Showing posts with label 财产. Show all posts
Showing posts with label 财产. Show all posts

Wednesday, 11 December 2024

Don't Get Deemed Out! A Simple Guide to Australia's Age Pension Rules

Understanding the hidden rules that affect your retirement income. 


Deeming Rules: The Aussie Way to Calculate Your Pension
In Australia, the government uses 'deeming rules' to estimate your income from financial assets. This affects your pension eligibility and amount. Let's break it down!
What are Deeming Rules?
Deeming rules assume your financial assets earn a certain income, regardless of their actual performance. It's like the government is saying, "Hey, we know you've got some smart investments, but we'll just assume they're earning a certain rate."
How Do Deeming Rules Work?
  1. Eligible Assets: Bank accounts, term deposits, shares, and more.
  2. Deeming Rates: Two rates apply, depending on your asset value. As of Dec 2024:
    • Singles: 0.25% for the first $60,400, then 2.25% for the rest.
    • Couples: 0.25% for the first $100,200, then 2.25% for the rest.
  3. Deemed Income: The government calculates your deemed income based on these rates.

What's the Point?
Deeming rules affect your pension eligibility and amount. They help ensure everyone gets a fair go.
Tips and Tricks
  1. Calculate your deemed income.
  2. Check if you're eligible for a pension.
  3. Adjust your assets to optimize your pension.
  4. Consult a financial advisor if needed.

Remember
  • Actual income doesn't matter; deemed income does.
  • Some assets, like your home, are exempt.
  • Deeming rates and asset limits may change, so stay updated!

For more info, visit the Services Australia website.

Tuesday, 10 December 2024

Overseas Assets & Aussie Pension

Overseas assets in Aussie pension game? Unravel the mystery, don't be lame!

Diving into the world of Aussie pensions with a global twist, let's unravel the mystery of how overseas assets can sway your retirement purse. Get ready to convert those foreign properties into Aussie dollars and see how they stack up against the asset test limits that took effect on September 20, 2024.


Here's the lowdown on the asset test caps for partial pension eligibility:


Single home owners: $695,500 AUD

Single non-homeowners: $947,500 AUD

Couples (homeowners): $1,045,500 AUD

Couples (non-homeowners): $1,297,500 AUD

Let's take a fun ride through some hypotheticals with your folks, who are applying as a duo and own a home down under.


Scenario 1: Your parents own a property overseas worth 1 million RMB. Let's turn those yuan into Aussie dollars at assume exchange rate of 1 AUD = 4.65 RMB:


1,000,000 ÷ 4.65 = 215,053.76 AUD


Add to that their other assets in Australia, valued at 400,000 AUD, and we get a total asset tally of:


215,053.76 + 400,000 = 615,053.76 AUD


Comparing this to the asset test limit for a couple who own a home:


Total assets (615,053.76 AUD) < Limit for couple homeowners (1,045,500 AUD)


Conclusion: Your folks might be in the money for a slice of that pension pie. But hold your horses; we need to crunch some income test numbers and consider other factors for the final tally.


Scenario 2: Now, let's ramp it up with a 3 million RMB overseas property. Converting that to Aussie dollars:


3,000,000 ÷ 4.65 = 645,161.29 AUD


With the same 400,000 AUD in other Aussie assets, the total asset sum is:


645,161.29 + 400,000 = 1,045,161.29 AUD


Pitting this against the asset test limit:


Total assets (1,045,161.29 AUD) is a hair's breadth below the limit for couple homeowners (1,045,500 AUD)


Conclusion: Your parents might still scrape by with a sliver of pension, but it's a tightrope walk. A slight bump in other assets, and they could tip over the limit, losing their pension.


Remember, the real pension payout is a dance between income tests and other factors. For the nitty-gritty, it's best to consult Centrelink for the most accurate assessment. After all, when it comes to pensions, every little bit counts!