Age Pension Age Pension is an income support payment that helps give seniors an adequate standard of living in retirement. To qualify for Age Pension, you must first satisfy the age and residence requirements. There are different rates of payment for single people and couples. Your rate also depends on your income, assets and other circumstances.
Increasing Retirement Age From 1 July 2017, the qualifying age for Age Pension will increase from 65 to 65.5 years. The qualifying age for Age Pension will then rise by 6 months every 2 years, reaching 67 by 1 July 2023. Designed to reflect increases in life expectancy
Superannuation Super is a retirement scheme – a way to save money for later in life Usually begins when people start work Employers must make contributions for workers over 18 y/o that are paid more than $450 gross monthly. Employers pay minimum 9% of earnings for ordinary work hours The Howard government announced changes in 1997 to induce Australians to stay in the workforce for a longer period of time. Previously, any Australian could access their preserved benefits once they reached 55 years of age. After 1999, the age of access depends on their date of birth. Strict government rules prevent early access to preserved benefits except in very limited and restricted circumstances, including severe financial hardship or on compassionate grounds, such as for medical treatment not available through Medicare.
Baby Bonus Baby Bonus is paid to customers following the birth (including stillborn babies) or adoption of a child. It recognises the extra costs incurred at the time of a new birth or adoption. You can be paid $5,437 per eligible child in 13 fortnightly instalments. Or if your baby has died or was stillborn, you may ask for your Baby Bonus to be paid in a lump sum instead of fortnightly instalments. Baby Bonus is an income tested payment. You can only earn up to $75 000 in the following 6 months. This was introduced in 2009.