Tax with Max: Losing the age pension

How the proposed changes to the asset limits on the age pension work, the effect of possible tax changes on property sales, evening out members’ balances, and more.

Summary:  If the policy announced in the 2015 federal budget is passed, both asset limits will be changed. From January 1, 2017, the lower assets test limits for home owners would increase for single pensioners and couples and the upper assets test limits will fall due to an increase in the reduction factor from $1.50 per $1,000 in excess assets to $3 per $1,000 in excess assets.

Key take-out: While the upper limit will be reduced, any pensioner that loses their entitlement to the age pension will automoatically be issued with a Commonwealth Senior’s Health Card.

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