- Age Pension calculator (September 2023 update)
- Age Pension assets test rules (from September 2023)
- Age Pension income test rules (from September 2023)
Transition-to-retirement pensions: Strategies and benefits
Thursday 26 October 2023 at 11:00 am AEDT
In this webinar, Garth will take you through the key benefits of using a transition to retirement pension; from tax planning to achieving better estate planning outcomes. This webinar is a must for all readers approaching or considering retirement.
Q: I am 80 and currently on an age pension, paying $204 per fortnight. I am about to start working part-time and wondered if the employer has to pay me super? I don’t have a super fund.
A: Yes, generally an employer needs to pay super for all staff over age 18 regardless of their hours of work. There is no maximum age limit and no minimum earnings threshold.
If you don’t have a super fund and don’t specifically choose one then super contributions must be paid to the employer’s default fund. The account is in your name and the employer should give you details about how to set it up. You should be offered a choice of fund because you may elect to join an alternative super fund.
Exceptions to the requirement apply if you are employed on a private domestic basis (i.e., as a housekeeper or nanny).
For more details, please refer to the ATO website here.
Looking for a way to increase your income?
It could be time to consider the home equity access scheme or a reverse mortgage to unlock your home’s potential.
Important: All information on SuperGuide is general in nature only and does not take into account your personal objectives, financial situation or needs. You should consider whether any information on SuperGuide is appropriate to you before acting on it. If SuperGuide refers to a financial product you should obtain the relevant product disclosure statement (PDS) or seek personal financial advice before making any investment decisions.
