Changes to DFRB and DFRDB Pensions

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Originally Posted by garrycol

I find all this discussion on pensions really informative and interesting but can you keep in mind the original post and send in the petition.

Thanks

Garry

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Set it up on this thread so we can do so on-line.

Well this change to legislation got voted down - labour, the Greens and most of the independents voted against it.

Just goes to show how much our pollies really care about our vets and ex servicemen.

So DFRDB pensions will remain linked to the lower pretend CPI rate that the rba uses rather than the % increase in wages that most centrelink pensions are based on.

Ripped off again.

Garry

Don't worry Garry, you could have changed to MSBS when it came in:(

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Originally Posted by garrycol

Well this change to legislation got voted down - labour, the Greens and most of the independents voted against it.

Just goes to show how much our pollies really care about our vets and ex servicemen.

So DFRDB pensions will remain linked to the lower pretend CPI rate that the rba uses rather than the % increase in wages that most centrelink pensions are based on.

Ripped off again.

Garry

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Garry, PM sent, please confirm receipt of message, Bob

I recently got my 6 monthly update advice for my DFRDB pension. I noticed that the amount of tax that DFRDB was taking out was a little low. I calculated how much it should have been it was about $500 a year short and when medicare was taken into account about $1000 a year short - meaning I would have a tax bill of $1000 even before anything else was taken into account.

I rang DFRDB (twice) to discuss and they said they have to use the ATO tax tables and it was correct by them. I looked up the relevant PAYG tables which include the medicare levy and where appropriate the flood levy, and found they were in error. I rang a nice lady at ATO and worked through the issue and she agreed there was an error but couldn't do anything about correcting the mistake :o WTF. So I will have to do it by formally lodging a complaint with the ATO.

So - every one who is getting DFRDB, you need to work out what your tax should be and if in error and you want it corrected you will need to advise DFRDB to take out more tax.

I need to get another $40 a pay taken out.

Cheers

Garry

Garry makes a good point about the tax. Its no right, i got stung in my first year of the pension and thats with not claiming the threshold.

Look, i can't complain to loudly about the CPI, as I was surprised to get a 2% increase just this week. I'm still in my late 20's but reading through this thread i totally support Garry's comments.

Dorko

Yep got my letter this week for the increase but I have had to top up my tax for the last 4 years so the tables may have been out for a while:(
One thing good about DFRDB is I can still earn some extra money without it effecting my pension:)

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Originally Posted by Lotz-A-Landies

Ah no that's not necessarily so either, by the time I retire it's highly likely that my parents will need significant care or have died themselves and then their asset rich, cash poor status will be divided and passed on, making me less asset rich but still not entitled to supplemental income from Centrepoint*

We can't even subdivide and sell some housing blocks, as much of the property is flood plain below the 100 year flood level (Youse Qld'ers wont understand that term - in NSW it's where you can't build in known flood prone areas).

Diana :(

(* it may as well be Centrepoint - Centrelink will never help out)

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Diana, Were you been for the past 7 months or so.........all of Queensland is a flood zone...........all that sloshing through thigh deep water helps us play footy...:angel:

Google" independentaustralia.net.htm/defence" for some interesting views on DFRDB. Bob

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Originally Posted by THE BOOGER

Yep got my letter this week for the increase but I have had to top up my tax for the last 4 years so the tables may have been out for a while:(
One thing good about DFRDB is I can still earn some extra money without it effecting my pension:)

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That is the best thing about the DFRDB pension.
And as long as I'm still breathing and got a pulse I get paid every fortnight. :D