Amounts in superannuation funds [2] owned by a non-pensioner partner [2] are exempt from assessment for the pensioner's income support pension [2] until the non-pensioner partner reaches pension age [2], regardless of whether or not the non-pensioner partner claims pension. When the non-pensioner partner reaches pension age their superannuation affects the pensioner's entitlements as follows:
If a non-pensioner partner invests any withdrawal amounts outside the superannuation environment, the investment is assessed under the usual income and assets test rules applying to that type of investment.
More ? [5]
A superannuation fund is defined in the VEA as being:
A person's 'partner' is someone who is a member of a couple with that person.
Income support pension is:
Currently, the pension age for a veteran is 60 years of age (VEA 5QA).
The pension age for a non-veteran is determined by the table below:
Date of birth (both dates inclusive) | Age Pension age |
1 July 1952 to 31 December 1953 | 65 years and 6 months |
1 January 1954 to 30 June 1955 | 66 years |
1 July 1955 to 31 December 1956 | 66 years and 6 months |
On or after 1 January 1957 | 67 years |
The accumulation phase is the period during a person's working life in which superannuation contributions are paid into a superannuation fund, with the aim of maximising the sum available for retirement through investment and tax concessions.
According to section 5J of the VEA, a financial investment means:
but does not include an investment in an FHSA (within the meaning of the First Home Saver Accounts Act 2008) or a designated NDIS amount.
According to subsection 5J(1) of the VEA [12], an income stream includes:
but does not include any of the following:
Links
[1] https://clik.dva.gov.au/user/login?destination=node/16428%23comment-form
[2] https://clik.dva.gov.au/%23
[3] https://clik.dva.gov.au/book/export/html/16428#tgt-cspol_part10_ftn599
[4] https://clik.dva.gov.au/book/export/html/16428#tgt-cspol_part10_ftn600
[5] https://clik.dva.gov.au/book/export/html/16428#tgt-cspol_part10_ftn601
[6] https://clik.dva.gov.au/compensation-and-support-policy-library/part-9-principles-determining-pension-rate/95-deeming-provisions
[7] https://clik.dva.gov.au/book/export/html/16428#ref-cspol_part10_ftn599
[8] https://clik.dva.gov.au/compensation-and-support-policy-library/part-10-types-income-and-assets/105-income-streams
[9] https://clik.dva.gov.au/book/export/html/16428#ref-cspol_part10_ftn600
[10] https://clik.dva.gov.au/book/export/html/16428#ref-cspol_part10_ftn601
[11] http://clik.dva.gov.au/glossary/foreign-superannuation-fund
[12] http://clik.dva.gov.au/legislation-library