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The impact of the federal budget for seniors


This year's Federal Budget is mostly good news for those over-60 years with no negative changes to pensions or superannuation rules, unlike recent years.

In Summary:

• Pensioner Concession Cards reinstated. Some Australians saw this scrapped when the pension asset thresholds were cut in January.

• Tightening of pension eligibility to senior immigrants prohibiting them from receiving pension payments until theyíre lived in Australia for at least 10 years.

• One-off cash payment to cope with the rising costs of electricity.

• Incentive to downsize. Australians over the age of 65 will be able to make a non-concessional contribution of up to $300,000 into their superannuation on top of existing caps from the sale of their family home.

Sources:

http://www.heraldsun.com.au/news/national/federal-budget/

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