Author Archives: Jeff Lemin
No September Age Pension Increase this Year
December 16, 2020
Age Pension payment rates are usually increased every six month – on 20 March and 20 September – to maintain their real value over time. On 20 September 2020, for the first time in more than 20 years, the Age Pension rates did not increase. This is due to the method of pension indexation, and […]
More Experience Does Not Mean More Ethical
November 26, 2020
With an ageing population and increased longevity, it is becoming increasingly difficult for the government to provide the same level of support to retirees. The responsibility of financially preparing for retirement is gradually shifting from the government to each individual and, given the complexity of legislation and financial products available on the market, more and […]
Latest on Coronavirus Early Super Release
September 14, 2020
As part of its COVID-19 economic response, the Federal Government is allowing eligible Australians to access some of their superannuation early. On 3 September 2020, regulations were implemented to extend the temporary early access to super provision until 31 December 2020. This means that a release application for an amount of up to $10,000 may […]
Retirees Fear Running Out of Money
August 21, 2020
People are living longer Life expectancy in Australia has improved dramatically in the last century. Compared with the figures in 1881–1890, people these days can expect to live around 34 years longer. […]
Work Test Age Extended to Age 67
July 10, 2020
Contributing to superannuation can be one of the simplest and yet most tax effective ways to build wealth for retirement. This is because the government provides a range of tax concessions to encourage superannuation contributions. The concessions include a tax offset of up to 18% for spouse contribution, the Federal Government co-contribution of up to […]
Aspire Market Update
March 16, 2020
There is great concern at present around the possible spread of Coronavirus. Whilst there are genuine issues that will need to be addressed by governments and businesses in order to manage the spread, it is also causing a significant level of anxiety for many investors. This fear has come on extremely quickly with the majority […]
Maintaining a Self-Managed Super Funds in Retirement
November 20, 2019
Self-managed super funds (SMSFs) are usually set up by people who want to have a more direct ‘hands-on’ role in running the fund, or where the members have a special interest in holding a certain type of asset within the fund. There are certain attractions that SMSFs have, which prompt individuals to establish their own […]
Splitting Super Contributions with your Spouse
October 18, 2019
Many people don’t know that from 1 January 2006 it has been possible to split certain superannuation contributions with their spouse. At the end of each financial year, you can apply to the trustee of your super fund to split the previous year’s concessional contributions with your spouse. This is different from making a spouse […]
Expansion of Work Bonus to Self-Employed
September 18, 2019
The Work Bonus lets eligible pensioners earn more income from working without reducing their pension. Until recently, the Work Bonus only applied to employment income, but from 1 July 2019 it was extended to include income from self-employment. However, the bonus can only be used to offset income derived from the physical exertion of the […]
Changes to Social Security Deeming Rates
August 16, 2019
Eligibility to income support payments and government concession cards are affected when the income you receive is above the allowable income limit. Some assets, called ‘financial investments’, are deemed to earn income regardless of the income they are actually earning. On 14 July 2019, the Government issued a media release about changes to deeming rates. The lower […]