Oh My Crumbs

Older Australians could increase their Centrelink Age Pension payments by using a retirement income strategy that reduces the value of assets assessed by Services Australia. The approach involves purchasing a qualifying lifetime annuity, which can provide regular income while allowing some retirees to receive a higher government pension. Financial advisers say the strategy is attracting … Read more

Older Australians aged 55 and above could significantly increase their retirement savings by using a little-known superannuation rule when selling their family home. The downsizer contribution scheme allows eligible homeowners to deposit up to $300,000 each into super, potentially helping couples combine different contribution rules to add as much as $1.38 million to their retirement … Read more

Older Australians planning to give money or property to their children are being warned about a little-known $10,000 Centrelink gifting rule that could affect their Age Pension payments. Financial advisers say retirees who transfer assets to family members without understanding Centrelink’s deprivation rules could face reduced pension entitlements, even years after the money has changed … Read more

Millions of Australians could receive more than $1,000 in annual financial relief under a major tax reform proposal from the Australian Greens. The party wants to increase the income tax-free threshold from $18,200 to $26,000 while delivering an additional $1,000 a year to eligible pensioners and Centrelink income support recipients. The proposal forms part of … Read more

Australians receiving certain Centrelink payments could escape a proposed 30 per cent minimum capital gains tax (CGT) rate, creating an unexpected opportunity for some retirees and investors. However, financial experts warn that qualifying for the exemption may be far more difficult than it first appears, particularly for people holding valuable shares or investment properties. The … Read more