Latest news with #JustinBott
Yahoo
11-08-2025
- Business
- Yahoo
Centrelink warning for downsizing Baby Boomers over 'special' retirement rule
Older Australians thinking about selling their home to downsize or move into aged care have been warned about Centrelink's "special rule". If you were looking into getting onto the Age Pension, you have to undergo income and assets tests to see if you're eligible for the payment. But if you recently sold your home, you could be sitting on a huge sum of money that would normally disqualify you from the pension. Services Australia community services officer Justin Bott said this is where the unique rule kicks in. "When you sell your principal home and immediately use the money to buy your new place to live, Services Australia will assess any funds that are left over after buying your new home under the standard income and assets tests, depending on what you've done with the money," he said. "There is a different arrangement for people who have sold their principal home but are still looking for the perfect place to buy or are waiting to build it themselves." RELATED Centrelink warning for 4.3 million Aussies facing super nightmare Text message 'proves' common dinner bill foul play as woman left '$500 out-of-pocket' Mechanic reveals 'expensive' cars Aussies should avoid buying What is Centrelink's 'special rule' for Age Pension? Bott gave the example of a retiree selling their home for $900,000 and using $700,000 of that to go into a retirement village. That person would have a two-year exemption period before the $900,000 would count in the assets test. That can be pushed to three years under exceptional that grace period, Services Australia would only look at the remaining $200,000 when assessing how much they could receive for the Age Pension. But that $700,000 that's waiting to be used for the retirement village will be assessed as making interest at the lower deeming rate. Deeming rates are the rates of return the government assumes people earn on financial assets, including shares, superannuation and bank accounts. They can affect the means testing for Centrelink payments, including the Age Pension, JobSeeker and parenting payments. At the moment, the rate is 0.25 per cent, but Bott said that "may change in the future". So, while Services Australia would include the $200,000 in your assets test, your income test would also include a 0.25 per cent interest rate return on the $700,000, which is $1,750 over a year. Does this special rule apply to other types of homes? Services Australia will only grant this special rule when you sell your principal place of residence. "It doesn't apply to funds from the sale of an investment property or holiday home," Bott added. Your principal place of residence, and the land its on up to two hectares, also isn't included in the assets test if you still have it when applying for the Age Pension. What are the limits for the Age Pension's asset and income tests? These recently went up on July 1 to keep pace with inflation. Income Test Singles can now earn $218 a fortnight, up $6 a fortnight from $212, and still be eligible for the full pension. Each $1 over the threshold reduces the pension by 50 cents a fortnight until it hits the new cut-off limit of $2,516 a fortnight. Couples can earn $380 a fortnight, up $8 a fortnight from $372, and get the full amount. The new cut-off limit is $3,844.40 per fortnight. Income includes employment income, along with income from other sources such as financial assets like super and savings accounts. Under the Work Bonus, pensioners can earn up to $300 of employment income in a fortnight without it affecting their pension. Assets Test Single homeowners can now have assets of $321,500 and receive the full pension, up from $314,000. Couples can have $481,500, up from $470,000. The cut-off threshold for singles to receive a part pension has increased to $704,500, up from $697,000, and for couples to $1,059,000, up from $1,047,500. Single non-homeowners can have assets of $579,500, up from $566,000 and get the full pension, while couples can have $739,500, up from $722,000. The cut-off thresholds have increased to $962,500, up from $949,000, for singles, and $1,317,000, up from $1,299,500 for couples. Assets include things like cars, business assets, property (not including your primary residence), your superannuation balance, investments and private trusts and private in to access your portfolio
Yahoo
30-06-2025
- Business
- Yahoo
Centrelink payment alert for Aussies travelling overseas ahead of 'busiest winter ever'
Australians receiving the Age Pension from Centrelink are being reminded their payments and concession cards could be impacted if they head overseas. Millions of Aussies are gearing up to head abroad, with one airport saying this year was shaping up to be its "busiest winter ever" for international travel. While most people can continue to get the Age Pension "paid indefinitely" while they are travelling outside of Australia, there are some exceptions. That includes people who are planning to travel for more than six weeks. Services Australia community services officer Justin Bott said the pension you received would change depending on how long you were away for and whether you were leaving to live in another country. RELATED Centrelink payment alert for 58,000 Aussies in caravans Days left for millions of Aussies to claim ATO $20,000 tax benefit Young Aussie with $50,000 HECS debt reveals degree she regrets 'For those temporarily going overseas, for the first six weeks you're away, nothing happens. You don't need to tell us you've gone, and your pension rate won't change,' Bott explained. 'After six weeks, your pension rate will automatically go down as the Energy Supplement stops and the Pension Supplement reduces to the basic rate. They stay at the reduced rate until you return to Australia. 'After six weeks, your Pensioner Concession Card will be cancelled. A new card will be issued when you return to Australia if eligible.' The Energy Supplement is currently $14.10 a fortnight for singles and $21.20 a fortnight combined for couples. The maximum Pension Supplement is $83.60 per fortnight for singles and $126 for couples combined. If you travel for 26 weeks, or six months, your age pension rate may reduce depending on how long you've lived in Australia between the ages of 16 and age pension age. This is known as your Australian Working Life Residence. 'If you've been an Australian resident for 35 years or more between the ages of 16 and age pension age, then there will be no change,' Bott said. 'If you've been a resident for less than 35 years, then the rate of pension you get will be based on how long you were a resident during that 35-year period.' For example, if you'd been a resident for 10 years, you would get 10/35ths of your present rate of the age pension. A different calculation applies if you are travelling to New Zealand. If you are leaving to live overseas, the supplements are reduced, and your pension concession card is cancelled as soon as you leave. The easiest way to tell Services Australia about your overseas travel plans and find out the impact on your Age Pension is to use your Centrelink online account through myGov. You can also find out more information here. It comes as millions of Aussies head overseas over the winter holidays. Sydney Airport is expecting more than 2.5 million passengers during the winter school holiday period, with one million passengers forecast for international travel. 'This is shaping up to be our busiest winter ever for international travel, which demonstrates the resilience of the sector in the face of geopolitical tensions and cost pressures," Sydney Airport CEO Scott Charlton said. Brisbane Airport is also forecasting 2.78 million passengers to pass through its domestic and international terminals during the June/July school holiday in retrieving data Sign in to access your portfolio Error in retrieving data
Yahoo
22-06-2025
- Business
- Yahoo
Centrelink payment alert for 58,000 Aussies in caravans: 'Won't affect'
Services Australia has revealed how Centrelink payments work if you're living in a caravan that's traversing across the country. Tens of thousands of people were listed as caravan nomads at the 2021 census, and their home on four wheels is usually exempt from the assets test. It's the same story for those who permanently live on a boat, or a relocatable home permanently attached to a caravan park. Services Australia community services officer Justin Bott said these people were assessed differently from those who own a home in the traditional sense. "That's because you own the home, but not the land it's on or the mooring the boat is at," he said. Centrelink age pension changes coming into effect from July 1 Couple's side hustle amid double redundancy secures $13 million fortune Aussie left without cash as ING cuts access to bank account for days "So for Services Australia, you are considered to be a homeowner, and the boat, caravan or mobile home is exempt from the assets test and won't affect your payment." These people could also be eligible for Commonwealth Rent Assistance (CRA), which could go towards paying for ongoing fees like caravan site or mooring costs. However, if you do own the land or water that the caravan or boat is on, up to two hectares around your dwelling can also still be exempt from the assets a result, it won't affect your Pension payment, but you won't be eligible for CRA. Bott said things can get tricky if the caravan or transportable home park lists or advertises itself as a retirement village or strictly for people over 55. You need to complete asset and income tests to be approved for certain Centrelink payments. While your personal home might not be deemed an asset in some cases, Services Australia will include the following as assessable assets: financial investments home contents, personal effects and vehicles real estate, annuities, income streams and superannuation pensions sole traders, partnerships, private trusts and private companies According to the 2021 Census, the vast majority of Australians live in a home fixed to the earth, with nearly 11 million private dwellings counted. Standalone houses made up the greatest proportion of that at 70 per cent, with 16 per cent living in apartments, and 13 per cent living in townhouses. That left 58,155 people who lived in a caravan, and 29,369 who lived in cabins or a houseboat. Caravanning has exploded in popularity since then, especially after the pandemic forced many Aussies to check out their own backyard before travelling overseas. While some people might permanently live in their caravan to traverse across the country, others take their home on four wheels out for a couple of days, weeks, or months every year. According to the ABC, there are more than 800,000 registered recreational vehicles in Australia, and 1.5 million people caravan each year. "There is a lot more families on the road permanently," Regional South Australian tourism operator Jan Coleman told the national broadcaster. "They've given up their home, they've pulled their children out of school, they're homeschooling, and they're just travelling. Whether it's because they are sick of being in lockdown or whether they've realised that life really is too short."
Yahoo
27-05-2025
- Business
- Yahoo
$265 Medicare cash boost waiting to be claimed by nearly one million Aussies
Hundreds of thousands of Aussies are being urged to check if they are eligible for a cash boost from the government. There is more than $260 million in Medicare refunds sitting untouched and waiting to be claimed. The average payout is about $265 per person, but Services Australia said there were a few people who were owed more than $10,000 in cash. The oversight is due to people's bank details not being up to date with Medicare, which could happen if you've changed banks or closed an account. There are about 960,000 people who are owed cash, including $81 million owed in New South Wales, $64 million in Victoria, $51 million in Queensland, $30 million in Western Australia and $19 million in South Australia. RELATED Little-known Centrelink benefit gets Aussie single mum $800 cash boost $1,831 Centrelink payment change coming within weeks: 'You'll get more' ATO warning ahead of $1,288 cost-of-living cash boost: 'Shooting yourself in the foot' Services Australia community information officer Justin Bott has urged people to check whether they are owed money. 'I really encourage everybody to just check, look at their Medicare online account though myGov or the myGov app and make sure those bank details are there,' he told 9News. 'It will only take a couple of minutes.' You'll need to sign into myGov, select the 'Task and notifications' menu, select 'Update your bank details', enter your bank details and then select 'Save bank details'. Once you've updated your bank details, the update will automatically register with Medicare. If you are owed money, it will show up in your account within three days. 'It might not be you, but maybe it's your child, your grandchild that has that money owing,' Bott said. 'Get them to check as well because what a great present to find that money being paid to them.' While you are checking for lost cash, it can also be worth seeing if you have any unclaimed money from the state or federal government. That could include uncashed cheques, refunds, dividends, bill overpayments, superannuation or other money owed to you. It could have gotten lost if you've moved address, changed your name, lost important documents or forgotten about the money. Here's a list of where to check if you have unclaimed money across the country. Federal: search 'ASIC unclaimed money' ACT: Public Trustee and Guardian NSW: Revenue NSW NT: Northern Territory Treasury Qld: Public Trustee of Queensland SA: South Australian Department of Treasury and Finance TAS: Tasmanian Department of Treasury and Finance VIC: State Revenue Office of Victoria WA: WA Department of Treasury
9 News
27-05-2025
- Health
- 9 News
How to claim your slice of $260 million in unpaid Medicare refunds
Your web browser is no longer supported. To improve your experience update it here More than a quarter of a billion dollars in Medicare refunds are sitting untouched, ready for Australians to claim. Fortunately, there's an easy fix for the cash to land back in your pocket much sooner than you might think. If you've ever been to a GP or specialist's clinic and used your Medicare card you could be owed money from the government. Nationally, there's more than $260 million owed to 960,000 patients. More than a quarter of a billion dollars in Medicare refunds are sitting untouched, ready for Australians to claim. (9News) Even on a state-by-state basis, the numbers are staggering, with $81 million owed in NSW, $64 million to Victorians, $51 million to Queenslanders, $30 million in Western Australia and $19 million in South Australia. "You go to the doctor, you hand over your card and then you might not check what happens next," Services Australia community information officer Justin Bott said. Failing to follow-up is what could be costing patients refunds they're entitled to. "The average is about $265 or so … there are a few people that are over $10,000," Bott said. The oversight happens when you don't make sure Medicare has your most up-to-date bank details, for instance when you've changed banks or closed an account. Australians aged 18 to 25 are the biggest group missing out so it pays to check. Services Australia community information officer Justin Bott is urging people to update their bank details with Medicare. (9News) "It's definitely not something I would think about when I'm rushing around," student Rosie Gallagher said. All it takes is logging in to MyGov and heading to your Medicare account to check everything is correct. Once you've changed your bank details, the update will register with Medicare automatically and if you're owed money, the cash should show up in your account within three days. "It might not be you, but maybe it's your child, your grandchild that has that money owing, get them to check as well, because again, what a great present to find that money being paid to them," Bott said. health Health Services hip pocket Australia national doctors medical CONTACT US Auto news: Google Gemini AI assistant coming to new cars in 2025.
