Tax with Max: The pension edition

Your questions on the assets test, entitlement ages and working after 70.

Summary: For those born after June 30, 1952, eligibility for the age pension increases in half-yearly increments every 1.5 years. From July 1, 2017, the lower limit of the assets test will increase, but the taper rate at which the pension is reduced for every $1000 over this limit will increase from $1.50 to $3.00.

Key take out: If you are weighing up whether to keep working past the age at which you are eligible for the pension, consider carefully whether the lost income will be more than the potential gain of some pension income.

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