Australian Politics Forum - Lotto Winner Loses Access To Pension

Bobby.

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Re: Lotto Winner Loses Access To Pension
Reply #285 - Jan 1^st, 2024 at 8:47am

MeisterEckhart wrote on Jan 1^st, 2024 at 8:40am:

Bobby. wrote on Jan 1^st, 2024 at 8:37am:

MeisterEckhart wrote on Jan 1^st, 2024 at 8:35am:

Bobby. wrote on Jan 1^st, 2024 at 8:24am:

to get their own tax money back

Tax paid is not a personal investment fund.

For me and millions of other people it is.

Reality - the more tax you paid the less pension you'll get.

Did you contribute to your superannuation fund over the years?

Your employers have contributed on your behalf for decades.

Of course I have super - everyone who worked does.

BTW - that super money paid by my employers was money they couldn't give to me.
Same with bloody payroll tax.

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Gnads

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Re: Lotto Winner Loses Access To Pension
Reply #286 - Jan 1^st, 2024 at 8:48am

greggerypeccary wrote on Dec 31^st, 2023 at 4:53pm:

UnSubRocky wrote on Dec 31^st, 2023 at 4:51pm:

greggerypeccary wrote on Dec 31^st, 2023 at 12:21pm:

MeisterEckhart wrote on Dec 31^st, 2023 at 12:19pm:

greggerypeccary wrote on Dec 31^st, 2023 at 12:14pm:

MeisterEckhart wrote on Dec 31^st, 2023 at 12:12pm:

greggerypeccary wrote on Dec 31^st, 2023 at 12:03pm:

MeisterEckhart wrote on Dec 31^st, 2023 at 12:01pm:

greggerypeccary wrote on Dec 31^st, 2023 at 11:59am:

MeisterEckhart wrote on Dec 31^st, 2023 at 11:56am:

greggerypeccary wrote on Dec 31^st, 2023 at 11:52am:

My mother keeps about $40,000 - $50,000 cash on hand for shopping and other day to day expenses so, if she was applying for the pension today (and filling in that form), she wouldn't have to declare that money.

They tell her specifically NOT to.

Now you're heading towards reality and what Centrelink determines is a reasonable amount of cash on hand for shopping and other day-to-day expenses.

And that amount is ... ???

Whatever Centrelink determines it is.

If they find out you have $50K and decide that is unreasonable, they could withhold your pension and leave it to you to explain.

You really aren't paying attention.

The form specifically says: "Do NOT include cash you have for shopping and other day to day expenses".

So how would they find out how much cash anyone has on hand?

Are we back to the "Midnight Mattress Squad"?

You have no idea of the latitude that is given, under acts and regulations, to administrative departments.

How Centrelink comes to know about your cash holdings is one thing...

And that was the question.

So ... ???

Moreover, spending $50,000 a year on shopping and day to day expenses seems quite conservative.

I'm quite sure that I spend much more than that.

Are you eating Russian caviar, and buying/selling cars for cash?

$961 a week for shopping and day to day expenses is not extravagant.

Not even close.

Rent alone will set someone back at least $400.

$125/week in rent. ...

Do you live in 1986?

No he lives at his families home ... rent subsidised by the Bank of Mum & Dad.

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Sir lastnail

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Re: Lotto Winner Loses Access To Pension
Reply #287 - Jan 1^st, 2024 at 8:54am

MeisterEckhart wrote on Jan 1^st, 2024 at 8:40am:

Bobby. wrote on Jan 1^st, 2024 at 8:37am:

MeisterEckhart wrote on Jan 1^st, 2024 at 8:35am:

Bobby. wrote on Jan 1^st, 2024 at 8:24am:

to get their own tax money back

Tax paid is not a personal investment fund.

For me and millions of other people it is.

Reality - the more tax you paid the less pension you'll get.

Did you contribute to your superannuation fund over the years?

Your employers have contributed on your behalf for decades.

Which begs the question at to why the pollies don't use aussie super etc instead of selling off public owned assets and shoveling it in a future fund for the pollies to help themselves too ?? What is good for the goose is good for the gander ??

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Carl D

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Re: Lotto Winner Loses Access To Pension
Reply #288 - Jan 1^st, 2024 at 9:00am

MeisterEckhart wrote on Jan 1^st, 2024 at 8:40am:

Bobby. wrote on Jan 1^st, 2024 at 8:37am:

MeisterEckhart wrote on Jan 1^st, 2024 at 8:35am:

Bobby. wrote on Jan 1^st, 2024 at 8:24am:

to get their own tax money back

Tax paid is not a personal investment fund.

For me and millions of other people it is.

Reality - the more tax you paid the less pension you'll get.

Did you contribute to your superannuation fund over the years?

Your employers have contributed on your behalf for decades.

Superannuation is something different to a government run pension fund like they have in the UK.

For starters, with a government run pension fund workers wouldn't be paying the outrageous fees and charges that banks and super companies charge just to look after workers' money.

I've said this before but I used to wonder why the Australian government didn't/doesn't run the entire superannuation system themselves - through the Australian Taxation Office and Centrelink (for super pension payments, etc.) or through some separate department set up to do it.

And then one day it dawned on me - when the compulsory superannuation system was announced by the government over 30 years ago I could just imagine the banks (and others 'suddenly' wanting to set up super companies) rubbing their hands together with glee thinking about all of the lovely (for them) fees and charges they could get by running the super system instead of the government.

"We'll look after this" is what I'm sure they said to the government (maybe also with a few big bags of cash handed under the table to 'help' the government decide).

Greedy b@stards... but it doesn't surprise me one bit.

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Bobby.

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Re: Lotto Winner Loses Access To Pension
Reply #289 - Jan 1^st, 2024 at 9:03am

Sir lastnail wrote on Jan 1^st, 2024 at 8:54am:

MeisterEckhart wrote on Jan 1^st, 2024 at 8:40am:

Bobby. wrote on Jan 1^st, 2024 at 8:37am:

MeisterEckhart wrote on Jan 1^st, 2024 at 8:35am:

Bobby. wrote on Jan 1^st, 2024 at 8:24am:

to get their own tax money back

Tax paid is not a personal investment fund.

For me and millions of other people it is.

Reality - the more tax you paid the less pension you'll get.

Did you contribute to your superannuation fund over the years?

Your employers have contributed on your behalf for decades.

Which begs the question at to why the pollies don't use aussie super etc instead of selling off public owned assets and shoveling it in a future fund for the pollies to help themselves too ?? What is good for the goose is good for the gander ??

No politician has to go to Centrelink and beg for money -
they get massive pensions for life.
Only the sheep voters have to visit Centrelink.

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Carl D

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Re: Lotto Winner Loses Access To Pension
Reply #290 - Jan 1^st, 2024 at 9:09am

Bobby. wrote on Jan 1^st, 2024 at 9:03am:

No politician has to go to Centrelink and beg for money -
they get massive pensions for life.
Only the sheep voters have to visit Centrelink.

Indeed.

I'm pretty sure former WA Premier Mark McGowan didn't have to go through Centrelink to get his $300,000 a year taxpayer funded pension when he quit politics last year.

In fact, I'm certain he's never set foot in a Centrelink office in his entire life. Same as the rest of the pollies, past and present.

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Bobby.

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Re: Lotto Winner Loses Access To Pension
Reply #291 - Jan 1^st, 2024 at 9:15am

Carl D wrote on Jan 1^st, 2024 at 9:09am:

Bobby. wrote on Jan 1^st, 2024 at 9:03am:

No politician has to go to Centrelink and beg for money -
they get massive pensions for life.
Only the sheep voters have to visit Centrelink.

Indeed.

I'm pretty sure former WA Premier Mark McGowan didn't have to go through Centrelink to get his $300,000 a year taxpayer funded pension when he quit politics last year.

In fact, I'm certain he's never set foot in a Centrelink office in his entire life. Same as the rest of the pollies, past and present.

Yet people keep voting for those scumbags who make rules to benefit themselves.
Common people have to fight for every penny.

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Rosie Full Member Offline Posts: 212 Gender:	Re: Lotto Winner Loses Access To Pension Reply #292 - Jan 1^st, 2024 at 9:18am I haven't read all the replies to this post but I do have a question for all of you in the know. I was told by a centerlink worker years ago that centerlink does not have access to your bank account, they only know what you tell them. When did it happen that centerlink can now access your bank account?
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Gnads

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Re: Lotto Winner Loses Access To Pension
Reply #293 - Jan 1^st, 2024 at 9:20am

greggerypeccary wrote on Dec 31^st, 2023 at 5:06pm:

Bobby. wrote on Dec 31^st, 2023 at 5:05pm:

Quote:

Is English your first language?

me no speaky English but
know how to fill out Centrelink form. Wink

Could not be clearer:

This does not include money in your bank accounts or cash held to meet day-to-day expenses and to pay outstanding bills.

I dunno Peccar ....

When I retired at 63yrs old I had a mortgage - which was in a flexi-mortgage account ..... which could be redrawn on when ever you needed it.

I paid the mortgage amount out in full & that left me with the full total of funds available .....

I kept that account open for a monthly fee just in case .... up until I became eligible for the pension..

even though that money was not mine & I was paying a fee to hold the account open.....

because I hadn't closed it down before I was assessed Centrelink deemed it as a cash asset and then reduced my pension for 1 week until I had rectified that status by closing the mortgage account.

It cost me $360 to close that account & get the Bank removed from the title & for me to be issued with a document record of title transfer.

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Gnads

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Re: Lotto Winner Loses Access To Pension
Reply #294 - Jan 1^st, 2024 at 9:39am

aquascoot wrote on Dec 31^st, 2023 at 6:51pm:

the aged pension is already too generous

young people face crippling rents, hecs debts and cost of living whilst oldies who own their own home have spare cash for pokies and cruises

and now they want to hide cash from centrelink under their bed so they can maximise the parasitism

disgraceful stuff

BS.....

Young people get rent assistance/subsidies scheme depending on their circumstances, if they are parents they get the FTB & may also be eligible for childcare subsidies.

Just like you get to write off tax & farm equipment through depreciation when you run your farm at a loss .... every year Wink

Tell me why "oldies" many of whom have worked all their lives & raised & supported children should not get to have money to play the pokies or go on a cruise in their retirement?

You'd have them all shackled to the loom until the day they died.

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« Last Edit: Jan 1^st, 2024 at 10:06am by Gnads »

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Gnads

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Re: Lotto Winner Loses Access To Pension
Reply #295 - Jan 1^st, 2024 at 9:42am

UnSubRocky wrote on Dec 31^st, 2023 at 10:24pm:

greggerypeccary wrote on Dec 31^st, 2023 at 4:53pm:

Do you live in 1986?

The house belongs to relatives. I live there and pay enough rent to cover expenses. Food is something I can be really frugal about, given that I am just paying for my own groceries.

$125 wouldn't cover a thimble.

In reality you pay board ... not rent ... & phuckall at that.... in 2023.

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Gnads

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Re: Lotto Winner Loses Access To Pension
Reply #296 - Jan 1^st, 2024 at 9:48am

aquascoot wrote on Jan 1^st, 2024 at 5:20am:

Dnarever wrote on Dec 31^st, 2023 at 10:55pm:

aquascoot wrote on Dec 31^st, 2023 at 6:51pm:

the aged pension is already too generous

young people face crippling rents, hecs debts and cost of living whilst oldies who own their own home have spare cash for pokies and cruises

and now they want to hide cash from centrelink under their bed so they can maximise the parasitism

disgraceful stuff

Aged pension is way too stingy for many who have paid into it for their entire life.

incorrect

superannuation is something you pay into your while life that is personally yours

the taxes the boomers paid were used to pay for the services they recieved

looking at government debt, they didnt pay enough

they did a bit too much leaning and not enough lifting

they are the first generation to pass on a lower standard of living to the next

even now they buy SUV's and tow caravans around whilst the government insist young people must embrace expensive renewables. expensive EV's and live in the rental properties the boomers own thanks to negative gearing

its time to include the family home in the assets test for the pension and for aged care to asset strip those who use its services

the younger generation cannot carry the burden of a bloated entitled older generation who are that selfish

Which was?

You talk shyte - they paid income tax, GST, medicare levy, they paid rego, insurance on house & cars, rates, electricity, water, school fees, Uni fees etc etc.....

they paid for everything.

And you you miserable git would deny them some luxury/perks in their old age/retirement.

Super wasn't available for the whole working lives of many Boomers.

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Gnads

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Re: Lotto Winner Loses Access To Pension
Reply #297 - Jan 1^st, 2024 at 9:52am

Carl D wrote on Jan 1^st, 2024 at 8:04am:

MeisterEckhart wrote on Jan 1^st, 2024 at 7:51am:

Paying working-life tax is not a personal investment plan for retirement.

It is in places like the UK where part of the tax paid each week by every worker goes into a government pension fund so there's plenty of money to pay pensions.

Apparently there was a similar scheme here in Australia until the Menzies Liberal/Country Party Federal government got their greedy little hands on it and spent it all in the 1950's and then it was scrapped.

Fortunately for UK workers their Pension Fund (worth trillions of pounds from what I've heard) has been set up in such a way that greedy politicians cannot get their grubby little hands on it and spend it like what happened to ours.

It used to happen here too ..... until some slimy Politicians decided to put it into general internal revenue.

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Gnads

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Re: Lotto Winner Loses Access To Pension
Reply #298 - Jan 1^st, 2024 at 9:56am

Carl D wrote on Jan 1^st, 2024 at 9:09am:

Bobby. wrote on Jan 1^st, 2024 at 9:03am:

No politician has to go to Centrelink and beg for money -
they get massive pensions for life.
Only the sheep voters have to visit Centrelink.

Indeed.

I'm pretty sure former WA Premier Mark McGowan didn't have to go through Centrelink to get his $300,000 a year taxpayer funded pension when he quit politics last year.

In fact, I'm certain he's never set foot in a Centrelink office in his entire life. Same as the rest of the pollies, past and present.

And he gets to continue to hold down 3 or 4 other jobs in the private sector on top of that.

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Gnads

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Re: Lotto Winner Loses Access To Pension
Reply #299 - Jan 1^st, 2024 at 10:04am

Rosie wrote on Jan 1^st, 2024 at 9:18am:

I haven't read all the replies to this post but I do have a question for all of you in the know.

I was told by a centerlink worker years ago that centerlink does not have access to your bank account, they only know what you tell them.

When did it happen that centerlink can now access your bank account?

They don't have "access" in the sense you're implying Rosie.

But up to twice a year they may ask you to supply information about you bank & super balances.

I provided bank & super statements when applying.

They know where you bank & where your super is held .... your superannuation fund reports to them in February & August every year regarding your account status.

They are linked to Medicare, Services Australia & the ATO.

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"When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid." ~ Ricky Gervais

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