What you need to know if you want cheaper medicines, medical expenses and other concessions that will save you money as a self-funded retiree.
for self-funded retirees in the recent budget suggest I could be eligible for a card, but I’m finding it hard to find succinct definitions of what is included as income in the test.
where their annual income is $90,000, while couples can get cards where their joint annual income is $144,000These higher income test allowances are more than 50 per cent greater than entitlements before the increases were confirmed in Labor’s October budget. Two such definitions are adjusted taxable income and deeming, which La Greca describes as income concepts used to determine entitlements to government benefits – particularly the age pension and the CSHC. Entitlements to other concessions offered by some states, such as power bills, water rates, public transport fares and ambulance trips, can also be available to CSHC holders.
Where a negatively geared rental property investment has made a loss, the adjusted taxable income definition requires this net loss to be treated as income and not a deduction. One aspect of the income definition is a requirement to include any personal tax-deductible super contributions, which means the strategy of salary-sacrificing any income into super to reduce your overall income won’t count for adjusted income purposes.In summary, adjusted taxable income is made up of taxable income , the value of any fringe benefits, any foreign income, tax-deductible contributions to super and net losses from investments claimed against your taxable income.
While this applies to account-based super and the CSHC, superannuation classified as defined benefit pensions is treated differently. The income is not subject to the deeming rules, nor are the account balances. It’s only where part of the income received is required to be included for tax purposes that a defined benefit pension can have an impact on the seniors health card.This will only be where the income exceeds what is described as the defined benefit income stream cap.
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