Federal Budget 2015

July 21, 2015 on Uncategorized by

The Federal Budget was handed down and a number of key changes have been made for Retirees.

The key points of interest for Retirees include the following:

*     Wealthier retirees to lose access to the pension

*     More part pensioners to receive the full pension

*      Asset test taper to increase

*     Retirees adversely affected by pension changes guaranteed the Commonwealth Seniors Health Card or Health Care Card

*     Tightening of overseas absence rules to maintain pension entitlements

*     Plans to index pensions to inflation have been axed

*     Medicare levy for single seniors and pensioners increased

*     Terminal medical condition of release period for superannuation is extended from 12 months to 24 months.

 

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