Federal Budget 2015: Video conference
- Changes to assets test for age pension (from 1 January 2017)
- Reduction in time period before age pension can be reduced where recipient is overseas
- Scrapping of rental income exemption for aged care means test (from 1 January 2016)
- Reduction in deductible amount (for age pension income test) that applies to defined benefit pensions
- Increase in SMSF trustee penalty units
- Improvement in access to super where member has terminal illness
The Federal Government released its 2015 Budget on Tuesday evening (12 May). While changes to superannuation were only minor, there were significant changes that will impact on retirees accessing, or planning to access, the age pension and seniors health card.
Today I spoke with Liam Shorte and Ben Smythe about the changes and what they mean for retirees and soon-to-be retirees. You can access our video conference via the link below:
You may find the following material useful when viewing the video:
- Media release from the Minister for Social Services (Hon Scott Morrison MP) outlining the age pension asset test changes
We trust you find the discussion useful. Please let us know via Q&A if you have any further questions on the topics discussed.
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