Tax with Max: The new pension rules

The new rules for account-based pensions, calculating the tax-free components in super, and the tax liabilities for non-resident Australians.

Summary: Two changes have been made relating to how account-based pensions will affect certain Centrelink benefits. One is that from January 1, 2015 account-based pensions will be included under the deeming rules. The second change, announced in the budget, affects how pensions will be treated to assess a person’s entitlement to the Commonwealth Seniors Health Card.

Key take-out: Anyone currently receiving an account-based pension and also the age pension should seek professional advice before taking any action.

Key beneficiaries: SMSF trustees and superannuation accountholders. Category: Superannuation.

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