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© 2015 by Cumberland View

 

The impact of the federal budget for seniors

May 30, 2017

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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