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
- From 1 July 2009 the Government halved the minimum amounts self-funded retirees have to draw down from their account-based pensions for 2009-10. This extends the drawdown relief 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 2009 the Government delivered tax cuts to all taxpayers, for example, a senior earning $55,000 a year receives a tax cut of $300. These tax cuts are part of a broader plan to reform the Australian taxation system.
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Commonwealth Seniors Health Card
Commonwealth Seniors Health Card holders can receive the Seniors Supplement which now replaces the former Seniors Concession Allowance.
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Contacting Centrelink
A person can test their eligibility for the card by contacting Centrelink for a claim or to register an intention to claim the card.
An 'intention to claim' means that the date a person contacts Centrelink about claiming the Commonwealth Seniors Health Card could become the start date for the card, if certain conditions are met.
A person could phone 13 2300, for the cost of a local call, or visit their nearest Centrelink office.