Age Pension

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Originally Posted by Pedro_The_Swift

Just to get some perspective,,

How long since you worked in that arena Bigbjorn ?

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I planned to early retire in 1996 aged 55. The Runt (Howard) got elected so I stayed another year to see if there were any redundancy packages being handed out willy nilly like at the CES. A redundancy package was worth an extra $40,000 to me but no, not happening. I eventually took early retirement in 8/97 aged 56. After two years I did a three month contract every year until I was 69. I was offered a lucrative 12 month contract investigating self-employeds. By this stage I was making more from my tool importing business than Centrelink could pay me so I declined. I did some short two week stints training DSS personnel in raising overpayments and managing appeals. I decided I did not want to work any more so gave all that up and concentrated on my tool business. I never worked for Centrelink but DSS which no longer exists. Centrelink is not and never was a Department but a Govt. agency at first part of DSS and later Dept. of Human Services.

Superannuation was supposed to make people self-sufficient, but it has been undermined, meaning people will still need an age pension for much longer than should have been necessary.

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Originally Posted by Bigbjorn

Hah! Exposed! Are you a cradle snatcher with a child bride or an old codger with a young trophy wife?[bigwhistle]

The concept of "Duty of Care" was introduced when I had been working there a few months. Prior to that if a person claimed Benefit XXX and were not eligible then the assessor simply told them "No". If they asked were they eligible for any payment then the procedure was to hand them a list of payments made by the Dept. and invite them to select one and apply. With Duty of Care the assessor is supposed to question the client and suggest you may be eligible for XYZ and help them to apply.

Land assets may be disregarded if the land is or has been your principal residence. There are conditions attached to this concept, ifs, buts, and maybes.....

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One of the if, buts, maybes, is if it has been rented out and tax deductions claimed then Capital Gains Tax can be levied.

If he sells it.
CGT is very complicated.

Capital gains tax | Australian Taxation Office

well it seems i am to get a few pennies every fortnight .. didn't expect that as i am continuing to work!

yet to be officially advised, so i am not getting too excited, but the centerlink express app says i have my first payment due a couple of weeks after my birthday..

might shout myself a real pork sausage from a butcher to celebrate the windfall if it happens, maybe two if they are on special !

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Originally Posted by DiscoMick

Superannuation was supposed to make people self-sufficient, but it has been undermined, meaning people will still need an age pension for much longer than should have been necessary.

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And then they let some take a lump sum portion of it during the pandemic.

Sure some may have needed it,but many were also caught rorting the system.

According to the centerlink app I get a part payment on 27/10 then after that I get $944 a fortnight after that [thumbsupbig][biggrin]

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Originally Posted by DiscoMick

If he sells it.
CGT is very complicated.

Capital gains tax | Australian Taxation Office

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If you have the records,that is everything is documented,a good accountant can sort it out easily.

We have been through this more than once.

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Originally Posted by DiscoMick

Superannuation was supposed to make people self-sufficient, but it has been undermined, meaning people will still need an age pension for much longer than should have been necessary.

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No, Keating's original proposal was for it to initially supplement the age pension, which for a proportion of the population it does.

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Originally Posted by incisor

well it seems i am to get a few pennies every fortnight .. didn't expect that as i am continuing to work!

yet to be officially advised, so i am not getting too excited, but the centerlink express app says i have my first payment due a couple of weeks after my birthday..

might shout myself a real pork sausage from a butcher to celebrate the windfall if it happens, maybe two if they are on special !

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That's good to hear. Means you are authenticated and in the system.
That will make it easier to adjust when you stop working.