Your Questions Answered No2

[@AboutRetirementTV]

Have I covered your question yet? If not, please share your financial problem here and I will reply either directly or create a special video just for your questions. Katherine

[@freeasabird5187]

Hello Katherine, I agree with you regarding the Flinders Ranges, spent some time travelling earlier this year. Had a marvellous time and the landscape, colours of trees, mountain ranges especially sunsets and sunrises. Love your videos and so glad I discovered you, thank you for sharing your knowledge🙏

[@AboutRetirementTV]

Hello Katrina, thank you for your message, so very happy to hear from another person passionate about the beauty of the Australian outback, landscape, flora and fauna. I adore Australian natural beauty. And thank you for watching my videos, I do hope they can assist in your financial journey as well. Katherine 😀

[@wildyarns1894]

Hi Katherine, thanks for your great videos which I’ve been watching with a lit of interest. I have a question about Centrelink Curtilage and the asset test. We have a conservation property which we live on. Our house is on a 5 acre section of the property. The remaining 95 acres are listed by LANDGATE the Govt Conservation Department as conserved land for wildlife and we are not allowed, by a covenant on the Property Interest Report over the entire 100 acres, to do anything with the land. We cannot touch the land in anyway, We live there for the quiet and privacy only. We are not farmers. We cannot cut a tree down, nor touch any bushes, wetlands, waterways nor any part of the 100 acres. The Government has stipulated that Nothing is allowed to be done with the land and it is there solely for conservation of the bird life and fauna. Therefore, our question is as the Government has stipulated it is unusable land, would the remaining 95 acres be included as an asset in relation to obtaining our pensions? If so, we will sell it and move before we apply for the aged pension. Looking forward to your reply. Thank you!!

[@aussietaipan8700]

June 2022, 2589 views and only 107 likes, well at least I added one more.

[@lorrahberg317]

Hi Katherine, I love your videos and clear explanation of topics and appreciate sharing your expertise. I'm 65 and have recently been made redundant and can TTR although I may choose to do some part time/contract work in the future to fund more travel and hobbies. I'm researching different types of pension funds and want to become more knowledgable and responsible for my own situation, although I do also value FA. I am trying to get a sense of how to compare performance and fees and the value of annual versus fee for service (FFS) during the pension phase. There is so much information to synthesis so my questions are, are there standards for promoting performance e.g are the performance percentages give gross or net (with investment, administration and performance etc fees deducted), so performance can be compared equally. AND how often would a self funded retiree need FA advise e.g. annual or FFS? Appreciate your response,

[@AboutRetirementTV]

Hi Lorrah, first of all, thank you for watching and for your comment. Wow, your question is like opening a can of worms, every comparison side or provider will have different way of assessment and different variables to compare. It is so difficult to find a sincerely reliable source to compare performance of different funds. Not to mention that the types of fees can vary between different product providers and sometimes those fees may not be fully disclosed, as not falling within a specific government guidelines, hence a fund may not feel inclined to a fully disclosure some fees if not requested. So you really need to read the legal disclosure (at the bottom of pages or at the end of the information, you know the tiny little writing, where nobody is looking and is impossible to read). There are independent research companies that can provide you with the research, but obviously you have to subscribe and pay for that subscription. If you have FA he/she should provide you such independent research for all recommendations. The second question about the frequency to see FA, it really depends on complexity of the situation, and necessary changes to be made. I see my clients at least annually, but there are years when we see each other twice or even 4 times a year if necessary, and in most cases I initiate the meeting, if the change/update is necessary. However, I do not charge clients for each meeting, we just have an annual fee agreement and there are some years that I will work more that the fee charged and other years less. At the end, it has to be comfortable for the client and agreed in advance. I am not sure if I fully answered your question, if not feel free to reply or just email me privately if you prefer. 😀 Katherine

[@frankcolubriale8251]

Hi Katherine, I have watched all your videos you have posted on you tube ,they are very interesting and informative so thank you for that. I have a question for you ... When I reach retirement age (67), my wife will be 59 and not working , providing I meet all the requirements and have assets under $250K own a home ,no other assets and no income from myself or my wife, will I be getting the full old age pension (single rate)? or couple rate? Hope you can answer ,Thanks look forward to your reply

[@AboutRetirementTV]

Hi Frank, thank you so much for watching and for your question. I really appreciate that. To answer your question, you will be eligible for an Age Pension payment based on a rate as a coupe. So for now it will be a payment just to you of $729.30 per fortnight, until your wife reaches the Age Pension age.

[@briananddianehardy8598]

Hi Katherine, we’ve recently come across your KZbin channel and have found it very informative. We receive income via my income stream for my superannuation and a part pension. We recently purchased a new vehicle and paid it from our savings, we now need to advise Centrelink of the change of our savings and the asset of a new vehicle, do I advise Centrelink the purchase price of the new vehicle or a trade in price. We would appreciate your comment. Regards Brian & Diane

[@AboutRetirementTV]

Hello Brian and Diane, when you contact Centrelink, just let them know that you no longer have the old car, but you have a new one with the market value... whatever it is. So to make it easy, just provide the office with the price you just paid for the new car.

[@briananddianehardy8598]

@@AboutRetirementTV Thank you so much for your reply, we still have our old car which we intend to sell privately, and will update our savings to Centrelink once its sold.

[@stevepollard2169]

Katherine , I have a question, I am widowed so I am on a single pension. I am out of the country after 35 yrs in australia so on a full pension not expecting to return. Should I marry again to a woman who is younger than the pension age, 1, will my pension revert to a married pension rate and 2. Will my new wife receive any income. My new wife does not work.Thanks in advance.

[@theheartofbrunswickisyourc2696]

How can I not do an income tax return every year ive got my Age Pension now and can now take out my super its unrestricted, do I need to fill forms at Tax office maybe

[@hugonardini790]

I have my own THouse in CEntral Coast+1/2 a house in Sydney. I have about $150k money on the bank. Now I have from my ex partner inherited $200k+ the other 1/2 of the house, which is still in probate. (My ex partner passed away). I’m not sure where I’m standing now. Please give me some advise.

[@juliemetcalf6220]

My husband is due to retire in 12 mths. when his super becomes due if it puts us over the asset limit will it stop my centrlink benefits too? or does it only effect him? ive also been told to roll his super into my super that way he can get the pension straight away. then in a few years time when my super is due it will obviously put me over the limit, but does it effect my husbands pension too then so neither of us will get a pension ? Thank you

[@AboutRetirementTV]

Hi Julie, thank you for your questions and for watching. I am unable to answer your question, as first of all I do not know your ages or balances of your supers or other assets. It is however very clear to me that you are now at the crossroads of having to prepare for your retirement, I would stress to have a chat with a financial planner, from basic info, I can tell that by introducing correct strategies year after year, you might be able to keep pensions for whoever is eligible first and second and when both, however it does depend on the total savings you both have. Centrelink rules are complex, so really if you want the best outcome, just contact me directly for a chat. All the best, Katherine

[@emmyjay53]

Hi Katherine, can you tell me does Centrelink deduct monies owing on a loan on an investment property or do they just put the asset down as what its value is? I think its a bit unfair if they did that because really you don't own the property outright, like in my instance. All I've been paying is the interest. Of course, I receive rental income, which they have factored into my assets. Thanks for your answer

[@AboutRetirementTV]

Hi Emmy, Centrelink will only calculate the net value of the investment property, so the market value less the outstanding loan as your asset under income test. They will also take 75% of your gross rental as your income allowing this way for expenses.

[@emmyjay53]

@@AboutRetirementTV thankyou Katherine. Your answer is quite helpful.

[@emmyjay53]

@@AboutRetirementTV hi again Katherine. I wrote to Centrelink for a review of their decision on my age pension payment. Well I found that Centrelink do not deduct monies owing on an investment property if your family home has been used as collateral against the investment property. Strange and unfair really because if I was to sell my investment property I would not make such a large profit after paying off the loan against it. Also, they did not make any deductions for expenses from my rental income. They also have added financial investment income on cash I have in the bank. Is there anything I could do about this?

[@AboutRetirementTV]

@@emmyjay53 yes, this is what I was explaining. if the loan security is your family home, then that loan is not taken into consideration and the full value of your investment property is counted under assets test. If this is what you have, you just about only have two options, either to sell the investment property repay the loan and invest proceeds someplace else, or refinance, which would be close to impossible when retired. Possibly unfair, but those are the rules. not much more can be done

[@emmyjay53]

@@AboutRetirementTV thankyou Katherine

[@susanduncan72]

Hi if you put $27500 into your Superannuation account, do you get a tax refund on that amount or just don't pay tax on that amount. Thank you

[@AboutRetirementTV]

Hi Susan, what a great question. You can claim a tax deduction for this amount, meaning that your taxable income will be reduced by $27,500 - so less personal tax paid, but then 15% tax paid within super. So if your personal tax rate is 30%, you effectively save 15% of tax on that amount. I hope it make sense.

[@trevorrobinson6564]

Hi Katherine. Thanks for this video it was very informative. I just want to clarify something if I may please. If I draw a pension from my super it would not be considered income because they are calculating the income from my super under deeming rules only. Is that correct? Do they deem income from super on all of my super or just that amount that is above the Asset test threshold? Thankyou.

[@AboutRetirementTV]

Hi Trevor, thank you for watching and your question. If you started your income stream after 1st Jan 2015, it is subject to deeming rules, therefore Centrelink does not calculate your real income your receive, but rather deem your income under Asset Test. Centrelink deems the full balance of your pension account. If you started your income stream earlier, it will be subject to a much more complicated calculations. I hope this helps 😀 Katherine

[@trevorrobinson6564]

@@AboutRetirementTV Thankyou Katherine that helps a lot. If I leave some of my super in the accumulation account and only put some of it in the pension account, does the amount in the accumulation account also subject to deeming? Do they still deem my super as an income producing asset if the amount is below the asset test threshold?

[@AboutRetirementTV]

Yes, it will be calculated under both Income (deeming) and Assets Test, regardless if in super or in pension

[@henrykucianski7230]

Hi Katherine, I know everything I need to know ( most anyway) about may retirement. I’m watching your videos because you are pretty. Why not. My choice. Cheers Henry