{"id":307,"date":"2019-07-08T20:29:43","date_gmt":"2019-07-08T10:29:43","guid":{"rendered":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/?p=307"},"modified":"2019-07-08T20:29:44","modified_gmt":"2019-07-08T10:29:44","slug":"deeming-rates","status":"publish","type":"post","link":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/deeming-rates\/","title":{"rendered":"Deeming Rates"},"content":{"rendered":"<div class=\"entry\">\n\n\n<p>A slight rise in the age pension rates, and some small changes to the deeming rates, mean that many pensioners may now be slightly better off. Also, some retirees who did not qualify for an age pension because they were over the asset test cut-off point may start to qualify. Under the new rules a single homeowner can have up to $572,000 of assessable assets and receive a part pension \u2013 for a single non-homeowner the higher threshold is $782,500. For a couple the higher threshold to $860,000 for a homeowner, and $1,070,500 for a non-homeowner.<\/p>\n\n\n\n<p>The deeming rates for a couple are now 1.75% on the first $86,200 &nbsp;and 3.25% on the balance. For a single pensioner the first $51,800 will assessed at 1.75%, and the balance at 3.25%. The assets that are subject to deeming include bank accounts, shares, managed funds, insurance bonds, debentures, superannuation when the owner has reached pensionable age, and deprived assets such as excess gifts.&nbsp;<\/p>\n\n\n\n<p>Deeming rates also affect people with income streams like account based pensions that were started after January 1 2015, and as such have lost the grandfathering provisions. They also affect anybody receiving a home care package, living in residential aged care, or applying for the Commonwealth Seniors Health Card. The deeming rates have been unchanged since March 2015, but there has been such an outcry from pensioners at the government as promised to review them in the near future.<\/p>\n\n\n\n<p>The deeming and age pension calculators on my website\u00a0<a href=\"http:\/\/www.noelwhittaker.com.au\/\">www.noelwhittaker.com.au<\/a>\u00a0have been updated to reflect the new numbers. So, if you think you might qualify do the numbers for yourself. Remember, that assets such as furniture should be valued at garage sale value, and not replacement value. Getting this wrong can cost asset tested pensioners dearly.<\/p>\n\n\n\n<p>It\u2019s important to seek good advice. There are strategies such as investing in funeral bonds, and gifting, which may enable a person who does not quite qualify for an age pension because of their assets may be able to get over the line.<\/p>\n\n\n<\/div>","protected":false},"excerpt":{"rendered":"<p>A slight rise in the age pension rates, and some small changes to the deeming rates, mean that many pensioners may now be slightly better off. Also, some retirees who did not qualify for an age pension because they were over the asset test cut-off point may start to qualify. Under the new rules a &#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-307","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-retirement","7":"anons"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Deeming Rates - Noel Whittaker&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/deeming-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Deeming Rates - Noel Whittaker&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"A slight rise in the age pension rates, and some small changes to the deeming rates, mean that many pensioners may now be slightly better off. Also, some retirees who did not qualify for an age pension because they were over the asset test cut-off point may start to qualify. 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