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Australian Aged Pension

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3 hours ago, bazza73 said:

Me thinks? David, you are way out in your assumption. However, I'm not going to give you specific information in a public forum on how much pension I get.... sorry.

The 15% tax on super balances is a death duty. If that doesn't affect you, fine. It's different for someone who wants to leave something to their heirs.

I have several times asked you for an authoritative source for your claim a house in Thailand is treated differently to a house in Australia by Centrelink. You avoid answering that question.

I can only conclude from your posts you waffle a lot, and don't have the knowledge you pretend to have. Apologies if you think that's aggro; however, it's been a habit of mine all my life to call out BS artists.

 

It's pretty simple as I've said  dozen times already on this site the only thing that stops you getting the Australian Aged Pension if you qualify by residency is if your income is too high or your assets are too high.  That's all you need to know.

Edited by David Walden

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41 minutes ago, David Walden said:

It's pretty simple as I've said  dozen times already on this site the only thing that stops you getting the Australian Aged Pension if you qualify by residency is if your income is too high or your assets are too high.  That's all you need to know.

You're doing nothing to address the issues I raised, and waffling off on another tangent which has nothing to do with those issues.

Edited by bazza73

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There are no death duties payable in Australia...please read this...   https://www.ato.gov.au/Individuals/Deceased-estates/.  There are no death duties payable in Australia since about 1978.  It may be that when assets are distributed from a decease estate capital gains tax may be payable. This would be just the same if you sold a commercial property or shares package whilst you are still alive at a profit much higher then the CPI or inflation and didn't pay the Tax.

 

  When you die a major tax return is submitted by the executor.  The tax man will catch up with many things you didn't tell him when you were alive.  It will all come out warts and all, perhaps that's how you got that great super A/C 10 years ago. didn't pay tax on the money in the 1st place?...the tax man get first bite of the estate...he believes it was his anyway maybe for years so interest is wacked on in abundance...Like the tax man says  about unpaid tax "give him enough rope and he will hang himself".

Edited by David Walden

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5 minutes ago, David Walden said:

There are no death duties payable in AustraliaPlease read this...   https://www.ato.gov.au/Individuals/Deceased-estates/.  There are no death duties payable in Australia since about 1978.  It may be that when assets ahttps://www.ato.gov.au/super/apra-regulated-funds/paying-benefits/paying-superannuation-death-benefits/re distributed from a decease estate capital gains tax may be payable. This would be just the same if you sold a commercial property or shares package whilst you are still alive at a profit much higher then the CPI or inflation.

Money willed to a non-dependant out of a superannuation fund upon the death of the beneficiary of that fund is taxable. If that's not a death duty, I don't know what is. Nothing to do with capital gains tax.

Read the link again, then stop with the misinformation.

https://www.ato.gov.au/super/apra-regulated-funds/paying-benefits/paying-superannuation-death-benefits/

 

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7 minutes ago, bazza73 said:

Money willed to a non-dependant out of a superannuation fund upon the death of the beneficiary of that fund is taxable. If that's not a death duty, I don't know what is. Nothing to do with capital gains tax.

Read the link again, then stop with the misinformation.

https://www.ato.gov.au/super/apra-regulated-funds/paying-benefits/paying-superannuation-death-benefits/

 

This appears to have not much to do with tax on super except the value of the super fund is going from a tax free environment to someone who has inherited a legacy to pay income tax on the funds.   So what new?

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1 hour ago, David Walden said:

This appears to have not much to do with tax on super except the value of the super fund is going from a tax free environment to someone who has inherited a legacy to pay income tax on the funds.   So what new?

I really have difficulty working out whether you are being deliberately obtuse, have blinkers on, or just quote links without taking the trouble to read through them thoroughly.

You can continue presenting as some kind of Age Pension guru if that is your shtick. My advice to other forum participants is to take your pronouncements with more than a few grains of salt.

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3 hours ago, bazza73 said:

I really have difficulty working out whether you are being deliberately obtuse, have blinkers on, or just quote links without taking the trouble to read through them thoroughly.

You can continue presenting as some kind of Age Pension guru if that is your shtick. My advice to other forum participants is to take your pronouncements with more than a few grains of salt.

I know nothing about the financial requirement details if you inherit a super fund.  Perhaps if you are a  20 y/o.  It gets to you in a tax free area, it now belongs to you, I suggest if he wants to spend the money or even save it in a bank it he will now have to pay the tax on the surrender value which is likely would have been payable if the original owner had to pay if he surrendered it or it wasn't in a super fund.  Perhaps if you rolled it over you may be able to retain some of those tax free benefits but you are a 20 y/o and the value of the fund may be double of what it may have been if you used it as everyday income and paid tax on it.  The money got there tax free.  Big penalties are payable in surrendering Super retirement assets before maturity, dying has no benefit I suggest (sorry).  Inheriting one probably has the same penalties...this is nothing to do with death duties which were abolished in Australia in 1978.

 

Your insults to me about me suggest you are a  really self describing yourself.  The questions you asked have simple answers but very unpopular answers.  Those are the rules.  If you don't like the rules take the issues up with politicians and government.  People often make enquiries about pension matters, quite often if they don't get the answers they want to hear they get very nasty.  do you know anyone like that Bazza?

Edited by David Walden

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3 minutes ago, David Walden said:

I know nothing about the financial requirement details if you inherit a super fund.  Perhaps if your are a  20 y/o.  It gets to you in a tax free area, it now belongs to you, I suggest if he wants to spend the money or even save it in a bank it he will now have to pay the tax on the surrender value which is likely would have been payable if the original owner had to pay if he surrendered it or it wasn't in a super fund.  Perhaps if you rolled it over you may be able to retain some of those tax free benefits but you are a 20 y/o and the value of the fund may be double of what it may have been if you used it as everyday income and paid tax on it.  The money got there tax free.  Big penalties are payable in surrendering Super retirement assets before maturity, dying has no benefit I suggest (sorry).  Inheriting one probably has the same penalties...this is nothing to do with death duties which were abolished in Australia in 1978.

 

Your insults to me about me suggest you are a  really self describing yourself.  The questions you asked have simple answers but very unpopular answers.  Those are the rules.  If you don't like the rules take the issues up with politicians and government.  People often make enquiries about pension matters, quite often if they don't get the answers they want to hear they get very nasty.  do you know anyone like that Bazza?

Again, you are making totally erroneous assumptions. I have never had problems with Centrelink, and am very happy with the pension I get from them. I am simply pointing out some of the pitfalls of being on a part pension, or dying while your super fund is still running. I have always found Centrelink staff to be very cooperative.

My best advice to anyone reading this thread is to make an appointment with a Centrelink Financial Services Officer.  They give unbiased advice, very professional. And it's free.

If you find my responses insulting, it's because your constant attempts at obfuscation, divergence and downright waffling on a topic where you appear to be making it up as you go along are an insult to my intelligence.

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24 minutes ago, bazza73 said:

Again, you are making totally erroneous assumptions. I have never had problems with Centrelink, and am very happy with the pension I get from them. I am simply pointing out some of the pitfalls of being on a part pension, or dying while your super fund is still running. I have always found Centrelink staff to be very cooperative.

My best advice to anyone reading this thread is to make an appointment with a Centrelink Financial Services Officer.  They give unbiased advice, very professional. And it's free.

If you find my responses insulting, it's because your constant attempts at obfuscation, divergence and downright waffling on a topic where you appear to be making it up as you go along are an insult to my intelligence.

Apart from big words I can't see any intelligence in your correspondence at all.  I will file your ravings away in my file for future reference.

 

PS that's where I get most of my information about Centrelink matters.  From my friend who is a Centrelink Financial Service Officer

Edited by David Walden

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1 minute ago, David Walden said:

Apart from big words I can't see any intelligence in your correspondence at all.  I will file your ravings away in my file for future reference.

Well, the frequent lapses of grammar and the occasional malformed sentence you produce in your posts lead me to the conclusion your education level is low. I don't know about your intelligence, for obvious reasons.

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OK, that's enough personal opinions of each other here.

Posts will be removed and warnings/suspensions issued if it continues.

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14 hours ago, sceadugenga said:

OK, that's enough personal opinions of each other here.

Posts will be removed and warnings/suspensions issued if it continues.

Thank you.

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On 20/11/2017 at 11:34 AM, halloween said:

News from the front - application for OAP now reduced to 13 weeks before start date.

Are you saying that you can apply for the OAP 13 weeks before the due birthday, i.e. if you are entitled to the OAP at 67, you can apply when your 66 and 39 weeks ?

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7 hours ago, 4MyEgo said:

Are you saying that you can apply for the OAP 13 weeks before the due birthday, i.e. if you are entitled to the OAP at 67, you can apply when your 66 and 39 weeks ?

Yep. AFAIK it was 6 months in advance, but now 13 weeks to allow for processing, and hopefully, approval. 

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So how many years, months, weeks, days, hours, minutes is that to go before I get it am out of here and back to LOS??  Mmmm.  What's the bet the bastards change things before then?  And the changes will not be in my favour?  100/1 on.  

 

 

 

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