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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
i will be applying for the age pension in december.i will be 66.5 in march.my wife wont be old enough for the age pension for another 3 years.will i be paid as a single pensioner or at the married rate even though the wife wont qualify for another three years.
Hi Pat, thanks for explaining your situation so well! When Centrelink say single/couple it means ‘are you in a relationship with someone?’. So although your partner is not eligible for the Age Pension yet, you are still assessed as a couple and her income/assets are included in your assessment. The couples’ Age Pension is designed to be paid 50/50, this means that the maximum pension you could receive is $744 (your half) until your wife turns of age and begins receiving her portion.
Hi I also will receive my English pension how does the effect my Australian pension
Hi Lesley, thanks for seeking clarity! You will need to request a letter from your English pension confirming how much you will be paid (in pounds) and the frequency. Once you give this to Centrelink they can then review your pension and recalculate accordingly. Depending on your situation there may not be any impact at all but you still need to declare it to Centrelink either way.
I am 72 years old and receive the age pension.
I am also a sole trader (handyman) and earn money doing small jobs
My question is: the money that I have to declare to Centrelink is it gross or after expenses?
Do I declare it weekly or Monthly?
Hi Stan, thanks for reaching out! When you are self employed Centrelink do allow some deductions from your gross income and then assess you on the remaining amount. The best thing to do is provide them with a profit & loss statement (P&L) to clarify your situation. In terms of frequency this is up to you. You can lodge a new P&L as often as you like, technically Centrelink request updates of any variation in your income and/or assets within 14 days of the change but very few of our customers submit new P&L every two weeks. If you genuinely have a lot of variation then you could do one once a month but if your situation is reasonably stable and consistent you could stretch it out to be every couple of months.