Monday 01 September 2014
While there has been considerable discussion surrounding the introduction of deeming of account-based pensions for age pension purposes, the Government has also proposed legislation to include deemed income from account-based pensions in the income test for eligibility for the Commonwealth Seniors Health Card.
Certain annuities will also have deemed income for the purposes of the expanded income test. For simplicity, in this article we will refer only to account-based pensions. These changes could have an impact on approximately 286,000 self-funded retirees.
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