Negotiating the age pension rules minefield

As a result, they often fail to qualify for a pension, lose their pension, or receive less than they would if they took professional financial advice.Here are some of the main areas where people fall into traps.Super is an exempt asset for Centrelink purposes until the owner reaches pensionable age, or until they start a pension from it.

If the mortgage is secured against an asset other than the investment asset, the gross amount is counted for the assets test and the loan is not deducted.Family trusts can cause problems with both income and assets tests for the age pension. It is a complex subject. If there is a family trust in your financial affairs, take expert advice long before you think about applying for an age pension. It may pay big dividends.There is a big difference between the asset cut-off point for a single person and that for a couple.

For example, say Jack and Jill had assessable assets of $740,000 and were receiving about $11,800 a year in pension. Without taking advice, they bought a 50 per cent share of a house worth $400,000, so that the daughter could obtain a mortgage on the remainder.Fast-forward 15 years and the house is now worth $900,000, of which their half share is $450,000.

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