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Post by Banjo on Mar 23, 2016 8:04:52 GMT 7
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Post by notifications off on Mar 23, 2016 8:17:59 GMT 7
See no reason for concern, panic, hiding it under the mattress, cruising or any other delirious spending spree.
100K deemed at 3.25% = $3250 divide 50 cents in the dollar = $1625
.. so about $62 each fortnight reduction on the pension.
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Post by bobm on Mar 23, 2016 12:25:24 GMT 7
See no reason for concern, panic, hiding it under the mattress, cruising or any other delirious spending spree. 100K deemed at 3.25% = $3250 divide 50 cents in the dollar = $1625 .. so about $62 each fortnight reduction on the pension. Well thank you hippyreplacement. This is exactly the sort of information I've been hoping to find out. In my case I get paid monthly by Centrelink, so the 100K secure in an Aussie bank account would mean my pension would be reduced by $124 per month. No sweat at all. I sure don't mind a small reduction like that.
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Post by bobm on Mar 23, 2016 12:31:14 GMT 7
Thanks for these links Banjo. I guess I'll need to phone a financial officer soon. I don't actually have the inheritance yet, I think it'll be 5-6 weeks until the legalities are finalized. Then I'll have 14 days to contact Centrelink and notify them. But reading hippyreplacement's reply I have nothing at all to be concerned about.
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Post by scuzzy on Mar 31, 2016 11:04:37 GMT 7
Just on a side note; you said that you are getting a reduced rate (proportionalised rate) because you did not have the required working age years (AWLR; Australian Work Life Residency) to get the full pension while overseas. I was once like you (Grandfathered case) and I too had payments reduced (proportionalised) but I just recently found out that payments are not meant to be proportionalised if the disabling event took place in Australia while an Australian resident and the person is classified as 'severely disabled': "Proportionality does not apply to severely disabled DSP recipients if the disabling event occurs in Australia when the person was an Australian resident." I haven't pushed this issue with Centrelink myself yet. Here's the link; www.dss.gov.au/about-the-department/international/policy/portability-of-australian-income-support-payments#14
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AdviceHero
Junior Member
Disability is a matter of perception. If you can do just one thing well, you're needed by someone.
Posts: 3
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Post by AdviceHero on Apr 11, 2016 16:41:56 GMT 7
Hi mate, what you want to do is look at the deeming rates. I would not be too concerned (you will get most of your pension). If you invest the 100k correctly, it should boost your cash-flow and assets so you can have even more resources to do the things you love. You can also look at donating some money but be careful of gifting rules. Try this calculator yourpension.com.au/APCalc/index.htmlNote that 1 January 2017 some rules will change, and the calculator will pick that up and give you a projection based on next year's rules. Make sure you got a will happening to deal with your Australian assets. Cheers! ps. Sorry about your mother. If you are still confused, message me privately.
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Post by bobm on Apr 24, 2016 8:48:33 GMT 7
Many thanks to both scuzzy & AdviceHero for your replies, sorry to respond so late but I've been away and tied up elsewhere these past couple weeks.
Nothing's changed since I last posted, haven't received any inheritance yet but expect that to happen any day now, then I'll contact Centrelink.
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