Financial Standard Comments - Govt responds to self-funded retirees Self-funded retirees may not be left out in the cold in the new carbon tax scheme after all, with Assistant Treasurer Bill Shorten announcing more package highlights to Tasmanian retirees. https://www.financialstandard.com.au/feed/latest?story=12108879 Tue, 12 Jul 2011 13:57:28 +1000 Tue, 12 Jul 2011 13:57:28 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Bill C () I will wait to see what is the definition of a "senior", before I get too excited.
This is from a self funded retiree aged 62.

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]]> Bill C () Tue, 12 Jul 2011 13:57:28 +1000 Comment by S Lim () Self-funded retirees under age 65 with income below the $50,000 (single) or $80,000 (couple) thresholds which are one of the eligibility criteria for for the seniors health card (if one ignores the age eligibility criterion of 65 years) appear to be a forgotten cohort who have fallen between the cracks of the assistance package for households.
Have any announcements been made by the Government which clarifies this one way or the other ?

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]]> S Lim () Sun, 31 Jul 2011 00:41:32 +1000 Comment by B Newman () According to the www.cleanenergyfuture.gov.au web site and its 1800 057 590 call centre operator, a self-funded retiree aged under 65 years (ie. who is not eligible for the Commonwealth Seniors Health Card), who does not receive any government allowances, who does not pay income tax (since superannuation income for over 60s is tax free), etc will be eligible for the low income supplement of $300 p.a. only if their income is less than $30,000 p.a. (single) or $45,000 (couple).
Compare this with a self funded retiree who has a Commonwealth Seniors Health Card (ie. aged 65+), and who can have (tax free superannuation) an income of up to $50,000 (single) or $80,000 (couple) who will receive the full carbon tax assistance of $338 p.a. (single) or $510 p.a. (couple).
From a consistency/equity point of view, the income threshold for eligibility for the low income supplement (for the above described group of self funded retirees aged under 65) should be the same as for those aged 65+ ie. $50,000 (single) or $80,000 (couple). Both groups of self funded retirees (under 65s and over 65s) have worked hard to fund their retirement so they are not a drain on the public purse and should therefore be treated in the same way. Instead, the current assistance package discriminates/disadvantages the under 65s group by imposing a lower income threshold for eligibility and then providing less assistance than to the over 65s group.
Hardly consistent or equitable I say !! Is this simply due to poorly thought out policy (again) ?

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]]> B Newman () Thu, 11 Aug 2011 16:54:14 +1000