LadyCroft Posted January 14, 2014 Share Posted January 14, 2014 This is an area I know nothing at all about. Since we moved here I have been home with the kids. I have started to worry about filling in the tax forms at the end of the financial year and have also realised being at home with the kids is kind of like being invisible... Is absolutely nothing paid into the Aussie equivalent of pension fund for me at the moment? Will I only start to accrue Super (or whatever you call it) once I get back to work? Help please. I am feeling a bit dumb at the moment and my confidence is crashing even though I know this is best for my family at present... I am starting to realise how much info I am missing regards all the financial side of things here :goofy: Link to comment Share on other sites More sharing options...
Sammy1 Posted January 14, 2014 Share Posted January 14, 2014 Super is paid by your employer and yes it is through work. I know that the Australian aged pension recently changed rules for eligibility and you have to have lived in the the country for so many years to be eligible for it - can't remember how long though. Link to comment Share on other sites More sharing options...
Johndoe Posted January 14, 2014 Share Posted January 14, 2014 If you're OH is on a half decent salary, you'll probably fail the means testing anyway. We've been on a single income since being here but we fail the means testing for my pension as my wife is working..............luckily I get the basic UK pension though because I paid in for over 20 yrs. Link to comment Share on other sites More sharing options...
Alan Collett Posted January 17, 2014 Share Posted January 17, 2014 http://www.ato.gov.au/Individuals/Super/In-detail/Contributions/Super-co-contribution/ Hello LadyCroft. Yes, until you start earning you won't accrue any superannuation benefits. See the link above for info regarding the super co-contribution from the ATO. Best regards. Link to comment Share on other sites More sharing options...
Marisawright Posted January 17, 2014 Share Posted January 17, 2014 Since we moved here I have been home with the kids. I have started to worry about filling in the tax forms at the end of the financial year and have also realised being at home with the kids is kind of like being invisible... Is absolutely nothing paid into the Aussie equivalent of pension fund for me at the moment? Will I only start to accrue Super (or whatever you call it) once I get back to work? There are two kinds of pension in Australia. One is paid by the government and the only qualification for that is residency - no contributions required, ever, and it doesn't matter whether you work or not. The other is superannuation, which is a personal thing. You choose a superannuation fund and open an account with them, then if you're working, your employer has to pay a % of your income into it every month. You can also choose to put money into it if you wish. It's compulsory to have a superannuation fund if you're working - it's a way for the government to force you to save for retirement! Link to comment Share on other sites More sharing options...
Sammy1 Posted January 17, 2014 Share Posted January 17, 2014 There are two kinds of pension in Australia. One is paid by the government and the only qualification for that is residency - no contributions required, ever, and it doesn't matter whether you work or not. The other is superannuation, which is a personal thing. You choose a superannuation fund and open an account with them, then if you're working, your employer has to pay a % of your income into it every month. You can also choose to put money into it if you wish. It's compulsory to have a superannuation fund if you're working - it's a way for the government to force you to save for retirement! New legislation means that you have to be resident in Australia for a significant number of years before you are eligible for the government aged pension. Link to comment Share on other sites More sharing options...
blossom Posted January 17, 2014 Share Posted January 17, 2014 New legislation means that you have to be resident in Australia for a significant number of years before you are eligible for the government aged pension. I think I read somewhere that it's 35 years. Would that be right? Link to comment Share on other sites More sharing options...
Marisawright Posted January 17, 2014 Share Posted January 17, 2014 I think I read somewhere that it's 35 years. Would that be right? No, that's only if you move back to the UK (or some other country) and want to claim the pension there. If you're still in Australia, the residency qualification is only ten years. Link to comment Share on other sites More sharing options...
Alan Collett Posted January 17, 2014 Share Posted January 17, 2014 http://www.humanservices.gov.au/customer/services/centrelink/age-pension Income and Assets tests for the Government Age Pension are here. Best regards. Link to comment Share on other sites More sharing options...
LadyCroft Posted June 4, 2014 Author Share Posted June 4, 2014 Oh maaaaaan... Thanks everyone. I nearly passed out when I saw 35 years! Glad it is only 10 but I guess means testing changes that anyway. Link to comment Share on other sites More sharing options...
Johndoe Posted June 4, 2014 Share Posted June 4, 2014 Oh maaaaaan... Thanks everyone. I nearly passed out when I saw 35 years! Glad it is only 10 but I guess means testing changes that anyway. Yes, and the means testing is pretty severe. Although it doesn't include your home (at the current time) it does include all chattels.............furniture/fittings such as curtains and blinds/vehicles etc Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted June 5, 2014 Share Posted June 5, 2014 This thread could also be of use: Australian Age Pension Information Thread Link to comment Share on other sites More sharing options...
Shellybingobingo Posted June 5, 2014 Share Posted June 5, 2014 I'm not working , but I stick some in mine every month . I'm not sure about it niether , leave that to oh . But his builds up good and only been here 20 month , I know peeps who are same age has us been here 8 yrs none of them have got nothing like that going , no life ins no nothing . It won't kick in till you start work unless you stick a bit in yaself . Link to comment Share on other sites More sharing options...
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