Life happens. Divorce, floods, leaving work are all triggers for changes in your financial situation. And your entitlements. Most of us benefit from learning from those who have gone before in all sorts of life changing events. Today we share some of the typical questions our team receives on a daily basis. Most of these questions are fairly straight forward and can be quickly answered. But for the person who asked the question, the ramifications of knowing these rules can be important, particularly when it comes to simplifying your dealings with Centrelink. Here’s how our team has clarified the situation for some of our members in the past month.
James Coyle
More work more money
What would it take to make you want to work again?
Higher wages? Manageable hours? Or a guarantee that your benefits and entitlements would not be jeopardised?
Or maybe all of the above?
In short, what would it take to lure you back into the workforce?
Crackdown on super: Higher taxes on the way
Recently released data shows that 28 Australians hold more than $100 million in super and 107 hold more than $50 million. These look like eye watering numbers, particularly when you realise that the earnings on these super accounts are taxed at the same level as for people with an ‘average’ balance of around $170,000.
These high balances have led to many calls to reduce the tax concessions on these accounts. We reported in March on the Federal Government’s intention to change how super is taxed. And earlier this month Treasurer Jim Chalmers presented draft legislation to do just that. If the legislation is passed the new tax will commence from 1 July 2025.