting in retirement so that we wouldn't cost the government tens of thousands a year. Meanwhile, people who didn't work as hard, didn't save as hard, or have more expensive houses - but generally were far better off all their lives then we could ever dream of being - are now on pensions with bonus income from investments and huge benefits and concessions and UP TO $30,000 A YEAR BETTER OFF THAN US, not needing to touch their capital. But they will get to keep thousands in franking credits while ours will be STOLEN from us, leaving us with far too little to live on.

    Your mother's story has NOTHING TO DO WITH THE FRANKING CREDIT ARGUMENT. My husband's father was a POW for 3 years and never drew a veteran's pension (due to illiteracy) despite returning with tuberculosis and shrapnel wounds. His story has NOTHING TO DO with the franking credit debate either.

    Franking credits are TAX that should rightly be refunded to self-funded retirees who have LESS than part pensioners, so that they can continue to contribute to the nation by being self-supporting and not be a drain on the taxpayer. It's simple economics - and fairness - to reward those who worked hard and saved well so that the country doesn't suffer a massively increased pension bill. It's also an issue of fairness to NOT deprive people for working and saving while rewarding those who didn't.

    Paddington is a Labor stooge who is supporting a policy that STEALS FROM BATTLERS TO GIVE TO THE RICH, and then condemning the LNP for doing precisely the same thing he applauds Labor for - STEALING from battlers to give to the rich. Only like you and many others, he is too blinded by Labor propaganda to recognize that they ARE stealing from battlers to give to the rich. He is swallowing their lies hook line and sinker - just like you! Mind boggling that you lot are not interested in FACT.

    Try checking the pension rules and looking at asset limits. The couple Sundays mentioned, with $848,000, and $38 per fortnight pension might have a multi-million dollar home, and regardless will keep their thousands in franking credits. The couple with $860,000 and a very inexpensive home get NOTHING in pension AND NO FRANKING CREDITS UNDER LABOR - EVER! Yet their income is almost guaranteed to be LESS than the former couple with their part pension. Add the fact that the latter couple get no benefits or concessions, and they are probably going to have $20,000 less per year under Labor than their part pensioner counterpart who saved just $12,000 less. That's what Labor calls 'fair' and good economics. Glad I'm not that stupid!
    Sundays
    16th Feb 2019
    8:17am
    There are anomalies everywhere which is why the system needs an overhaul.

    People just over any threshold will potentially be worse off regardless of how their money is invested. The fact they get minimum $38 each member of a couple plus concessions and cheaper prescription etc puts them ahead.

    Is it fair that the amount of pension for full pensioners is so low especially single people who rent

    Are the the deeming rates fair when people struggle to get the same rates from a bank

    Is it fair that depending on the date, some have their super included in the Asset test, others do not

    Is it fair that if you buy a $650k house in a lifestyle village pensioners get rent assistance, but own a house outside the village no financial assistance

    Is it fair that the Asset threshold was changed with no warning ruining the plans of many

    Is it fair to make people wait until 67 to get a pension and if they are made redundant before that age, can’t find a job, have to use up all their savings and struggle on Newstart.

    Is it fair that deductible for defined benefit pensions were reduced to an arbitrary 10%, throwing many off the pension but military pensions exempt

    Is is fair that the Asset threshold is $200,000 more if you rent than own your own home and you also qualify for rent assistance

    Is it fair that concessions for pensioners vary from State to State

    And yes, if you live in a multi million dollar home should you even get a pension

    Probably lots more. Until there is an overhaul people work within the rules that advantage them.
    OlderandWiser
    18th Feb 2019
    8:58am
    Wow, Sundays admits, now, to the unfairness in the system. But still insists it should be made MUCH MORE UNFAIR - by harming the people who were already victims of a grossly unfair recent act, and who have probably suffered the most unfairness of any 'tribe'.
    OlderandWiser
    18th Feb 2019
    8:58am
    Wow, Sundays admits, now, to the unfairness in the system. But still insists it should be made MUCH MORE UNFAIR - by harming the people who were already victims of a grossly unfair recent act, and who have probably suffered the most unfairness of any 'tribe'.
    bob menzies
    15th Feb 2019
    11:33am
    Lothario - good comments - keep it up although you'll find the lefties will bag everything you say - most if it ideological rhetoric
    TREBOR
    15th Feb 2019
    12:31pm
    No need for the lefties or even us comfortable middle of the roaders to bag Lothario - he does a fine job of that without our support.
    Knows-a-lot
    15th Feb 2019
    4:23pm
    BM - another Lieberal troll coming out of the woodwork...
    terrib
    15th Feb 2019
    11:44am
    It won't make a gnats whisker of a change to me as I am a single pensioner with no home, no super, no savings. I consider it another shot in the back from the government.
    Lookfar
    15th Feb 2019
    11:52am
    Lothario, I have already posted the re-analysis of OGR's error,but here it is for you now. Hi OGR, I have read almost all your posts, and they all contain slander and abuse, so using a very good old rule, that if, in an argunent, you start using insults, - let alone abuse, - you have run out of truth, whatever you say has to be regarded as dodgy. Now, an earlier poster maintained that very few companies first take tax out of the dividends they pay, they normally just pay the lot, and to me that makes more sense, easy peasy. no wasting money on an accountant to do that extra work, and easy for the shareholder as well.
    So why does a company take out the tax and pay it themself, of course, stands out like dog's whatsis, - so they can claim that payment off their tax, win win, they don't actually pay the tax, and get to keep more of their profits.
    So the tax department doesn't get the tax, ie the Australian people don't get their tax, - Again, and the the OGR's in the system get to be paid money out of the general Australian income.
    It should just take the Tax Office doing a couple of successful prosecutions on companies involved in that fraud, and fining them severely, cancelling their right to trade or a jail sentence or two and there will be no more Franking credits to confuse the ATO, and Mr Shorten can let go of a complicated situation that only benefits the Accountants and their old mates the banks.
    That way, any pensioner or part pensioner will recieve the full money from his share earnings, and everything is then between the share owner, (including OGR) the tax department, and God.
    So OGR, you have done good by stirring the pot, also by discrediting your evidence so I was able to more objectively look at other evidence, I will inform the Tax dept and Mr Shorten of the lapse in logic behind the almost unforgivable fuss, and hopefully all will be well for all.
    Anonymous
    15th Feb 2019
    12:37pm
    And I responded to your ignorant comments on the other thread.
    Like I said - stick to hugging trees
    Sundays
    15th Feb 2019
    12:59pm
    Lookfar, good research and makes sense.

    On the face of OGRs posts I had some sympathy, but then the posts became toxic, especially towards pensioners like my parents so I did my own research.

    Firstly, it became obvious that there is a group of SFR who have deliberately structured their affairs by putting all their super into Australian shares, living off the dividends and relying on the refund of Franking credits to increase their income. Of course their superannuation in their SMSF in pension mode pays no tax, but somehow they believe that tax from the dividends should still be returned to them. A very nice little earner indeed,and a way to maintain their capital. Australia can’t afford it.

    Secondly, they did not understand how taxation works and that those who pay tax must gross up the dividend and include it on their tax return but are able to use Franking credits to reduce tax payable. If they are high income earners they will still owe tax. They are not receiving a refund.

    I’m glad Labor has made some exemptions to the policy because a few dollars returned to the pensioner to pay a few bills should continue. There may also be some non pensioners who are caught out and Labor should look at a small limit to the refund not a total removal.

    I read a tweet by journalist Mike Carlton where he discribes attendees at a Franking credit inquiry meeting as ‘smug, self righteous, greedy and grasping, pompous and privileged’. Harsh and if ‘struggling SFR’ align themselves with these people sympathy for them will evaporate.

    By the way, I am self funded with most money in Super, plus a few shares and other income outside of super but I would never rely on the Franking credits to base my investment decisions. I know I’ve been lucky with no job losses, divorce, illness. I also believe that as I can, I should fund my own retirement even though I have been caught out by unfair changes to policy, but I refuse to make myself sick trying to preserve the capital. Life is too short
    old frt
    15th Feb 2019
    1:46pm
    You really do not have a clue do you Lookfar and Paddington is right there next to you .So it is ok for pensioner to receive franking credit refunds but a fully self funded retiree can get stuffed . As a very well known politician once said , the problem with socialism is you eventually run out of other peoples money.
    Greg
    15th Feb 2019
    2:14pm
    You'll be okay old frt, you have plenty of funds to draw on to live a life in luxury.
    Aussiefrog
    15th Feb 2019
    2:57pm
    Thanks Sundays I really appreciate your detailed and researched comment about franking credits, and even though I'm not a Labor fan by a long shot, I appreciate this labor policy
    Rae
    15th Feb 2019
    2:58pm
    Wait until they come after those multi million dollar homes a lot of aged pensioners spent the decades accumulating when they could have been saving to fund themselves. I can see that coming when the money from this saving grab runs out.

    You have to be careful about value judgements and rigid viewpoints.

    I suppose they can always reverse mortgage or sell so that will be the excuse used to justify it.

    So like Berlin history of 1934.
    TREBOR
    15th Feb 2019
    4:25pm
    Hmmm - the old totalitarian 'all property ownership resides with the State', 'all power resides with the State', 'the State has a monopoly on violence'......
    Old Geezer
    15th Feb 2019
    6:19pm
    Complete rubbish Lookfar as you haven't looked very far at all.

    If one takes your silly argument one step further then employers must pay their employees tax the same as both go into the same slot on the wall.

    My dividend statement clearly tells me that they have deposit x into my bank account and that I have pay y in tax (as franking credits means tax paid). That's right just like old documents used to have a stamp on them that said "franked".
    Old Geezer
    15th Feb 2019
    6:23pm
    Rae talking about those multimillion dollar homes I am hearing a lot about the old age pension becoming a debt upon the estate of those who get it. That's what this death tax is all about.
    OlderandWiser
    15th Feb 2019
    7:54pm
    Poor gullible fools believing Sunday's socialist CRAP. Sundays has no clue about the facts, no understanding of franking credits, and is either blissfully ignorant or a liar when ranting about the claimed 'wealth' of SFRs compared to the countless hundreds of thousands of pensioners who are far, far better off than their SFR counterparts. Clearly, Sundays can't do math and can't comprehend fact. Can't even stop lying about my assets in fact, so I pity anyone of you silly enough to take notice of anything Sundays says.

    I have argued aggressively with OG and Lothario, because I don't like their attitude, but they are 100% correct about franking credits.

    As for you poor fools ranting with socialist nonsense, if you were as smart as you think you are, you wouldn't be poor pensioners. It's likely your lack of comprehension and inability to deal in fact is what has prevented you having assets. Maybe it's time you stopped demanding more handouts and greedily and enviously wishing hurt on people you THINK (wrongly!) have more than you and started paying attention to people who have more because they are smarter!

    I don't like the LNP or its neo-liberal supporters, but I was intelligent enough to listen to them and learn from them. Or maybe not! Since it now seems the smarter ones were the rorters and leaners who are now being over-indulged - at least until the nation goes broke, which it will with stupid policies that bash those who contribute and hand out willy nilly to those who don't.
    OlderandWiser
    15th Feb 2019
    7:54pm
    Poor gullible fools believing Sunday's socialist CRAP. Sundays has no clue about the facts, no understanding of franking credits, and is either blissfully ignorant or a liar when ranting about the claimed 'wealth' of SFRs compared to the countless hundreds of thousands of pensioners who are far, far better off than their SFR counterparts. Clearly, Sundays can't do math and can't comprehend fact. Can't even stop lying about my assets in fact, so I pity anyone of you silly enough to take notice of anything Sundays says.

    I have argued aggressively with OG and Lothario, because I don't like their attitude, but they are 100% correct about franking credits.

    As for you poor fools ranting with socialist nonsense, if you were as smart as you think you are, you wouldn't be poor pensioners. It's likely your lack of comprehension and inability to deal in fact is what has prevented you having assets. Maybe it's time you stopped demanding more handouts and greedily and enviously wishing hurt on people you THINK (wrongly!) have more than you and started paying attention to people who have more because they are smarter!

    I don't like the LNP or its neo-liberal supporters, but I was intelligent enough to listen to them and learn from them. Or maybe not! Since it now seems the smarter ones were the rorters and leaners who are now being over-indulged - at least until the nation goes broke, which it will with stupid policies that bash those who contribute and hand out willy nilly to those who don't.
    Sundays
    15th Feb 2019
    8:40pm
    OGR, you really are a piece of work. How dare you insult Pensioners just because you were able to save more and that fact somehow makes you a better person. OG and Lothario have nothing on your bile. You think you are the only person ever affected by changes of policy or downturn in the economy?

    I know all about Franking credits. I currently receive some but unlike you I fully understand what I have invested in, and would never put all my eggs in one basket. So how much smarter has that strategy made you! Maybe you have to accept that you can’t be the rich SFR you have aspired to. Get over it.

    My degree says I can do Math at an advanced level but hey I don’t get the answers you want that’s your problem.
    Old Geezer
    15th Feb 2019
    9:08pm
    Sundays you have spoken like a envious spoilt pensioner who thinks they are entitled to tell the taxpayer they should support them no matter what. I wouldn't even throw a penny your way.
    Sundays
    15th Feb 2019
    9:27pm
    I keep telling you OG, but then do you actually read anything others post. I am a fully self funded retiree. Thankful that I had well paid jobs, know how to budget and save, did not suffer job losses, divorce, illness, failed investments. I don’t need your pennies or anyone else’s but I haven’t lost my empathy for others either.
    Anonymous
    15th Feb 2019
    9:29pm
    Do you have kids or grandkids, Sunday’s ?
    OlderandWiser
    18th Feb 2019
    8:42am
    Sundays, I'd like to see an accurate accounting for the financial status of pensioners, including how much they earned in their working lives and how they lived. I know it's not possible, but it would be enlightening.

    I, personally, can't find a single pensioner anywhere - among thousands I come in contact with regularly - who isn't way better off than me and wasn't ALWAYS way better off than me.

    Yes, I'm sure there are battling pensioners out there. Probably some have done it tough. But even those who complain here ultimately seem too frequently to expose that they are actually not that poor at all. One who whinged about caring for her daughter and paying most of her pension in rent ultimately revealed a very healthy income to support the two of them, given that after the rent was paid they had no other accommodation costs to cover.

    Just because YOU had high wages all your life and are okay in retirement doesn't give you the right to assume everyone who isn't a pensioner was as privileged. Nor is there one ounce of validity to your wild assumption that pensioners are worse off, across the board, than SFRs. I can't find a single SFR who isn't far LESS
    OlderandWiser
    18th Feb 2019
    8:42am
    Sundays, I'd like to see an accurate accounting for the financial status of pensioners, including how much they earned in their working lives and how they lived. I know it's not possible, but it would be enlightening.

    I, personally, can't find a single pensioner anywhere - among thousands I come in contact with regularly - who isn't way better off than me and wasn't ALWAYS way better off than me.

    Yes, I'm sure there are battling pensioners out there. Probably some have done it tough. But even those who complain here ultimately seem too frequently to expose that they are actually not that poor at all. One who whinged about caring for her daughter and paying most of her pension in rent ultimately revealed a very healthy income to support the two of them, given that after the rent was paid they had no other accommodation costs to cover.

    Just because YOU had high wages all your life and are okay in retirement doesn't give you the right to assume everyone who isn't a pensioner was as privileged. Nor is there one ounce of validity to your wild assumption that pensioners are worse off, across the board, than SFRs. I can't find a single SFR who isn't far LESS
    Sundays
    18th Feb 2019
    9:14am
    OGR, I dint have high wages all my life just the last 25 years after I was able to get a degree as a mature age student. I grew up in a very low income area in western Sydney, left school at 16 and spent the first 20 years in low paid employment. I see members of my large family struggling on the pension, some more than others. Also, I meet a lot of SFR and the topic of conversation is always overseas holidays they have/are taking. Things pensioners can only dream of. If the SFR you meet are all saying they are worse of than pensioners that is a lie. Check with charities who help the poor, there are no SFR there. You can’t find a Single SFR who isn’t far less, don’t insult our intelligence. Wealthy retirees who would never need to go to Centrelink are everywhere!
    Anonymous
    18th Feb 2019
    9:25am
    25 years three quarters of your working life .Duh !!!
    You are one ugly green eyed monster who takes great sarisfacrion in seeing modest SFR’s suffer
    Your husband and kids must be so proud of you
    OnlyGenuineRainey
    18th Feb 2019
    11:37am
    Hey Lothario, are you intellectually unable to reply with a descent comment instead of putting people down all the time. Your husband must be embarrassed by your low intellect & dumb comments.
    jackie
    15th Feb 2019
    12:04pm
    Ordinary Pesioners that rent and gave no investments will not be better off. This means that if they continue to work till they drop, they can earn an extra $50 gross a fortnight. In the time being the cost of food goes up each week with everything else. I am so over political progander. The reality is we are all slaves to the system.
    Rae
    15th Feb 2019
    3:03pm
    Indeed we are jackie.
    Adrianus
    15th Feb 2019
    3:22pm
    Jackie you should take a look at the governments pension increases as of 1st July.
    Adrianus
    15th Feb 2019
    3:22pm
    Jackie you should take a look at the governments pension increases as of 1st July.
    Lookfar
    15th Feb 2019
    7:44pm
    OG, you have got it totally upside down their slots should be totally unrelated, as they are in real life.
    OlderandWiser
    15th Feb 2019
    7:55pm
    Gee, Jackie - you worked it out that no politician cares about the real battlers. They just want to screw those who contribute to the national budget and overfeed the rorters and manipulators.
    OlderandWiser
    15th Feb 2019
    7:55pm
    Gee, Jackie - you worked it out that no politician cares about the real battlers. They just want to screw those who contribute to the national budget and overfeed the rorters and manipulators.
    tia-maria
    15th Feb 2019
    12:18pm
    This increase for those who are still working after 70s...............many retire pensioners have major health issues and dont have a leg to stand on..........The Rudd Government gave us around $900 years ago and was most appreciated???? sadly the rich people got it as well......... (retired pensioners who live on peanuts) .........how about you give to retired elderly people at $1,000 bonus a year every year.....and than maybe some could afford a few days away...........Dont tell us you have no money as your showing your true colour what your spending on......... these REFUGEES.........Which should not be our Government responsibility
    Rae
    16th Feb 2019
    8:31am
    Refugees are a responsibility because we signed up after WW11 to do ur part if needed.

    That means refugee camps. Which is what we need to set up.

    It doesn't mean the detention centres off shore, billions of dollars wasted on contracts for mates or resettlement.

    If refugees realised Australia only offered the same camps as anywhere else they would not bother coming all this way.

    Politicians always have to complicated everything so corruption can creep in.

    However it's not the refugee at fault in any of it.
    Concerned
    15th Feb 2019
    12:18pm
    Also not many who are physically demanding jobs can work beyond 65
    Linda
    15th Feb 2019
    12:19pm
    We have to all agree that when the time comes, as we age, many of us collectively face awesome, eye watering costs to get care or support. We have retirement (set and often limited income), with rising costs and laws that continue to change so we don't know what is going to befall us next. The government keeps looking at the massive costs they build up paying for these last years in terms of income support or care support or residential care. The rules around what we can do with our allocated pensions change, rules around paying for support and care change, our representatives in the two parties may or may not tell us the truth, banks are cheating people, and seemingly getting away with it. These things and others that have not come to mind all spell stress and anxiety for those of us who are just managing. I am more than weary of this game. The pensions people have that are allocated pensions are often not given good advice and advisers may or may not be trusted. Our combined pensions are the big big honey pot that now the lords of taking want to get a piece of. We see how they are prepared to treat human beings who are so unlucky to have to leave their home countries and seek assylum in another place, even children have been criminally mistreated. How can we expect our government to care one way or another about us, past our productive years? We are just the fodder for the high salaries, their power and the change to take bribes off of banks and fossil fuel barons. We need a government that does a better job and we need to address climate change.
    Rae
    16th Feb 2019
    8:42am
    We could start robbing banks or something which guarantees a gaol term. It's obviously a better option. And much cheaper as well.

    I keep waiting for Coles and Woolies to send a request for a $50 000 bond to assist them in their retail business. It's the same con.

    Paying huge bonds was entirely to force home sales for the financial industry and to prevent wealth being handed down. Apparently only the chosen ones can leave an inheritance. The ordinary people should know their place which is working for those chosen and ending up with nothing to show for it.

    The Lords of Taking are so annoyed we some of us have finally managed to accumulate bit of wealth by joining them in asset accumulation. They will not share. They know if we can pass it on then our families can rise above working for them all their days. They don't want a bar of it.

    Look how quickly they recreated inequality when equality and opportunity started rising for the middle class. Shut it down real quick with their neoliberal ideologies.

    Lords of Taking. I love that label Linda. Well said.
    cat
    15th Feb 2019
    12:36pm
    so do regular pensioners actually get any extra money?
    Sundays
    15th Feb 2019
    1:16pm
    No Cat, but if they are fortunate eneough to own a home they can get a loan against it to make ends meet!
    Jaz
    15th Feb 2019
    1:26pm
    Yes Sundays. - they can get a loan against their home BUT will probably not ever be able to pay it back and lose it in the end.
    MITZY
    15th Feb 2019
    1:29pm
    Probably not!! Just the usual six-monthly adjustment on 20th March and 20th September amounting to next to nothing. With all these escalating costs on everything why don't they change the adjustments to the age pension to every three months? They do so many other assessments quarterly, we pay so many of our bills quarterly (some even monthly), so why not the age pension.
    CarolAT made a good comment about her Mother above and similar applies to me.
    I still own my own home (duplex unit) but find an ever-increasing struggle with the bills and the cost of living, especially "fresh food". Petrol is extra expensive living in the country to city dwellers with discounts galore; doctors don't bulk bill here but Morrison indicates every time he talks about Medicare that 80% of people are being bulk billed (not in my neck of the woods). My retirement super was $8,500 from my job (due to no super until it was made compulsory). Retirement age was 62.1/2 years but I retired at 55 due to husband's ill health (Multiple Sclerosis). Due to being frugal, our savings reduced the disability pension for him and carer allowance for me so we had to use our savings as well to exist.
    Disability aids when sold were reduced to about 20% of their original costs. A disability vehicle cost more for registration due to modifications and needed extra costs to register to have the modifications inspected as well as the normal inspections. When sold at a reduced cost because it was not needed I still needed to buy another car to be able to move around in a country area. Couldn't afford to buy a new one. Sold house in Sydney moved to country. Worked for a while and was able to put the $8,500 plus some proceeds from the sale of the Sydney property and lower price of the country property into an allocated pension where it would gather interest but be unavailable until age 62.1/2 yrs (as above). What happened then: September 11 and later on the GFC. We didn't have a great amount to invest and decided 50% would be in capital guarantee and 50% in stock market-but not in risky investments. So the 50% (two times over) in the stock market was all but gone. I'm not an isolated case, it happened to many, but it just demonstrates that even being frugal deals little justice if you are caught in this financial web. Others are sometimes accident prone over and over and others have ill-health over and over. I have joined through "MyAgedCare" a group of oldies doing Aquarobics once a week it costs me $4.95 to be picked up by their bus and taken to the class and driven home. Twice a week I go to a class for seniors for strength & balance exercises and I drive myself there for a cost of $1.65 per class. Its absolutely great and beneficial health-wise and keeps me happy. I go for a walk along the beach every morning and this also generates a chat with like-minded people. I don't belong in the "Unhappiness" trap and I'm enjoying my life again after 26 years of being a carer.
    Sundays
    15th Feb 2019
    1:39pm
    Yes Jaz, this government think it is ok for rich people to preserve their capital via schemes such as refund of Franking credits but old age pensioners have to take out a loan on the home they struggled to pay off just to make ends meet.
    Sundays
    15th Feb 2019
    1:45pm
    Mitzy, caring is very tough, emotionally and financially. I’m glad that you enjoy life now. Don’t let some of the nasty comments on this site put you down. You have saved this country a fortune. People forget the unpaid work of careers and volunteers
    OlderandWiser
    18th Feb 2019
    8:36am
    Sundays, this government forced people to spend their capital by lowering the assets test.

    Labor is protecting rich people's capital by ensuring the wealthy keep their franking credits and only the less well off lose them - people who will be forced onto pensions by the unaffordable and grossly unfair loss. Do you see Bowen or Shorten losing due to their stinking franking credit change. NO! Only people who saved their whole lives to have a little comfort in old age, which they will not be denied by your elder-abusing, thieving, lying mates.

    Yes, caring is tough. I've been doing it for 10 years now - and as well as caring for a partner, I've had to care, without assistance of any kind, for an elder relative, orphaned children, and a special needs grandchild and his mentally ill mother. And I continue to work part time as well to ensure I can cover the high costs of therapies and treatments that are needed WITHOUT eroding the savings that I've set aside for some known future big expenses. But Labor will put an end to any hope of meeting those costs and force me onto a pension and my loved ones into publicly-funded basic aged care when the time comes. And after I saved for a lifetime to avoid that - you greedy selfish 'I'm alright Jack bugger you' people endorse that theft and abuse.

    I am contributing more to the public purse than a worker earning $180,000 a year - but apparently that's not enough for the greedy who live off the public purse or the stinking overpaid Labor politicians and bureaucrats and their far-too-privileged supporters. I have high living costs due to specific health issues and family circumstances. I won't be able to work much longer. I NEED to preserve my capital. I NEED and DESERVE the income I worked my guts out for decades (on very low wages - but finding creative ways to save) to achieve in retirement.
    OlderandWiser
    18th Feb 2019
    8:36am
    Sundays, this government forced people to spend their capital by lowering the assets test.

    Labor is protecting rich people's capital by ensuring the wealthy keep their franking credits and only the less well off lose them - people who will be forced onto pensions by the unaffordable and grossly unfair loss. Do you see Bowen or Shorten losing due to their stinking franking credit change. NO! Only people who saved their whole lives to have a little comfort in old age, which they will not be denied by your elder-abusing, thieving, lying mates.

    Yes, caring is tough. I've been doing it for 10 years now - and as well as caring for a partner, I've had to care, without assistance of any kind, for an elder relative, orphaned children, and a special needs grandchild and his mentally ill mother. And I continue to work part time as well to ensure I can cover the high costs of therapies and treatments that are needed WITHOUT eroding the savings that I've set aside for some known future big expenses. But Labor will put an end to any hope of meeting those costs and force me onto a pension and my loved ones into publicly-funded basic aged care when the time comes. And after I saved for a lifetime to avoid that - you greedy selfish 'I'm alright Jack bugger you' people endorse that theft and abuse.

    I am contributing more to the public purse than a worker earning $180,000 a year - but apparently that's not enough for the greedy who live off the public purse or the stinking overpaid Labor politicians and bureaucrats and their far-too-privileged supporters. I have high living costs due to specific health issues and family circumstances. I won't be able to work much longer. I NEED to preserve my capital. I NEED and DESERVE the income I worked my guts out for decades (on very low wages - but finding creative ways to save) to achieve in retirement.
    GeorgeM
    15th Feb 2019
    12:46pm
    This discussion is about the impending Age Pension rule changes, hence all comments above outside that scope above are irrelevant and likely from trolls wishing to divert the agenda.

    Now on the actual subject of the article - the changes mentioned are all CRAP (except the check to see whether you are still alive), and mostly minor, useless CRAP - not sure whether their estimates of costs are accurate, seems too much.
    The only good change is the one to test whether people are still alive - in fact that doesn't go far enough, it should be required for anyone getting Age Pension or any other Govt payments, and living overseas.
    GeorgeM
    15th Feb 2019
    12:51pm
    The Liberal Govt hypocrites are pretending to do something good, after destroying the retirement incomes and plans of 100s of thousands of retirees and pre-retirees with their Asset Test changes from Jan 2017. That WON'T be forgotten, these minor changes will disappear from most people's mind, except creating more work for Centrelink staff. Much better to have scrapped the Broken Age Pension system and gone for Universal Age Pension.
    Sundays
    15th Feb 2019
    1:21pm
    Yes GeorgeM, other countries do it. I know people in Australia in receipt of small foreign pensions and none have said that proving they are still alive is an imposition. The pension is for the recipient not a lifetime annuity for their descendants
    Sundays
    15th Feb 2019
    1:22pm
    Universal Pension is the only way to go
    Mad as Hell
    15th Feb 2019
    2:18pm
    Yes George you are 100% correct the 2017 changes were stolen assets from 330,000 retirees. Shame on the LNP and Greens.
    Adrianus
    15th Feb 2019
    3:24pm
    HA HA HA!! GeorgeM, you appear to be one of the greedy ones all the posters are talking about. Spending down to get under the threshold huh?
    OlderandWiser
    15th Feb 2019
    7:57pm
    Yes, the LNP did a hideous thing, GeorgeM. And now Labor wants to finish the demolition job by stealing thousands from the victims of the LNP's cruelty.
    OlderandWiser
    15th Feb 2019
    7:57pm
    Yes, the LNP did a hideous thing, GeorgeM. And now Labor wants to finish the demolition job by stealing thousands from the victims of the LNP's cruelty.
    GeorgeM
    15th Feb 2019
    8:57pm
    Adrianus, this is NOT about me, and I have NEVER revealed anything about my situation. So you comment is ill-informed and foolish. Rather than repeat things I have said in the past (about fair policies and the economical benefits for EVERYONE), why don't you at least read 1984's comments below how even NZ has done it all in a simple and fair way for all.

    Yes, OGR, Liberal & Labor politicians (both with the help of the Greens) will destroy all who are trying to earn and save. They don't want them to join the ranks of the wealthy like themselves! BOTH of them & the Greens need to go immediately.
    Lookfar
    16th Feb 2019
    7:28pm
    sure george M, unfortunately it is not so simple, but good of you to remind us to try and focus, - and identify those who feel it is their job to stop us from focussing, - after all, coupled with abuse and outrageous lies, that is all that Trolls can do, - however much they are paid.
    OlderandWiser
    18th Feb 2019
    10:12am
    Mad as Hell and GeorgeM, clearly you don't know that Labor actually supported the assets test change but wanted to appear to oppose so urged the Greens to ensure it was passed. Why do you think they refused to propose a change to it if they won government?

    Both parties are working in concert. They agree on a policy then decide which will appear to oppose it in order to appease their supporters and which will appear to be 'the bad guy of the moment'. It's all carefully orchestrated to ensure both parties achieve what both parties are aiming for - continued transfer of wealth to the wealthy and further oppression of the rest.
    OlderandWiser
    18th Feb 2019
    10:12am
    Mad as Hell and GeorgeM, clearly you don't know that Labor actually supported the assets test change but wanted to appear to oppose so urged the Greens to ensure it was passed. Why do you think they refused to propose a change to it if they won government?

    Both parties are working in concert. They agree on a policy then decide which will appear to oppose it in order to appease their supporters and which will appear to be 'the bad guy of the moment'. It's all carefully orchestrated to ensure both parties achieve what both parties are aiming for - continued transfer of wealth to the wealthy and further oppression of the rest.
    sunnyOz
    15th Feb 2019
    12:49pm
    More important - needs the deeming rate reassessed.
    Also - the Work Bonus is a joke - bring back the Pensioner Bonus Scheme.
    TREBOR
    15th Feb 2019
    4:32pm
    Pension untouched and income taxed at normal rates.....

    When we, the ex for whom I am carer and I, move to the coast, I'm looking at a job again... or two... only 70 this year .... as for the physical jobs, well - let's just say that an hour or so under the bonnet of the car this morning was murder....
    Old Geezer
    15th Feb 2019
    6:26pm
    I'm hearing that they are going to put the deeming rate up because of pensioners being allowed to keep their franking credits.
    TREBOR
    15th Feb 2019
    9:32pm
    Nothing in life is free, OG...... everything has to be paid for....
    OnlyGenuineRainey
    15th Feb 2019
    1:00pm
    Pension income boost for who, not for most. Expect the usual DH trolls to be out praising the government on this one, what a load of codswallop.
    The current pension system is broken, can’t be fixed. The pension needs to be scrapped & a universal pension introduced ASAP.
    How simple & uncomplicated is the Kiwi universal pension. Australia would save billions of dollars just in administration by abolishing the current system & possibly generate further income by taxing all earning from work, assets etc. Shame the LNP & ALP are so entrenched in keeping it complicated or their own gain. And no Robo Debt on pensions ever again.
    New Zealand's public pension system, the New Zealand Superannuation (NZS), differs from those in many other countries. Its primary goal is to provide social protection rather than to replace earnings.
    The non-contributory flat-rate pension is paid to all residents fulfilling the residence requirements at the age of 65. The beneficiary must have lived in New Zealand for at least 10 years since turning 20 with at least five years spent in the country after the age of 50. The pension is financed from general tax revenues. *The residency requirements are set for discussion 2017/18.

    All benefits received under NZS are subject to income tax. The pension is paid regardless of whether the person is still employed or not. It is neither work nor income-tested. New Zealand has not legislated for a compulsory retirement age and employers are not allowed to specify a mandatory retirement age in employment contracts.
    Lookfar
    15th Feb 2019
    1:13pm
    Always seemed a good way to go to me too 1984, it is so simple it doesn't need an army of lawyers, bankers, accountants, bureaucrats, and similiar fellow travellers parasiting on the money before it gets to the citizen, they can all go and get honest work helping people.
    Of course the rich have to pay their tax too, probably the only reason the poor people don't trust the idea, they distrust the rich, - often rightly so.
    Jtee
    15th Feb 2019
    2:14pm
    From what you are saying,.......love the New Zealand idea.
    Old Geezer
    15th Feb 2019
    6:27pm
    Yes we should have the same pension as NZ. I can hear the whinging now as it's a lot lower than ours.
    OnlyGenuineRainey
    15th Feb 2019
    8:15pm
    And what makes you think the NZ government would be setting the amount of an Australian universal pension if introduced OG. yep the whinging is deafening, not, lol.
    Maybe we should be looking more at NZ as they are far less corrupt tha Australia, fact. NZ is consistently rate 1st or 2nd in the world as the least corrupt while Australia constantly languishes way down and achieves less points year in year out since the LNP have been in charge. FACT
    OnlyGenuineRainey
    15th Feb 2019
    8:15pm
    And what makes you think the NZ government would be setting the amount of an Australian universal pension if introduced OG. yep the whinging is deafening, not, lol.
    Maybe we should be looking more at NZ as they are far less corrupt tha Australia, fact. NZ is consistently rate 1st or 2nd in the world as the least corrupt while Australia constantly languishes way down and achieves less points year in year out since the LNP have been in charge. FACT
    Elizzy
    15th Feb 2019
    1:41pm
    We won't be able to visit an Australian overseas representation when aged over 80, for cost and distance reasons. Will medical exemptions be granted?
    Triss
    15th Feb 2019
    3:18pm
    I have a feeling, Elizzy, that proof is only required if the country you’re living in does not share information with your foreign pension country. I think the people who have a part pension from UK for instance are fine because Australia and UK share information.
    Elizzy
    15th Feb 2019
    1:41pm
    We won't be able to visit an Australian overseas representation when aged over 80, for cost and distance reasons. Will medical exemptions be granted?
    Lescol
    15th Feb 2019
    1:43pm
    Its grand to see that NZ once again leads the world; I refer to their universal pension. Sadly that seems to be too hard a concept for Australlian politicans. Long overdue.
    OlderandWiser
    18th Feb 2019
    8:23am
    Almost every developed nation has a universal pension. Australia is DIFFERENT. Short-on-brains and some of his dumb supporters claim we have to change franking credits because other countries pay them. Odd how none of them suggest we should change our pension system because no other country means tests. We can be different when it suits the nasty greedy unfair folk, but must be the same when it suits their vile agenda, apparently.
    OlderandWiser
    18th Feb 2019
    8:23am
    Almost every developed nation has a universal pension. Australia is DIFFERENT. Short-on-brains and some of his dumb supporters claim we have to change franking credits because other countries pay them. Odd how none of them suggest we should change our pension system because no other country means tests. We can be different when it suits the nasty greedy unfair folk, but must be the same when it suits their vile agenda, apparently.
    Pop47
    15th Feb 2019
    2:21pm
    Just remember the devils in the details When government tells us something will be good or fairer for all be sure you’re going to be screwed besides none of this effects the fat cats so go figure?
    floss
    15th Feb 2019
    2:59pm
    Would have to agree to your comments GeorgeM lest we ever forget what Joe Hockey did.Sorry Lothario you are still a fool.
    Knows-a-lot
    15th Feb 2019
    4:20pm
    The Lieberal rats are just pork-barrelling. Their goose is cooked, and they know it. Sheer desperation!
    OlderandWiser
    18th Feb 2019
    8:21am
    Labor politicians in NSW are saying they think their goose is cooked, and Bowen's idiotic and unfair policy has handed the LNP a win.
    OlderandWiser
    18th Feb 2019
    8:21am
    Labor politicians in NSW are saying they think their goose is cooked, and Bowen's idiotic and unfair policy has handed the LNP a win.
    SFR
    18th Feb 2019
    9:07am
    You could be right OGR going by the latest Gallop Poll, but we need BOTH major parties gone. They have morphed into a self serving rabble.
    OlderandWiser
    18th Feb 2019
    10:01am
    Yes SFR. While the two-party system continues, there is no hope for Australia. We are doomed.
    OlderandWiser
    18th Feb 2019
    10:01am
    Yes SFR. While the two-party system continues, there is no hope for Australia. We are doomed.
    TinTin
    15th Feb 2019
    6:09pm
    So why hide behind the Mask Lothario, Are you hiding something?
    Lookfar
    16th Feb 2019
    5:30pm
    Tin Tin, they are sunlamp sunshades, he is afraid to go out in to the light of day to get his tan so uses tanning lamps, - that is why I suggest his name should be Slothario.
    However, that is wrong of me, one should not abuse even Koch Bros trolls, despite they wish us great ill.
    Nobby
    15th Feb 2019
    6:15pm
    For those living overseas why not make it a video conference hookup!
    What if you live somewhere where there is no Australian Embassy.
    If it is a video conference then they can ask how you are feeling, ask you a random set of questions, whatever is needed.
    Instead you may need to fly to another country which could mean saving for the flight, applying for a visa, etc etc.
    We are supposed to be in the new technology age. Let us use it.
    Lookfar
    15th Feb 2019
    8:00pm
    And you are living in a village, totally in harmony with all around you and so happy no technology within hundreds of K's.
    Prhaps some small device, finger print sensitive or whatever?
    OnlyGenuineRainey
    16th Feb 2019
    1:49am
    even most small villages have internet so you can use viber, skype, realtime etc. Can't be hard to verify, as you say Nobby, other relevant questions can also be asked. I wonder if the cost for travel, accommodation etc will be reimbursed or allowed as a tax deduction.
    Old Geezer
    15th Feb 2019
    9:15pm
    Franking credits number 3 issues in NSW state election. There has certainly been a shift against Labor on this issue.

    https://wilsonassetmanagement.com.au/2019/02/12/labors-franking-credits-crackdown-looms-as-nsw-state-election-issue/
    Old Geezer
    15th Feb 2019
    9:16pm
    https://wilsonassetmanagement.com.au/2019/02/12/labor-facing-franking-credit-revolt-from-victorian-retirees/
    Old Geezer
    15th Feb 2019
    9:16pm
    https://wilsonassetmanagement.com.au/2019/02/12/labor-facing-franking-credit-revolt-from-victorian-retirees/
    Anonymous
    15th Feb 2019
    9:20pm
    Yep
    It’s happening in every state
    Labor underestimated the average Australians intelligence
    Sold a policy by deceiving OAP’s into thinking they were taking from the rich.
    In actual fact the rich are unaffected and the poor SFR’s will be driven to part or full OAP
    Old Geezer
    15th Feb 2019
    9:30pm
    Labor is also getting a backlash on that medivac amendment too.

    Are they stupid enough to ride it out and lose the unlosable election or admit they made an mistake on franking credits?

    I know where I'd put my money on this one.
    Rae
    16th Feb 2019
    8:57am
    Yes. Big mistake on top of Hockey's budget changes.

    A lot of those who were hit hard also have shares that pay dividends and credits and are filthy they will be attacked yet again.

    I'm still very angry about Hockey's changes myself and even though I receive only a small franking credit which I think will still offset foreign investment taxes. I'm so glad my investment there is not under the superannuation umbrella. You can't trust either Party now.

    If I 'd saved diligently for decades buying shares while others upgraded homes and wasted money on lottos and clubs and indulging kids and whatever I'd be furious about now. Is this the plan? Divide and conquer.
    OlderandWiser
    18th Feb 2019
    8:19am
    I DID save diligently for decades, as per the government's urging - saying it would enable me to have a good retirement and it would help the nation. Didn't buy shares until late in life, when I realized I was losing by just having term deposits. Having lived in poverty for so long, I had no understanding of financial markets and investments.

    Missed out on a much needed part pension when I was forced to retire just weeks after the assets test change due to a family crisis and found I had to go back to part time work later (which, happily, I love - but can't continue forever!). I really didn't want to deal with Centrelink as my partner has a paranoid fear of bureaucracy and authority due to childhood abuse and injustice. We had just moved into a very modest retirement home that we love and didn't want to move from. Partner doesn't handle travel well so a big trip wasn't really an option.

    We have high daily living costs due to some significant health issues, and partner spends a lot on hobbies - which psychs say is essential for continued sanity given high anxiety levels, depression and PTSD resulting from serious injustice and abuse in childhood. We also spend a huge amount on petrol and car maintenance due to living a long way from facilities.

    Now it looks like we will be forced onto the pension but still with no right to ever receive franking credits - unless someone forces Labor to withdraw from this disgusting elder abuse.

    Why is it that politicians are claim they are continually striving to increase pensions and reduce taxes, yet retirees like me are being unfairly deprived.

    Yes, I have some savings - considerably LESS than pensioners are handed over the course of their retirement, and set aside to ensure I could afford the health and personal care my partner will urgently need in coming years. But having to live on that because I am unfairly taxed means the money won't be there for that cost when the need arises, and without private health cover I will be forced to accept publicly-funded basic care, despite having worked and saved for decades to ensure my partner had high quality care. This is what the greedy pensioners (not ALL pensioners - just the greedy ones) and the stinking Labor Party call 'fair' - stealing the savings of people like me who worked hard and saved well to meet specific known needs and giving them to much wealthier and more privileged folk and to people who bought flasher houses and cruised the world.

    I figure I contribute far more to the national treasury than wage earners on more than $180,000 a year, given that being self-sufficient saves the nation about $50,000 a year when admin costs and concessions are included. On top of that, I pay a huge amount of petrol tax, GST, and even some alcohol tax.

    Yet Labor and the greedy Labor voting pensioners here accuse me of paying NO TAX!!!!!

    Maybe they ALL need a 'proof of brain' certificate!
    OlderandWiser
    18th Feb 2019
    8:19am
    I DID save diligently for decades, as per the government's urging - saying it would enable me to have a good retirement and it would help the nation. Didn't buy shares until late in life, when I realized I was losing by just having term deposits. Having lived in poverty for so long, I had no understanding of financial markets and investments.

    Missed out on a much needed part pension when I was forced to retire just weeks after the assets test change due to a family crisis and found I had to go back to part time work later (which, happily, I love - but can't continue forever!). I really didn't want to deal with Centrelink as my partner has a paranoid fear of bureaucracy and authority due to childhood abuse and injustice. We had just moved into a very modest retirement home that we love and didn't want to move from. Partner doesn't handle travel well so a big trip wasn't really an option.

    We have high daily living costs due to some significant health issues, and partner spends a lot on hobbies - which psychs say is essential for continued sanity given high anxiety levels, depression and PTSD resulting from serious injustice and abuse in childhood. We also spend a huge amount on petrol and car maintenance due to living a long way from facilities.

    Now it looks like we will be forced onto the pension but still with no right to ever receive franking credits - unless someone forces Labor to withdraw from this disgusting elder abuse.

    Why is it that politicians are claim they are continually striving to increase pensions and reduce taxes, yet retirees like me are being unfairly deprived.

    Yes, I have some savings - considerably LESS than pensioners are handed over the course of their retirement, and set aside to ensure I could afford the health and personal care my partner will urgently need in coming years. But having to live on that because I am unfairly taxed means the money won't be there for that cost when the need arises, and without private health cover I will be forced to accept publicly-funded basic care, despite having worked and saved for decades to ensure my partner had high quality care. This is what the greedy pensioners (not ALL pensioners - just the greedy ones) and the stinking Labor Party call 'fair' - stealing the savings of people like me who worked hard and saved well to meet specific known needs and giving them to much wealthier and more privileged folk and to people who bought flasher houses and cruised the world.

    I figure I contribute far more to the national treasury than wage earners on more than $180,000 a year, given that being self-sufficient saves the nation about $50,000 a year when admin costs and concessions are included. On top of that, I pay a huge amount of petrol tax, GST, and even some alcohol tax.

    Yet Labor and the greedy Labor voting pensioners here accuse me of paying NO TAX!!!!!

    Maybe they ALL need a 'proof of brain' certificate!
    jeffr
    15th Feb 2019
    9:42pm
    I scrolled all then way to the last comments and "Yes"I still understand why I cannot be bothered to read comments...Hi OG and Lothario. thanks for saving me time ...your comments are RUBBISH as usual
    Anonymous
    16th Feb 2019
    6:31pm
    Your welcome
    I see you have nothing to contribute
    Colours
    16th Feb 2019
    6:24pm
    Scott Morrison needs to submit a “proof of brain certificate”
    OlderandWiser
    18th Feb 2019
    7:50am
    Agreed. bit Bill Shorten and Chris Bowen shouldn't bother, because they don't have even a shred of brain to look for. Nothing in their heads but excrement.
    OlderandWiser
    18th Feb 2019
    7:50am
    Agreed. bit Bill Shorten and Chris Bowen shouldn't bother, because they don't have even a shred of brain to look for. Nothing in their heads but excrement.
    Charlie
    16th Feb 2019
    7:24pm
    All too late to help me. Firstly I would need to find an organization that wanted to employ an age pensioner. Then I would have to fit into the hours they wanted me to work.

    My goals would not be 8 hours a day, but 8 hours a week. Maybe some of that done at home online. It would be a very effective boost to my pension income.

    This type of work comes into competition with younger people who have a disability and trying to find work. Also dole recipients making some undeclared cash.

    Before 65 I was a person with an age related disability, thus entitled to government assistance from a special agency to find suitable work, plus getting the disability pension..

    After 65 I was reclassified to, just another age pensioner trying to get casual work in a competitive market.
    Blinky
    17th Feb 2019
    11:16am
    The base pension rate is still low. The asset test threshold needs to be raised. People w a small super r lose $3 x every $1k they have over the skinny threshold i.e. they r losing money becaused they invested in super.
    In sum, these changes r not helping pensioners
    Munriz
    17th Feb 2019
    2:06pm
    Regarding the pensioners over 80 on overseas which required proof of existent. I think the consulate in a particular country should be the one to send an investigator to check these pensioners aged 80 n above because of mobility.
    Anonymous
    17th Feb 2019
    5:44pm
    Rubbish
    If you choose to live overseas and be a burden on the taxpayer , you should be the one to prove you’re still alive and/ or still eligible for the pension
    OnlyGenuineRainey
    17th Feb 2019
    7:33pm
    Lothario, why are you a burden on the taxpayer if you live overseas. Just another stupid comment from the local village idiot again with any constructive contribution to the forum.
    Thought you were leaving this site anyway, sooner the better or was that just more BS.
    Needy
    18th Feb 2019
    10:29am
    I have read almost all the conversations you have all entered. I think most of you just want to argue. It would be nice If you stayed in the subject and just made an educated response so that I could understand what is really happening.

    I get a full pension. I was given IAG shares years ago. The money they put into my account twice yearly helps me buy clothes, that I would have to do without otherwise, so am I going to be wearing worn out clothes? I also use this money to save a little for unforseen happenings. I need my money from these shares? Bill Shorton please leave my shares money alone.
    Sundays
    18th Feb 2019
    4:58pm
    Needy, a pensioner such as yourself is exempt from the policy. You can keep your dividends, and also any Franking credits that may be paid. The latter you have to apply for by completing a Refund of Franking Credits Form available from the Tax Office
    Neil
    18th Feb 2019
    12:00pm
    To best of my knowledge you can now earn approx $302 P/ Couple on age pension . So this increase of $300 is that on top of the present $302 ? I have phoned the Ministers Office and will give me no answer unless I apply by email. So then dare say be advised in 1 to 2 months time .
    So someone online can you advise what is going to be the total amount ?
    Sundays
    18th Feb 2019
    2:19pm
    Neil, you can now earn $304 per fortnight couple combined before it reduces by $0.50 for every dollar. The extra $300 under discussion is the extra pensioners can earn from paid employment under the work bonus scheme. Increase from $250 and now includes self employed. In your situation, if you don’t have a job nothing has changed (except the $2 increase). Hope this helps.
    Blinky
    21st Feb 2019
    3:15pm
    How is that helping pensioners who r too old or too sick to work or those who cannot work cause they neef to look after a sick or weak partner?
    How is that going to help those who dont want to ask x a loan cause they simply dont like the idea?
    How is that going to help those with no or few assets n whose only income 8s the govt pension?
    How is that going to help those who r now losing money cause they are marginally over the asset test threshold?

    Centrelink pensioners r not rich, they dont have shares or huge bank accounts and that is why they depend on a govt pension.

    Those "smart" ministers n their advisors do not understand that simple fact.

    U wanna help Centrelink pensioners? :
    A. Increase the pension
    B. Increase the meagre, miserably low asset test.

    Pensioners who dont depend on Centrelink r self-suffient, they do not need any help. Leave them alone!!!

    How is that so hard to understand???


    Join YOURLifeChoices, it’s free

    • Receive our daily enewsletter
    • Enter competitions
    • Comment on articles