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Hot Issues
Women still outpacing men in SMSF establishments
Economic and market outlook for 2025: Global summary
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The Leaders Who Refused to Step Down 1939 - 2024
ATO encourages trustees to use voluntary disclosure service
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Capital losses can help reduce NALI
Investment and economic outlook, August 2024
What the Reserve Bank’s rates stance means for property borrowers
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Most Popular Operating Systems 1999 - 2022
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Articles archive
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Quarter 1 of 2022
Articles
Mistakes to avoid when markets are turbulent
Fresh research challenges guidance on SMSF minimum balances
GDP by country since 1800
Risking your retirement
A total returns approach to rebalancing
SMSFs still experiencing delays with SuperStream
APRA proposes updates to super data transparency
Why investment predications can be likened to weather forecasts
What to expect in 2022
Important detail highlighted in legacy pension draft regulations
Vaccination rates (Dose)
‘Catastrophic consequences’: Government lobbied on NALI rules
ATO releases new guidelines to combat identity theft
Volatile markets underscore importance of discipline
Financial burden of COVID sees rise in illegal loans to members
6-member SMSFs proving popular for older trustees
ATO holds off on TBAR compliance
Bull vs Bear
One of the most read articles in 2021
Advisers warned on joint entity hurdles for ‘sophisticated investor’ qualification
Excuses limited for late death benefit payments

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One of the most read articles in 2021

10 little-known pension traps proving the value of advice.



1.Additional income


 


Most wealthier pensioners are asset tested, yet emails keep asking if it’s okay to earn some more


money. Of course, it is – the income test is not relevant if you are asset tested. A couple with assets


of $800,000, receiving a pension of $136.80 a fortnight each, could have assessable income of


$68,000 a year including their deemed income, and employment income, without affecting their


pension because they would still be asset tested.


 


2.Valuing assets


 


Your own home is not assessable, but your furniture, fittings and vehicles are assets tested. Many


pensioners fall into the trap of valuing them at replacement value. This could cost them heavily


because every $10,000 of excess assets reduces the pension by $780 a year. Make sure these assets


are valued at garage sale value, not replacement value. This puts a value of $5,000 on most people’s


furniture and older furniture these days has very little resale value.


 


3.Don’t spend just to increase pension


 


There is no penalty for spending money on holidays, living expenses and renovating the family


home, but don’t do this just to increase your pension. Think about it. If you spend $100,000


renovating your home your pension may increase by just $7,800 a year, but it would take almost 13


years of the increased pension to get the $100,000 back. Of course, the benefit of money spent


should be taken into account too – money on improving your house or travelling could have huge


benefits for you. The main thing is not to spend money with the sole purpose of getting a bigger age


pension.


 


4.Revaluations


 


Each year on 20 March and 20 September, Centrelink values your market-linked investments, such


as shares and managed investments, based on the latest unit prices held by them. These


investments are also revalued when you advise of a change to your investment portfolio or when


you request a revaluation of your shares and managed investments. If the value of your investments


has fallen, there may be an increase in your payment. If the value of your investments has increased,


then your payment may go down.


 


The rules are in favour of pensioners. If the value of your portfolio rises because of market


movements, you are not required to advise Centrelink of the change. It will happen automatically at


the next six monthly revaluation. However, if your portfolio falls you have the ability to notify


Centrelink immediately.


 


5.Gifting


 


You can reduce your assets by giving money away but seek advice. The Centrelink rules only allow


gifts of $10,000 in a financial year with a maximum of $30,000 over five years. Using these rules, you


could gift away $10,000 before June 30th and $10,000 just after it, and so reduce assessable assets


by $20,000.


 


6.Superannuation


 


There is devil in the detail. If a member of a couple has not reached pensionable age, it’s prudent to


keep as much of the superannuation in the younger person’s name because then it is exempt from


assessment by Centrelink. However, the moment that fund is moved to pension mode, it’s


assessable irrespective of the age of the member.


 


7.Mortgaged assets


 


A common trap is when a loan is used to purchase an investment property with the loan secured by


a mortgage against the pensioner's own residence. The debt against an investment asset is only


deducted from the asset value if the mortgage is held against the investment asset. If the mortgage


is secured against an asset other than the investment asset, the gross amount is counted for the


assets test and the loan is not deducted. The effect on the pension could be horrendous.


 


8.Family trusts


 


Family trusts can cause problems with both income and assets tests for the age pension. Thanks to


the information sharing and matching abilities between Centrelink and the ATO, you can bet that


Centrelink will know if a family trust is involved in your affairs.


 


Even if you have a high-risk child (such as a child with a relevant disability) who makes Mum the


appointer or default beneficiary for asset protection and there is no ‘pattern of distribution’, Mum


could be caught.


 


It’s a complex topic. If there is a family trust somewhere in your financial affairs, it is suggested that


you take expert advice long before you think about applying for the age pension. It may pay big


dividends.


 


9.Bequests


 


Bequests are another trap. There is a big difference between the asset cut-off point for a single


person and that for a couple. As at 20 September 2021, the single homeowner cut-off point was


$593,000, whereas for a couple it was $891,500. Many pensioner couples make the mistake of


leaving all their assets to each other, which can cause a lot of extra grief when the surviving partner


finds they have lost their pension as well as their partner.


 


An example Jack and Jill had assessable assets of $740,000 and were getting around $11,800 a year


in pension. Jack died suddenly and left all his assets to Jill. This took her over the assets test limit for


a single person and she lost the pension entirely. Had he left the bulk of his estate to their children


she would have been able to claim the whole pension plus all the fringe benefits.


 


10.Jointly owned assets with adult children


 


A wrong decision in the past can have serious consequences in the future. Think about a couple aged


52 who want to help their daughter into her first home. Without taking advice, they bought a 50%


share of a house worth $400,000 so that the daughter could obtain a loan. Fast forward 15 years


when the house is now worth $900,000 of which their half share is $450,000.


 


Their other financial assets were worth $600,000 so they believed they would be eligible for a part


pension. To their horror they discover that their equity in the daughter’s home of $450,000 took


them over the assets test cut off point. If they transferred their share to the daughter the capital


gains would be $225,000 after discount, on which capital gains tax could well be at least $80,000.


Furthermore, they would have to wait five years to qualify for the pension because Centrelink would


treat the $450,000 as a deprived asset for the next five years. The total value of the CGT payable and


the pension lost could be at least $150,000. If they had been aware of the trap, or taken advice, they


could have gone guarantor for their daughter, possibly putting up their own home as part security


and this would have had no effect on the future pension eligibility.


 


This article is general information and does not consider the circumstances of any individual.


 


 


 


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19th-January-2022