Are you losing money with the 1st of January 2015 government rule changes?

There are several government rule changes that have come into effect as of 1 January 2015. It’s important to make sure you’re aware how these may affect you.   School Kids Bonus Eligible families were able to receive $422 for primary students and $842 for secondary students. The payment is now further being income tested, with family that earn combined incomes of over $100,000 no longer receiving the benefit. Also, be aware that the School Kids Bonus is being phased out completely and will finish up in 2016.   Job seekers If a job seeker misses their appointment with their… Continue reading

Update on the Centrelink changes that may affect your age pension

The new Centrelink rules may affect your future government age pension entitlements. From 1 January 2015, deeming rules will assess the income from your account-based superannuation when determining your pension, benefit or allowance payment from Centrelink. Account-based superannuation income streams held by pensioners and allowed prior to 1 January 2015 will continue to be assessed under the existing rules unless they choose to change products or buy new products from 1 January 2015.   The following example demonstrates how the deeming rules will be applied after 1 January 2015 compared to the current rules. Jack (65 years old) has a… Continue reading