- Response to the Global Financial Crisis and Taxation Relief
- Commonwealth Seniors Health Card
- Contacting Centrelink
The Australian Government recognises and appreciates the contribution made by self-funded retirees, not only to their own retirement income, but also to the community in general.
The Australian Government is supporting self-funded retirees through its response to the global financial crisis, taxation relief, the provision of the Commonwealth Seniors Health Card and the new Seniors Supplement to eligible retirees.
Response to the Global Financial Crisis and Taxation Relief
- The Government will continue to support self‑funded retirees by extending the draw down relief currently provided for account based superannuation pensions for the 2010-11 financial year. This extends the drawdown relief initially provided by the Government in 2008-09 and assists account-based pensions to recover from capital losses associated with the global recession.
- Older Australians are also amongst the millions of Australians who are benefiting from the Government's $42 billion Nation Building and Jobs Plan. Self-funded retirees who paid tax in 2007-08 as a result of their investment or other income, and who earned less than $100,000, received a Tax Bonus of up to $900.
- In December 2008, Economic Security Strategy payments of $1,400 to singles and $2,100 to couples were made to age pensioners and self-funded retirees who held a Commonwealth Seniors Health card.
- Superannuation paid from a taxed source is tax-free for people over age 60.
- Senior Australians Tax Offset reduces tax liabilities - many seniors pay no tax or Medicare levy.
- Mature Age Worker Tax Offset of up to $500 encourages workers over age 55 to keep working. The offset is payable on net income from working up to $63,000.
- From 1 July 2010 the Government delivered its second round of tax cuts to all taxpayers. For example, a senior earning $55,000 a year receives a tax cut of $450. These tax cuts are part of a broader plan to reform the Australian taxation system. Together with tax cuts delivered from 1 July 2009, a senior earning $55,000 will receive total tax cuts of $750.
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Commonwealth Seniors Health Card
Commonwealth Seniors Health Card holders can receive the Seniors Supplement. The Seniors Supplement combined the former Seniors Concession Allowance and the higher rate of Telephone Allowance into a single payment, paid quarterly.
A person can test their eligibility for the card by contacting Centrelink for a claim or to register an intention to claim the card.
The date a person registers an 'intention to claim' the Commonwealth Seniors Health Card could become the start date for the card, if certain conditions are met.
For further information or to apply for a Commonwealth Seniors Health Card please contact Centrelink on 13 2300, visit the Centrelink website, or visit the nearest Centrelink office.