Watermark Financial Services is your local and trusted advisors situation on the lovely Sunshine Coast. Even though we offer a wide range of services including Asset Protection (Life, TPD, Income Protection and Trauma), Consolidation and Superannuation advice, Wealth Accumulation, Tax & Debt Minimisation, as well as Retirement Planning, I would like to take this opportunity to talk about the up and coming changes to the Centrelink Asset Tests.
From the 1st of July 2017, many pensioners including possibly your parents will have their pension’s reduced or ceased due to the legislated changes announced.
The upper threshold for couples which is currently just over the million dollars, will reduces to $823,000. This means that pensioners may lose around $13,000 in pension payments each year which they will now have to find from their own capital.
Don’t despair, there is still time to plan ahead. There are still strategies available that you or your parents could take advantage of in order for their pension to recoup some of the reduction or limit the impact.
If you wish to know more, please give Michelle Millsom or Neil Oxley a call from Watermark Financial Services on (07) 54750800. We are here to help.