Latest news with #TaxOffice
Local Spain
2 days ago
- Business
- Local Spain
Can a joint bank account help you avoid paying gift tax in Spain?
The most typical family members that give financial gifts is of course parents giving money to their adult children. This could be elderly parents helping their kids out with savings or special purchases. One of the ways that some people choose to do to get around this open a joint bank account with one or more of your children so that you can share your money with them. Previously this could have been interpreted as parents sneakily trying to gift their kids money, without it being reported as a gift and paying tax on it. It could be seen as the children automatically owning 50 percent of whatever you deposited. The Treasury has now clarified, however, that including a child as a joint owner of a bank account does not necessarily imply an automatic gift donation and there is a difference between holding a bank account and owning money. The new resolution from the General Directorate of Taxes which came out in April 2025 is based on various Supreme Court rulings which establish that the fact that a person is a co-holder of a bank account does not mean that the money they have access to is theirs. It means they simply have permission to access and can undertake operations. "Joint ownership simply implies the availability of funds by either owner, without determining the existence of joint ownership, much less equal shares, of said balance," the resolution states. This means the Tax Office does not automatically assume that 50 percent of the deposited funds belong to the joint owners. Instead, each joint owner only owns the percentage of money they have contributed. The Tax Office recognises joint ownership as an "agreement with the financial institution" that does not affect the ownership of the money, and allows for the free use of the funds in that account within the limits of that financial agreement. This means that, as far as the bank is concerned, both holders can use the funds without considering the percentage contributed by each party. Be aware though, if it is a true gift, you should still declare it as so and it's likely you will still have to pay gift tax on it. Keep in mind, this only applies while both parties are still alive. If for example, an elderly parent has a joint back account with their adult son or daughter and then dies, Article 1.138 of the Civil Code apply, states that the portion corresponding to the deceased then becomes property of their heirs. This means that the surviving holder cannot prove a higher percentage of ownership, 50 percent of the deposit would become part of the inheritance and its ownership would pass to the heirs. In this case then they would have to pay inheritance tax on it.
Sydney Morning Herald
09-07-2025
- Business
- Sydney Morning Herald
Do you really need an accountant to do your tax return?
Real Money, a free weekly newsletter giving expert tips on how to save, invest and make the most of your money, is sent every Sunday. You're reading an excerpt − sign up to get the whole newsletter in your inbox. If no one has done so yet, let me be the first to wish you a happy end of financial year, a day I'm sure you've been counting down to on your calendar, staring wistfully out the window as you awaited its arrival. Well, wistfully stare no more, as we are officially in the 2026 fiscal year, and as the saying goes, it's tax return time baby! If you don't think about all the tax you've paid for the past 12 months, getting your tax return is basically like free money (unless you end up owing tax, in which case, I have no silver lining for you). Plus, with the awful weather in Sydney and Melbourne at present, what better time to curl up on the couch and start tallying up your deductions? You could even invite a friend! What's the problem? I am embarrassingly eager to do my return (if that's not obvious), but not everyone is so crazy about the idea. Data from the ATO shows about two thirds of Australians pay a tax agent to handle their affairs, while the remaining third of us do it ourselves. If that sounds like a lot, that's because it is − Australia has one of the highest rates of tax agent use in the OECD. Loading The Tax Office doesn't break down that data by age, but I'd bet that most people employing tax agents would be on the older side, while younger workers are more likely to do it themselves. There are a few reasons for this, one of the biggest being that the online tax lodgment service, MyTax, has only been around for a decade or so, and its e-Tax predecessor was by all accounts a complete nightmare.
The Advertiser
29-06-2025
- Business
- The Advertiser
What's changing for parents, workers and students on July 1
It's almost a new financial year, which means a raft of changes to your pay, superannuation and government benefits are coming. Here are some of the changes you can expect from July 1. The government will begin paying superannuation on top of Commonwealth-funded paid parental leave. Parents with babies born or adopted on or after July 1, 2025,n will receive the superannuation guarantee, which is 12 per cent of the parental leave pay, into their nominated super fund. It will be paid as a lump sum superannuation contribution, including an interest component, at the end of each financial year that the parental leave was taken. The Tax Office will make the first payments from July 2026. The government will also increase the length of paid parental leave to 24 weeks from July 1. Three of those weeks are dedicated to the second partner and the rest are for the primary carer. The Commonwealth super guarantee will rise from 11.5 per cent to 12 per cent on July 1. This is the final rise as part of the government's plan to incrementally increase the super rate from 9 per cent, since it was legislated in 2012. The national minimum wage is also set for a boost, rising 3.5 per cent from July 1. It will take the new minimum wage to $24.95 per hour, or $948 per week. The increase will apply to a person's first full pay period starting on or after July 1. Eligible students completing mandatory placement as part of a nursing, midwifery, teaching or social work degree will be able to access $331.65 per week from July 1. The payment, announced in the 2024-25 federal budget, will help students manage living costs while on placement. The government will also begin offering incentive payments to apprentices working in housing construction, in a bid to help alleviate workforce shortages. Eligible apprentices will receive $10,000 during the course of their apprenticeship. This will be split into $2000 payments at six, 12, 24, 36 months and at the completion of the apprenticeship. Households, businesses and community organisations will be able to save about 30 per cent on the cost of installing a home battery. The upfront discount will help eligible households with the cost of installing small battery storage systems that connect to new or existing solar PV systems. Some Centrelink payments will also rise on July 1 by 2.4 per cent, in line with inflation. Under Family Tax Benefit Part A, the maximum payment for children aged under 13 will increase to $227.36 a fortnight, or $295.82 a fortnight for children aged 13 or over. The maximum rate of Family Tax Benefit Part B will increase to $193.34, or $134.96 a fortnight for families with a youngest child aged five or over. It's almost a new financial year, which means a raft of changes to your pay, superannuation and government benefits are coming. Here are some of the changes you can expect from July 1. The government will begin paying superannuation on top of Commonwealth-funded paid parental leave. Parents with babies born or adopted on or after July 1, 2025,n will receive the superannuation guarantee, which is 12 per cent of the parental leave pay, into their nominated super fund. It will be paid as a lump sum superannuation contribution, including an interest component, at the end of each financial year that the parental leave was taken. The Tax Office will make the first payments from July 2026. The government will also increase the length of paid parental leave to 24 weeks from July 1. Three of those weeks are dedicated to the second partner and the rest are for the primary carer. The Commonwealth super guarantee will rise from 11.5 per cent to 12 per cent on July 1. This is the final rise as part of the government's plan to incrementally increase the super rate from 9 per cent, since it was legislated in 2012. The national minimum wage is also set for a boost, rising 3.5 per cent from July 1. It will take the new minimum wage to $24.95 per hour, or $948 per week. The increase will apply to a person's first full pay period starting on or after July 1. Eligible students completing mandatory placement as part of a nursing, midwifery, teaching or social work degree will be able to access $331.65 per week from July 1. The payment, announced in the 2024-25 federal budget, will help students manage living costs while on placement. The government will also begin offering incentive payments to apprentices working in housing construction, in a bid to help alleviate workforce shortages. Eligible apprentices will receive $10,000 during the course of their apprenticeship. This will be split into $2000 payments at six, 12, 24, 36 months and at the completion of the apprenticeship. Households, businesses and community organisations will be able to save about 30 per cent on the cost of installing a home battery. The upfront discount will help eligible households with the cost of installing small battery storage systems that connect to new or existing solar PV systems. Some Centrelink payments will also rise on July 1 by 2.4 per cent, in line with inflation. Under Family Tax Benefit Part A, the maximum payment for children aged under 13 will increase to $227.36 a fortnight, or $295.82 a fortnight for children aged 13 or over. The maximum rate of Family Tax Benefit Part B will increase to $193.34, or $134.96 a fortnight for families with a youngest child aged five or over. It's almost a new financial year, which means a raft of changes to your pay, superannuation and government benefits are coming. Here are some of the changes you can expect from July 1. The government will begin paying superannuation on top of Commonwealth-funded paid parental leave. Parents with babies born or adopted on or after July 1, 2025,n will receive the superannuation guarantee, which is 12 per cent of the parental leave pay, into their nominated super fund. It will be paid as a lump sum superannuation contribution, including an interest component, at the end of each financial year that the parental leave was taken. The Tax Office will make the first payments from July 2026. The government will also increase the length of paid parental leave to 24 weeks from July 1. Three of those weeks are dedicated to the second partner and the rest are for the primary carer. The Commonwealth super guarantee will rise from 11.5 per cent to 12 per cent on July 1. This is the final rise as part of the government's plan to incrementally increase the super rate from 9 per cent, since it was legislated in 2012. The national minimum wage is also set for a boost, rising 3.5 per cent from July 1. It will take the new minimum wage to $24.95 per hour, or $948 per week. The increase will apply to a person's first full pay period starting on or after July 1. Eligible students completing mandatory placement as part of a nursing, midwifery, teaching or social work degree will be able to access $331.65 per week from July 1. The payment, announced in the 2024-25 federal budget, will help students manage living costs while on placement. The government will also begin offering incentive payments to apprentices working in housing construction, in a bid to help alleviate workforce shortages. Eligible apprentices will receive $10,000 during the course of their apprenticeship. This will be split into $2000 payments at six, 12, 24, 36 months and at the completion of the apprenticeship. Households, businesses and community organisations will be able to save about 30 per cent on the cost of installing a home battery. The upfront discount will help eligible households with the cost of installing small battery storage systems that connect to new or existing solar PV systems. Some Centrelink payments will also rise on July 1 by 2.4 per cent, in line with inflation. Under Family Tax Benefit Part A, the maximum payment for children aged under 13 will increase to $227.36 a fortnight, or $295.82 a fortnight for children aged 13 or over. The maximum rate of Family Tax Benefit Part B will increase to $193.34, or $134.96 a fortnight for families with a youngest child aged five or over. It's almost a new financial year, which means a raft of changes to your pay, superannuation and government benefits are coming. Here are some of the changes you can expect from July 1. The government will begin paying superannuation on top of Commonwealth-funded paid parental leave. Parents with babies born or adopted on or after July 1, 2025,n will receive the superannuation guarantee, which is 12 per cent of the parental leave pay, into their nominated super fund. It will be paid as a lump sum superannuation contribution, including an interest component, at the end of each financial year that the parental leave was taken. The Tax Office will make the first payments from July 2026. The government will also increase the length of paid parental leave to 24 weeks from July 1. Three of those weeks are dedicated to the second partner and the rest are for the primary carer. The Commonwealth super guarantee will rise from 11.5 per cent to 12 per cent on July 1. This is the final rise as part of the government's plan to incrementally increase the super rate from 9 per cent, since it was legislated in 2012. The national minimum wage is also set for a boost, rising 3.5 per cent from July 1. It will take the new minimum wage to $24.95 per hour, or $948 per week. The increase will apply to a person's first full pay period starting on or after July 1. Eligible students completing mandatory placement as part of a nursing, midwifery, teaching or social work degree will be able to access $331.65 per week from July 1. The payment, announced in the 2024-25 federal budget, will help students manage living costs while on placement. The government will also begin offering incentive payments to apprentices working in housing construction, in a bid to help alleviate workforce shortages. Eligible apprentices will receive $10,000 during the course of their apprenticeship. This will be split into $2000 payments at six, 12, 24, 36 months and at the completion of the apprenticeship. Households, businesses and community organisations will be able to save about 30 per cent on the cost of installing a home battery. The upfront discount will help eligible households with the cost of installing small battery storage systems that connect to new or existing solar PV systems. Some Centrelink payments will also rise on July 1 by 2.4 per cent, in line with inflation. Under Family Tax Benefit Part A, the maximum payment for children aged under 13 will increase to $227.36 a fortnight, or $295.82 a fortnight for children aged 13 or over. The maximum rate of Family Tax Benefit Part B will increase to $193.34, or $134.96 a fortnight for families with a youngest child aged five or over.
Saba Yemen
15-06-2025
- Business
- Saba Yemen
Ibb conducts post-Eid discipline checks in government offices
Ibb – Saba: Ibb undersecretary Qasim al-Masawa on Sunday conducted an inspection tour of several government offices to assess workflow and job discipline on the first official working day following the Eid al-Adha holiday. Accompanied by Mohammed Ablan, Director of the Civil Service and Administrative Development Office, Governor al-Masawa reviewed the level of discipline at the Yemen Oil Company branch. He also discussed the progress of the strategic petroleum storage project with Engineer Mohammed al-Ashram, the branch's director. The undersecretary then visited the Tax Office, where he heard from Director Moein al-Shalf regarding performance levels, job discipline, and plans for revenue collection. Further inspections were conducted at the Economy, Industry, and Investment Office, and the Yemeni Organization for Standardization, Metrology, and Quality Control. Discussions at these offices included reports on past achievements, efforts to provide citizen services, results of market monitoring campaigns, consumer protection measures, and challenges faced. Al-Masawa commended the employees for their dedication and discipline after the holiday, emphasizing the importance of continued job discipline and improved service delivery to meet citizens' needs. He reaffirmed the governorate's leadership commitment to performance monitoring and evaluation. He urged all staff to enhance their efforts to strengthen state institutions' role in community service, especially given the country's current circumstances. According to the Director of the Civil Service and Administrative Development Office, the job discipline rate across public and mixed-sector institutions on this first post-holiday working day reached 96 percent. Field oversight committees will continue to monitor discipline in various offices and administrative units throughout the governorate. Whatsapp Telegram Email Print
The Advertiser
25-05-2025
- Politics
- The Advertiser
The stakes are high when it comes to super scams
It was a quiet Friday - until my inbox exploded. A distressed reader had just seen what she thought was a government announcement: from 1 June 2025, nobody would be allowed to touch their super until age 70. She was shocked and panicky. It was all news to me, so I asked her to send a screenshot. What came back looked highly convincing. It was a professional-looking Apple News article featuring a photo of the prime minister, complete with quotes and policy details. It claimed the preservation age was being lifted to 70 and promised a "work bonus" to soften the blow. I told her it screamed fake news, and I was right. But within hours, dozens more emails flooded in from readers who had seen the same article and were equally alarmed. That's when I called the Tax Office. They confirmed what I suspected: it was total rubbish. We immediately issued a special bulletin to all my news subscribers to warn them it was a fake. This is AI and social media being weaponised. A few clicks, and boom - scammers whip up a fake news release so real it fools half the country. They blast it out on email or Facebook, and their goal's dead simple: get you to click. One wrong move, and your device is toast, your data's swiped, or your identity's gone. These scams aren't just dodgy texts anymore: they're polished, gut-punching lies built to spark fear and chaos. And when it comes to superannuation - one of your most important assets - the stakes are high. Let's be absolutely clear: any major changes to superannuation rules, such as lifting the preservation age, would be front-page news. They'd be announced through formal channels, usually as part of the Federal Budget, and covered extensively in mainstream media. If you haven't seen it on the evening news or read it in a major newspaper, chances are it isn't real. Here are the facts. The preservation age is currently 60, and there are no plans to increase it. Once you reach preservation age, you can access your super if you meet a "condition of release". That typically means retiring or ceasing employment - though it doesn't have to be from your main job. Even resigning from a casual job may be enough. And if you're 60 or older and can't satisfy a condition of release, you can start a transition-to-retirement (TTR) pension, which allows you to draw up to 10 per cent of your super annually, even while still working. It's a useful strategy for those wanting to cut back their hours without sacrificing income. From age 65, you can access your super regardless of your work status. For people on temporary visas, the Departing Australia Superannuation Payment (DASP) scheme allows you to withdraw your super once you've left the country permanently. In limited cases, you can access super before preservation age: for example, if you're permanently incapacitated, terminally ill, suffering severe financial hardship, or facing large medical bills. Each situation has strict eligibility rules and requires approval from the ATO or your super fund. Super is a long-term investment. But it's also a tempting target for scammers, because it's where most Australians keep a large chunk of their retirement wealth. That's why you need to stay vigilant, question what you see online, and never act on anonymous messages without checking first. If something sounds extreme or sudden - like moving the preservation age to 70 overnight - don't panic. Don't click. Don't forward it. Just check with a reputable source like your fund, a licensed adviser, or government websites. A moment of doubt can save you a lifetime of trouble. Question: We own our own home valued at around $1,300,000 although we have an investment loan against the home equity, of $400,000. I have not paid this out as my investment return has to date exceeded the interest payable on the interest only loan. Does Centrelink deduct the value of the investment loan when calculating asset value to determine eligibility? Answer: It depends on how the loan is secured. If the mortgage is over your residence, the loan will not be deducted from the asset value - but if the loan is secured over the investment itself Centrelink will reduce the investment asset by the amount of that loan. Question: How will my superannuation be taxed when it passes to my daughters after my death? It is in pension mode, and all withdrawals are tax-free. When my daughters inherit their equal shares, will they be required to pay tax, or does its tax-free status continue? If tax is payable, would it be more beneficial to name my wife as the beneficiary so she can later transfer the funds to them? What effect would this have on her pension? Answer: If you pass away while in pension phase, your super pension will cease, and your daughters can only receive the remaining balance as a lump sum. Whilst withdrawals you make are tax-free, the taxable proportion of lump sum death benefits paid to your daughters (non-tax dependants) will be subject to tax at 15% plus 2% Medicare Levy. If you changed the beneficiaries from your daughters to your wife, then she can receive a tax-free lump sum death benefit. However, the amount received by your wife will be assessed as an asset by Centrelink and assuming she keeps the funds in the bank account, deemed income will count under the income test. This may affect her age pension. Furthermore, if she then gifted this amount to your daughters, Centrelink will treat the amount gifted, less the first $10,000, as a 'deprived' asset, and count it under the means tests for 5 years. This is a complex issue and expert advice is essential. Question: I am 67 and retired from my banking career after 48 years. I now do handyman work to stay active, which I enjoy. It's not full-time - about 10 hours per week. I also spend 10 hours weekly at a paid woodworking course. I'm self-employed but not incorporated or registered (no ABN/ACN). I issue invoices for all my jobs. I've tried seeking clarification from the ATO and my super fund without success. If I'm self-employed, what evidence must I provide to the ATO/super fund to contribute to super and claim a tax deduction for concessional contributions? I wish to contribute the $30,000 maximum. Answer: An ATO spokesperson says the work test requires proof of gainful employment for at least 40 hours within 30 consecutive days, as an employee or self-employed, in the financial year of contribution. Australia's tax system relies on self-assessment, assuming your information is accurate. If reviewed and you lack evidence for a deduction, your claim may be disallowed. Keep records of your work hours to demonstrate compliance. You seem on the right track. Getting an ABN might be wise - it's free. It was a quiet Friday - until my inbox exploded. A distressed reader had just seen what she thought was a government announcement: from 1 June 2025, nobody would be allowed to touch their super until age 70. She was shocked and panicky. It was all news to me, so I asked her to send a screenshot. What came back looked highly convincing. It was a professional-looking Apple News article featuring a photo of the prime minister, complete with quotes and policy details. It claimed the preservation age was being lifted to 70 and promised a "work bonus" to soften the blow. I told her it screamed fake news, and I was right. But within hours, dozens more emails flooded in from readers who had seen the same article and were equally alarmed. That's when I called the Tax Office. They confirmed what I suspected: it was total rubbish. We immediately issued a special bulletin to all my news subscribers to warn them it was a fake. This is AI and social media being weaponised. A few clicks, and boom - scammers whip up a fake news release so real it fools half the country. They blast it out on email or Facebook, and their goal's dead simple: get you to click. One wrong move, and your device is toast, your data's swiped, or your identity's gone. These scams aren't just dodgy texts anymore: they're polished, gut-punching lies built to spark fear and chaos. And when it comes to superannuation - one of your most important assets - the stakes are high. Let's be absolutely clear: any major changes to superannuation rules, such as lifting the preservation age, would be front-page news. They'd be announced through formal channels, usually as part of the Federal Budget, and covered extensively in mainstream media. If you haven't seen it on the evening news or read it in a major newspaper, chances are it isn't real. Here are the facts. The preservation age is currently 60, and there are no plans to increase it. Once you reach preservation age, you can access your super if you meet a "condition of release". That typically means retiring or ceasing employment - though it doesn't have to be from your main job. Even resigning from a casual job may be enough. And if you're 60 or older and can't satisfy a condition of release, you can start a transition-to-retirement (TTR) pension, which allows you to draw up to 10 per cent of your super annually, even while still working. It's a useful strategy for those wanting to cut back their hours without sacrificing income. From age 65, you can access your super regardless of your work status. For people on temporary visas, the Departing Australia Superannuation Payment (DASP) scheme allows you to withdraw your super once you've left the country permanently. In limited cases, you can access super before preservation age: for example, if you're permanently incapacitated, terminally ill, suffering severe financial hardship, or facing large medical bills. Each situation has strict eligibility rules and requires approval from the ATO or your super fund. Super is a long-term investment. But it's also a tempting target for scammers, because it's where most Australians keep a large chunk of their retirement wealth. That's why you need to stay vigilant, question what you see online, and never act on anonymous messages without checking first. If something sounds extreme or sudden - like moving the preservation age to 70 overnight - don't panic. Don't click. Don't forward it. Just check with a reputable source like your fund, a licensed adviser, or government websites. A moment of doubt can save you a lifetime of trouble. Question: We own our own home valued at around $1,300,000 although we have an investment loan against the home equity, of $400,000. I have not paid this out as my investment return has to date exceeded the interest payable on the interest only loan. Does Centrelink deduct the value of the investment loan when calculating asset value to determine eligibility? Answer: It depends on how the loan is secured. If the mortgage is over your residence, the loan will not be deducted from the asset value - but if the loan is secured over the investment itself Centrelink will reduce the investment asset by the amount of that loan. Question: How will my superannuation be taxed when it passes to my daughters after my death? It is in pension mode, and all withdrawals are tax-free. When my daughters inherit their equal shares, will they be required to pay tax, or does its tax-free status continue? If tax is payable, would it be more beneficial to name my wife as the beneficiary so she can later transfer the funds to them? What effect would this have on her pension? Answer: If you pass away while in pension phase, your super pension will cease, and your daughters can only receive the remaining balance as a lump sum. Whilst withdrawals you make are tax-free, the taxable proportion of lump sum death benefits paid to your daughters (non-tax dependants) will be subject to tax at 15% plus 2% Medicare Levy. If you changed the beneficiaries from your daughters to your wife, then she can receive a tax-free lump sum death benefit. However, the amount received by your wife will be assessed as an asset by Centrelink and assuming she keeps the funds in the bank account, deemed income will count under the income test. This may affect her age pension. Furthermore, if she then gifted this amount to your daughters, Centrelink will treat the amount gifted, less the first $10,000, as a 'deprived' asset, and count it under the means tests for 5 years. This is a complex issue and expert advice is essential. Question: I am 67 and retired from my banking career after 48 years. I now do handyman work to stay active, which I enjoy. It's not full-time - about 10 hours per week. I also spend 10 hours weekly at a paid woodworking course. I'm self-employed but not incorporated or registered (no ABN/ACN). I issue invoices for all my jobs. I've tried seeking clarification from the ATO and my super fund without success. If I'm self-employed, what evidence must I provide to the ATO/super fund to contribute to super and claim a tax deduction for concessional contributions? I wish to contribute the $30,000 maximum. Answer: An ATO spokesperson says the work test requires proof of gainful employment for at least 40 hours within 30 consecutive days, as an employee or self-employed, in the financial year of contribution. Australia's tax system relies on self-assessment, assuming your information is accurate. If reviewed and you lack evidence for a deduction, your claim may be disallowed. Keep records of your work hours to demonstrate compliance. You seem on the right track. Getting an ABN might be wise - it's free. It was a quiet Friday - until my inbox exploded. A distressed reader had just seen what she thought was a government announcement: from 1 June 2025, nobody would be allowed to touch their super until age 70. She was shocked and panicky. It was all news to me, so I asked her to send a screenshot. What came back looked highly convincing. It was a professional-looking Apple News article featuring a photo of the prime minister, complete with quotes and policy details. It claimed the preservation age was being lifted to 70 and promised a "work bonus" to soften the blow. I told her it screamed fake news, and I was right. But within hours, dozens more emails flooded in from readers who had seen the same article and were equally alarmed. That's when I called the Tax Office. They confirmed what I suspected: it was total rubbish. We immediately issued a special bulletin to all my news subscribers to warn them it was a fake. This is AI and social media being weaponised. A few clicks, and boom - scammers whip up a fake news release so real it fools half the country. They blast it out on email or Facebook, and their goal's dead simple: get you to click. One wrong move, and your device is toast, your data's swiped, or your identity's gone. These scams aren't just dodgy texts anymore: they're polished, gut-punching lies built to spark fear and chaos. And when it comes to superannuation - one of your most important assets - the stakes are high. Let's be absolutely clear: any major changes to superannuation rules, such as lifting the preservation age, would be front-page news. They'd be announced through formal channels, usually as part of the Federal Budget, and covered extensively in mainstream media. If you haven't seen it on the evening news or read it in a major newspaper, chances are it isn't real. Here are the facts. The preservation age is currently 60, and there are no plans to increase it. Once you reach preservation age, you can access your super if you meet a "condition of release". That typically means retiring or ceasing employment - though it doesn't have to be from your main job. Even resigning from a casual job may be enough. And if you're 60 or older and can't satisfy a condition of release, you can start a transition-to-retirement (TTR) pension, which allows you to draw up to 10 per cent of your super annually, even while still working. It's a useful strategy for those wanting to cut back their hours without sacrificing income. From age 65, you can access your super regardless of your work status. For people on temporary visas, the Departing Australia Superannuation Payment (DASP) scheme allows you to withdraw your super once you've left the country permanently. In limited cases, you can access super before preservation age: for example, if you're permanently incapacitated, terminally ill, suffering severe financial hardship, or facing large medical bills. Each situation has strict eligibility rules and requires approval from the ATO or your super fund. Super is a long-term investment. But it's also a tempting target for scammers, because it's where most Australians keep a large chunk of their retirement wealth. That's why you need to stay vigilant, question what you see online, and never act on anonymous messages without checking first. If something sounds extreme or sudden - like moving the preservation age to 70 overnight - don't panic. Don't click. Don't forward it. Just check with a reputable source like your fund, a licensed adviser, or government websites. A moment of doubt can save you a lifetime of trouble. Question: We own our own home valued at around $1,300,000 although we have an investment loan against the home equity, of $400,000. I have not paid this out as my investment return has to date exceeded the interest payable on the interest only loan. Does Centrelink deduct the value of the investment loan when calculating asset value to determine eligibility? Answer: It depends on how the loan is secured. If the mortgage is over your residence, the loan will not be deducted from the asset value - but if the loan is secured over the investment itself Centrelink will reduce the investment asset by the amount of that loan. Question: How will my superannuation be taxed when it passes to my daughters after my death? It is in pension mode, and all withdrawals are tax-free. When my daughters inherit their equal shares, will they be required to pay tax, or does its tax-free status continue? If tax is payable, would it be more beneficial to name my wife as the beneficiary so she can later transfer the funds to them? What effect would this have on her pension? Answer: If you pass away while in pension phase, your super pension will cease, and your daughters can only receive the remaining balance as a lump sum. Whilst withdrawals you make are tax-free, the taxable proportion of lump sum death benefits paid to your daughters (non-tax dependants) will be subject to tax at 15% plus 2% Medicare Levy. If you changed the beneficiaries from your daughters to your wife, then she can receive a tax-free lump sum death benefit. However, the amount received by your wife will be assessed as an asset by Centrelink and assuming she keeps the funds in the bank account, deemed income will count under the income test. This may affect her age pension. Furthermore, if she then gifted this amount to your daughters, Centrelink will treat the amount gifted, less the first $10,000, as a 'deprived' asset, and count it under the means tests for 5 years. This is a complex issue and expert advice is essential. Question: I am 67 and retired from my banking career after 48 years. I now do handyman work to stay active, which I enjoy. It's not full-time - about 10 hours per week. I also spend 10 hours weekly at a paid woodworking course. I'm self-employed but not incorporated or registered (no ABN/ACN). I issue invoices for all my jobs. I've tried seeking clarification from the ATO and my super fund without success. If I'm self-employed, what evidence must I provide to the ATO/super fund to contribute to super and claim a tax deduction for concessional contributions? I wish to contribute the $30,000 maximum. Answer: An ATO spokesperson says the work test requires proof of gainful employment for at least 40 hours within 30 consecutive days, as an employee or self-employed, in the financial year of contribution. Australia's tax system relies on self-assessment, assuming your information is accurate. If reviewed and you lack evidence for a deduction, your claim may be disallowed. Keep records of your work hours to demonstrate compliance. You seem on the right track. Getting an ABN might be wise - it's free. It was a quiet Friday - until my inbox exploded. A distressed reader had just seen what she thought was a government announcement: from 1 June 2025, nobody would be allowed to touch their super until age 70. She was shocked and panicky. It was all news to me, so I asked her to send a screenshot. What came back looked highly convincing. It was a professional-looking Apple News article featuring a photo of the prime minister, complete with quotes and policy details. It claimed the preservation age was being lifted to 70 and promised a "work bonus" to soften the blow. I told her it screamed fake news, and I was right. But within hours, dozens more emails flooded in from readers who had seen the same article and were equally alarmed. That's when I called the Tax Office. They confirmed what I suspected: it was total rubbish. We immediately issued a special bulletin to all my news subscribers to warn them it was a fake. This is AI and social media being weaponised. A few clicks, and boom - scammers whip up a fake news release so real it fools half the country. They blast it out on email or Facebook, and their goal's dead simple: get you to click. One wrong move, and your device is toast, your data's swiped, or your identity's gone. These scams aren't just dodgy texts anymore: they're polished, gut-punching lies built to spark fear and chaos. And when it comes to superannuation - one of your most important assets - the stakes are high. Let's be absolutely clear: any major changes to superannuation rules, such as lifting the preservation age, would be front-page news. They'd be announced through formal channels, usually as part of the Federal Budget, and covered extensively in mainstream media. If you haven't seen it on the evening news or read it in a major newspaper, chances are it isn't real. Here are the facts. The preservation age is currently 60, and there are no plans to increase it. Once you reach preservation age, you can access your super if you meet a "condition of release". That typically means retiring or ceasing employment - though it doesn't have to be from your main job. Even resigning from a casual job may be enough. And if you're 60 or older and can't satisfy a condition of release, you can start a transition-to-retirement (TTR) pension, which allows you to draw up to 10 per cent of your super annually, even while still working. It's a useful strategy for those wanting to cut back their hours without sacrificing income. From age 65, you can access your super regardless of your work status. For people on temporary visas, the Departing Australia Superannuation Payment (DASP) scheme allows you to withdraw your super once you've left the country permanently. In limited cases, you can access super before preservation age: for example, if you're permanently incapacitated, terminally ill, suffering severe financial hardship, or facing large medical bills. Each situation has strict eligibility rules and requires approval from the ATO or your super fund. Super is a long-term investment. But it's also a tempting target for scammers, because it's where most Australians keep a large chunk of their retirement wealth. That's why you need to stay vigilant, question what you see online, and never act on anonymous messages without checking first. If something sounds extreme or sudden - like moving the preservation age to 70 overnight - don't panic. Don't click. Don't forward it. Just check with a reputable source like your fund, a licensed adviser, or government websites. A moment of doubt can save you a lifetime of trouble. Question: We own our own home valued at around $1,300,000 although we have an investment loan against the home equity, of $400,000. I have not paid this out as my investment return has to date exceeded the interest payable on the interest only loan. Does Centrelink deduct the value of the investment loan when calculating asset value to determine eligibility? Answer: It depends on how the loan is secured. If the mortgage is over your residence, the loan will not be deducted from the asset value - but if the loan is secured over the investment itself Centrelink will reduce the investment asset by the amount of that loan. Question: How will my superannuation be taxed when it passes to my daughters after my death? It is in pension mode, and all withdrawals are tax-free. When my daughters inherit their equal shares, will they be required to pay tax, or does its tax-free status continue? If tax is payable, would it be more beneficial to name my wife as the beneficiary so she can later transfer the funds to them? What effect would this have on her pension? Answer: If you pass away while in pension phase, your super pension will cease, and your daughters can only receive the remaining balance as a lump sum. Whilst withdrawals you make are tax-free, the taxable proportion of lump sum death benefits paid to your daughters (non-tax dependants) will be subject to tax at 15% plus 2% Medicare Levy. If you changed the beneficiaries from your daughters to your wife, then she can receive a tax-free lump sum death benefit. However, the amount received by your wife will be assessed as an asset by Centrelink and assuming she keeps the funds in the bank account, deemed income will count under the income test. This may affect her age pension. Furthermore, if she then gifted this amount to your daughters, Centrelink will treat the amount gifted, less the first $10,000, as a 'deprived' asset, and count it under the means tests for 5 years. This is a complex issue and expert advice is essential. Question: I am 67 and retired from my banking career after 48 years. I now do handyman work to stay active, which I enjoy. It's not full-time - about 10 hours per week. I also spend 10 hours weekly at a paid woodworking course. I'm self-employed but not incorporated or registered (no ABN/ACN). I issue invoices for all my jobs. I've tried seeking clarification from the ATO and my super fund without success. If I'm self-employed, what evidence must I provide to the ATO/super fund to contribute to super and claim a tax deduction for concessional contributions? I wish to contribute the $30,000 maximum. Answer: An ATO spokesperson says the work test requires proof of gainful employment for at least 40 hours within 30 consecutive days, as an employee or self-employed, in the financial year of contribution. Australia's tax system relies on self-assessment, assuming your information is accurate. If reviewed and you lack evidence for a deduction, your claim may be disallowed. Keep records of your work hours to demonstrate compliance. You seem on the right track. Getting an ABN might be wise - it's free.
