Super Guide Newsletter May 2015


Federal Budget May 2015



Age Pension changes hit super savers and retirees, accessing super for terminally ill, CSHC, small business benefits


SuperGuide's Federal Budget 2015/2016 (May 2015) SPECIAL EDITION explains the retirement-related changes announced on budget night, including Age Pension changes.

  • 2015 FEDERAL BUDGET SUMMARY: NO NEW TAXES ON SUPER BUT BUMPY RIDE FOR RETIREES. Proposed changes to the Age Pension assets test, and recent changes to the Age Pension income test, plus stricter eligibility rules for the Commonwealth Seniors Health Card, mean that retirement planning has become a lot more challenging for Australia's retirees and prospective retirees.
  • 300,000 AUSTRALIAN RETIREES TO LOSE SOME OR ALL AGE PENSION ENTITLEMENTS. Click on the link below to find out more. In a related article, discover what some of our readers think about the proposed changes to the Age Pension assets test.
  • WILL I LOSE MY AGE PENSION? We offer further analysis of the Age Pension changes, courtesy of The Conversation website.
  • START PLANNING! NEW INCOME TEST RULES MEAN LESS AGE PENSION. Although not mentioned in the budget, this change, taking effect from 1 January 2015 can mean lower Age Pension entitlements for retirees. See link below.
  • TERMINALLY ILL CAN ACCESS SUPER MUCH EARLIER. This is a compassionate and sensible policy that was made as a result of lobbying by the Breast Cancer Network Australia and other organisations. See link below for more details.
  • COMMONWEALTH SENIORS HEALTH CARD (CSHC) CHANGES. Any Australian seriously affected by the Age Pension assets test changes, which were confirmed in the May 2015 Federal Budget, may be asking themselves whether they can now claim the CSHC. Note that changes made to the CSHC rules may adversely affect many prospective CSHC holders. Click on the article links below to find out more.

Note: You can find these articles by clicking on the links below, or  click here if you want to access the FEDERAL BUDGET MAY 2015 newsletter link directly via the SuperGuide website.

SUBMISSIONS TO 2015 TAX DISCUSSION PAPER CLOSE 1 JUNE 2015: Just a reminder that if you plan to make a submission to Joe Hockey's tax reform 'national conversation' then you need to get your views submitted by Monday 1 June 2015. For your convenience, we have included our 'Super Guide to the 2015 Tax Discussion Paper' at the end of this newsletter,

Many thanks for your support and interest in SuperGuide.

Trish Power

2015 Federal Budget summary: No new taxes on super but bumpy ride for retirees


On 12 May 2015, the federal treasurer Joe Hockey released the second federal budget of his career. While last year's budget was fire and brimstone and targeted 'leaners' (who Hockey blamed for the state of Australia's finances, when he was not blaming the former ALP government), Hockey's launch of the May 2015 Federal Budget's message was significantly more upbeat.  Read more

Accessing super early: Terminal illness


Q: I have a terminal illness. Can I access my super benefits?  Read more



300,000 retired Australians to lose some or all Age Pension entitlements


More than 300,000 Age Pensioners will have their Age Pension cut, with just under 100,000 of those affected Australians losing all Age Pension entitlements, taking effect from January 2017.  Read more

Age Pension assets test changes: Comments from readers


On 7 May 2015 (and confirmed in the May 2015 Federal Budget), the Minister for Social Services, Scott Morrison announced two key changes to the Age Pensions assets test, to take effect from January 2017 (assuming the Liberals win the next election).  Read more

Budget brief: will I lose my age pension?


The 2015 budget confirms pre-budget announcements that the government is committed to reducing the cost of the age pension, but will now do so more fairly than it had intended in last year's budget.  Read more

Start planning! New income test rules mean less Age Pension


Recent changes to the deeming rules, extending deeming rules to superannuation pensions, can potentially have financially devastating effects on the Age Pension entitlements of future retirees.  Read more



Seniors Health Card (CSHC) changes now law


The changes to the income test for the Commonwealth Seniors Health Card are now law. In the 2014 Federal Budget, the government announced that the Commonwealth Seniors Health Card (CSHC) income test would be changed so new applicants must include superannuation pension income, from 1 January 2015.  Read more

Are you eligible for a Commonwealth Seniors Health Card?


Any Australian hoping to be a self-funded retiree should also ask, 'Am I eligible for a Commonwealth Seniors Health Card (CSHC)?' Any Australian affected by the Age Pension assets test changes announced in the May 2015 Federal Budget may also be asking themselves whether they can now claim the CSHC.  Read more



Super Guide to the 2015 Tax Discussion Paper


It took me three days to properly read the federal government's March 2015 Tax Discussion Paper (also known as 'Re:think'), and another three days to write this article. The reason I took my time reading through the government's Tax Discussion Paper (and writing about it) is because there is a lot contained within the document, and many of the issues affecting taxpayers, especially super fund members, are hidden in the most unlikely sections of this 200-page paper.  Read more