9 ways to legally hide money from Centrelink Age Pension
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- เผยแพร่เมื่อ 11 มิ.ย. 2024
- How to legally HIDE YOUR ASSETS from Centrelink Age Pension if based on assessment, you know, that you just simply have too much money.
So here you are, getting ready for the exciting day, when you can finally say, “I can retire now and where is my Age Pension?”, and then to your horror, you find out you have too much savings.
My very first recommendation is: organise your money before your first visit to the Centrelink office or completing your application online. Prepare your assets in advance, so you know your entitlement before Centrelink even comes back to you with the reply. It is so much easier to deal with Centrelink when you know the application is final and you do not have to go through changes, updates, fixing mistakes, reshuffling of money etc.
So what can you do if you’ve calculated that you do have too much savings, but your goal is to get at least part Age Pension, if for no other reason, but at least to have access to the Health Care Card with all its benefits and discounts.
Here are 9 ways how you can legally hide your assets, to improve your Age Pension position:
00:00 Age Pension - Income and Assets Tests
03:50 Gifting
05:50 Home exemption
07:15 Home renovation
07:40 Debt against exempt asset
08:50 Your expenses
09:50 Funeral Bonds or funeral expenses
11:00 Superannuation
13:02 Annuities
14:05 Special Disability Trust
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#KatherineIsbrandt #AboutRetirement #AgePension #Retirement #Centrelink
If you have worked for 50 years and paid tax’s , your pension is not a benefit. We paid for it .
That's right, Menzies introduced the pension tax back in the early 1950s so if you've been employed, you've paid for and earned your pension.
Yp we paid for it but has our govt invested it well for our retiredment. I bloody sure they javnt!
@@brianohehir9515 Exactly
@@brianohehir9515
invested in Ukraine?
Except the following government’s used that money elsewhere and now there’s nothing left. Bloody thieves the lot of them.
I agree with @Pixie in other countries the age pension is a given, not tested, it’s a recognition of the contribution we have made in building the country, it’s annoying that the people (politicians) who make these rules, are never means tested for their pensions!!!
What sucks is my parents were able to retire at 55 no problem, but now I can't until I'm 67. I will probably drop dead by then, but guess that's what the government is hoping for.
Stop whinging
Work hard and invest in super
It was 55 when I entered the workforce. The goal post keeps shifting!
@@chrisknight8164 and so ?
You have longer to work and invest and not rely on the pension
Anyone can retire at any age they choose. The issue in this discussion is the entitlement to an Age Pension. Nobody in Australia can get an Age Pension at age 55. But they can retire.
@@chrisknight8164 cause the system is broken and it will only get worse :/
It would be nice if all Australians had the same pension scheme as our politicians. They get a pension for life. The same pension rules that apply to most Australians. Should apply to politicians. They should not have access their superannuation fund until aged 67.
How did we let them get away with this highway robbery
there pension difference should be taxed 👍
🤣🤣🤣🤣🤣🤣
Politicians' pension scheme is obscenely generous.
Yeah that's your opinion. It's also mine but the opinion of plebs doesn't count
This video should be called - "9 changes Centrelink are going to make to close these loopholes"
The only way you can legally shelter money from Centrelink is to put it into superannuation.
😂😂😂😂
@@johnfoster7626Which is the WORST place to park your money.
@@Ninsidhe
That is absolutely true but my financial planner told me that is the ONLY way you can legally shelter money from Centrelink. In saying that it doesn't hurt to check but he knows everything about Centrelink
@@Ninsidhe Not in my superfund
Never hide, lie, cheat. You will live a lot happier and healthier. And you will have a peace of mind.
It’s not cheating, it’s working within the standards they have set
As Packer said I'm happy to pay an account 1 million dollars if he can save 2 million dollars in tax. Your not lying or cheating or hiding the money. Your just making the best of ways to minimise your assets or income to get a higher pension.
What planet are you living on ?
I mean.. As a GENERAL rule, Sure
but i think you missed the point that
- Centrelink are the liars and cheaters
- The Government PURPOSELY makes your life difficult and extracts too much money from you FOR THEIR GAIN
so... You .. Faced with the criminals , liars and cheaters
Your philosophy is... Never hide, Lie or cheat
LOL
DID YOU THINK THIS THROUGH PROPERLY ?
As an ex-Centrelink employee (I used to be a Complex Assessment Officer working in complex financial arrangements particularly in retirement), I can say this video contains solid advice. The title of the video is total click-bait, but the actual video takes you through serious issues to think through about the best use of your money in retirement. Having said that, I also agree with others that we already pay for age pensions through taxation, and it is shocking that governments have raised the Age Pension age. And a lot of this video doesn't apply if you don't have any money to begin with.
Why the government they lie hide and cheat us on the daily. Fuck em
My opinion: I wish that our Age Pension Payment is based on how long did we actually worked and paid TAX.
Some people worked hard thier entire life and saved too. If Age Pension means it is ASSET-TESTED, we are penalising those people who are frugal in their lives.
Some people only worked for an amalgamated shorter period of time - and thus paid tax for shorter period of time.
Some people are prioritising holiday (locally, internationally), socialising -NOT THAT THERE IS WRONG WITH THAT - however obviously were not into savings.
So why are we policing and penalising those people who tried all their lives to do the right thing for themselves.
The biggest issue with the asset test in my years at Centrelink was not people who had worked hard and saved. It was "that holiday house" that had been in the family for decades got suddenly revalued and now started affecting the owner's pensions. Their situation had not changed at all - from their perspective they had the same actual assets, it's just that property prices went up. I remember the project that was rolled out nationally to automatically revalue properties - the government had figured out that they would save more in age pensions reductions than they spent in property valuations.
sweden is
Knowing the system is the best way to determine how to maximise your entitlements. Its not cheating. Its using your head and brings you into line with the rich that know how to use the system to their best advantage. Leveling the playing field is not cheating or illegal. Its what we all need to do to understand how the system works. Spreading the knowledge helps the largest number of Australians enjoy their retirement.
all very well whilst enough tax payers are available, but they are rapidly shrinking compared to people wanting handouts from them
These RICH people you talk about actually WORK HARD for their money. It's not gaming the system or luck.....it's hard work.
Not even the people who work for Centrlink understand the system.
And this clip is 3 years old. The rules change all the time, every year with every new budget.
Best thing to do is increase your super contributions while you work as they are before tax and not need the pension at all. It’s no longer something you have a right to, it’s just a safety net.
If you are relying on the Age Pension for your retirement then you are in for a huge reality adjustment!
True for baby boomers and later generations. The silent generation, who lived through the Great Depression and World War 2 were able to cope much better on the aged pension.
This is the generation that threw away nothing, repurposed everything and grew their own food and kept chickens for eggs, even in suburban backyards.
💯💯
Not if you own your home and plan to sell up and move to Spain.
@@Phantoma3 Planning on buying one of those run-down 1 Euro homes in the middle of no-where? You will not be able to handle the local bureaucracy and the lack of services for the elderly.
How is it we the general public have all these rules but the government employees live in a different world as far as entitlements go
I'm happy to be unknown to Centrelink. When the income test for Seniors health card moves to $144,000 as promised in the election, we might just scrape in under the income test at the current deeming rates. But having to expose oneself to the probing of a junior public servant against whose "decisions" one is powerless is somewhere I never want to go. A few minor discounts are not an incentive to us.
@Michael Liberals promised it , Labor confirmed they would keep it. We'll know in a few weeks :)
If the threshold is $144k then no one needs the seniors card like you said it's minor discounts Nothing of real value at all
Would rather starve than deal with Centerlink
When I was at Uni applying for youth study allowance I had "too much" money in my account (I think it was $100 but this was 20+ years ago). The helper suggested I come back in in a couple days after I used that money to "purchase my uni books" and come back when the balance was under ***$, Back then we only needed to show current balance. She was lovely and I was very grateful.
Thank you for sharing, yes help like this can go a long way 😀
Lucky you. I went to Uni 50 years ago and there were no youth study allowances, hecs didn't exist and scholarships were few and far between. I was lucky to get a scholarship but that only paid tuition.
@@johnnolang3734 Didn’t TEAS exist? I know it existed over 40 years ago. Were your parents too wealthy for you to qualify?
@@COOLARUL I went to University FIFTY years ago.
@@johnnolang3734 Just checked, TEAS commenced in 1973 which was 51 years ago. It was means tested however, based on parents income (or your income if you were classed as independent). Therefore I gather you had finished your university education prior to 1973.
What an amazing video with great explanation. I would be retiring soon in a few years and was just wondering how it is that salary earners split their pay and plan for a brighter future by in vesting. I earn quite a good sum annually and have nothing to show for it.
Hello, I think the best idea first would be to organise a meeting to chat what the actual problem is with savings. There are so many strategies, that it is essential for you to find what fits best to your life and which one would bring the best outcome for you 😀
As old fashioned as it is the best thing you can do is look at your bank and credit card accounts to find out where your money actually goes. You will be surprised at how much money can be saved . I had a friend who was in this situation and his credit card was maxed out and he never seemed to have any money even though he earn’t good income. Some things that can be cut out are subscriptions that are never or rarely used, parking and speeding fines, gambling losses (this was one of his issues), overbuying food which is then thrown away when it goes bad, overspend on clothes you don’t or rarely wear, reviewing your energy and insurance plans every year (many companies charge loyal customers a higher fee than new customers). There is so much money to be saved if you simply look through where you currently spend on things you don’t need or don’t use.
You're so very kind and giving in creating this video with information that most people would charge hundreds of dollars for! Thank you and I hope many blessings come your way!
I've always been of the opinion that if you've worked all your life it doesn't matter how much money you have everyone should be entitled to the age pension
Maybe so, but our system is means tested and it is provided to those that are within the Income and Assets Test. So we need to work within the system.
@@AboutRetirementTV yes, I just dont agree with the current system. It's basically penalising you for working all your life. I know we have superannuation but that's money we've basically earned. I'm sorry, the pension shouldnt be means tested, those in higher wage brackets are just as entitled as Joe Citizen in a low wage bracket. Superannuation is basically our own money that the government deigns to give back. I don't know how anyone can live on our current aged system money if they have no super. The systems flawed.
You might feel that way but why take money from those who are in need when you are not. And by the way ... when you have worked all your life did you not derive any benefit from the public purse while you were working?
These videos on how to legally hide assets are nothing more than a sham way to encourage those who can afford not to have a pension to diminish the pool of resources available to others.
Dance around it how you want to but that's the fact.
My parents drilled it in my head since I was young; I am NOT entitled to anything in life.
Always prepare for the worse. Do not rely on anyone or the government.
Because when you're relying on anyone/government and they don't show up >>> you're screwed.
Grown up now; I don't expect a "thank you". I don't expect any "acknowledgement". I contribute, I give, I pay my taxes and I don't expect anything in return.
I remember when I was young and telling my parents, "This is a wealthy country. Australia is the lucky country." My parents' replied, "Keep that attitude, and you'll be homeless and begging for food in the future."
Remember, super is something we all pay for. It is unfair to pay twice.
Which of the 9 ways to "Hide Assets" from Centrelink you found the most effective?
Thank you, Katherine, for helpful advice!
Аbout the mortgage - we have a filled up offset account, which we keep as emergency fund. We are 8 years from retirement age, my wife is already getting PSS pension of $35000 a year , and I am still working. When do we have to close the offset account, so it is not counted by asset test, if I'm going to apply for the age pension in 8 years? And would I qualify for the full pension, if by then my wife's PSS will be around $43000 and all our assets around $600000? (and income from those assets will be around $15000)
@@donkaster9738 Hi Don, thank you for watching and your question. With the mortgage against your home, you are not penalised per say, it's only that the loan does not reduce the value of your home under Assets Test, because it is not included in Assets Test. But I think it is beneficial to remove loan before you actually retire, so not necessarily before you apply for Age Pension, but just not to have any liabilities. You can close that loan anytime you feel you don't need it. the second question about your Age Pension is harder, because I do not know what rules we will have in 8 years, lots can change and government keeps changing those all the time, but if you were to retire today with those assets you would have approx. $260.00 per person per fortnight of Age Pension. So yes, still eligible, but again, rules can change. I hope this helps
@@AboutRetirementTV Thanks, Katherine! If I understood you correctly, any money in offset account is not included in Assets test?
@@donkaster9738 NO, I am sorry if I am not clear enough. Centrelink does not care for your mortgage, and will not reduce your assets, just because you have a mortgage, but most certainly they will count your money in the offset account as your asset under both Income and Assets Test. Unfortunately this is not the acceptable way to "hide assets"
@@AboutRetirementTV Thanks, Katherine! Now it's all clear!
The other problem with immigration and the age pension is a 40 year immigrant can immigrate to Australia and in 27 years can get the age pension, yet a natural Australian has paid taxes for 49 years (67-18).
many thanks im trying to get the funds out of my super fund tomorrow and then im going to call your office x julia
Again, thanks for all your efforts in making these great vids. All the very best.
Thank you
Why is everything to do with retirement like trying to complete a PhD with your hands tied behind your back and a knife at your throat?
Some of us are hard workers, but not rocket scientists. Despite trying my hardest I simply do not understand 95% of the unnecessarily complex financial language used.
I feel stupid, scared, inadequate and insulted all at once. Every time I read anything to do with retirement, or comments from other people I start crying. I don't know what anyone is talking about and I know I'm going to be diddled out of all the things everyone else seems to be getting, just because I am so out of my depth.
It shouldn't be this hard. The rest of life hasn't been.
I agree, it shouldn't, but rules have been created and changed over so many years, this is the reason for complexity
Your English writting is excellent like a novelist. You're not in a group who can only understand 5% financial literacy. You just like to vent your anger at the government who has been rifted off for many many years by those who never want to pay or minimising tax whilst earning and yet want to collect unemployment benefits and pension. No goverment in any countries can last forever if giving out money without any reasonable restrictions. Read the Age every wednesday, the Q&A section, which will enhance your financial knowledge over the years. I'm from non-English speaking country, and you know how hard it is when reading financial literacy but I enjoy reading them without crying. Take it as a challenge.
I felt that way until 2017, The trick is to get educated. Here are some ways .
Most of the large super funds have regular seminars for their members where they explain how the system works. Book yourself in and go to them. Don’t wait until you are ready to retire, go early and ask questions. Don’t be frightened to look like you don’t know anything. Remember, there is no such thing as a dumb question. That’s how I learnt about the system.
Also read books on the topic (but make sure the authors are qualified to give advice, and it is specific to your country). Your local public library may have some books published after 2017 which may help you. Take your time, reread them if you have to.
Your library may also have finance magazines (eg money) which covers some of the topics.
Services Australia (formally known as Centrelink) also provides free seminars during the day and the evening conducted by their “financial information services” officers. Book in and go to them. Replays of some of these free information seminars are also available on the services australia website. Just type in “services australia seminars”.
Even if you feel overwhelmed just keep attending and keep asking questions. Bit by bit you pick things up, you learn and you become more confident. This. is how I learnt about the super system (and I don’t have a PhD and come from a working class background).
Please do it well before you are ready to retire. Having the knowledge gives you peace of mind when the day comes that you have to leave work.
Thanks Katherine for your informative Program.
Looks like my wife and I have to live with our Allocated Pension, and Modest, fully owned Investment Property,
It's Shameful that after Contributing Paying Taxes all our working lives to our Country, we can't access any Pension Entitlements.
If there was a way, I would love to know about it, I'm going to be 66.5 in Feb. next year, and my wife will reach retirement age when she is 67.
Thanks again. Lou.
Hi Lou, thank you for your message and for watching. I don't know how much above the limit you are, but if you would like to check with me if this is in any way passible "to make it happen" and receive a small part pension, or maybe to find in how many years that would be the case, email me your contact details and we can have a private chat. But as I say, it is always better to have more than not enough 😀 Katherine
Hi Lou, how did I ever miss your message? sometimes TH-cam will not advise me of the new note. Lou, if you are still in the situation of not having access to Age Pension, please contact me and we can check if there is a way to make it happen, at least as a part Age Pension.
Katherine, I have just discovered your channel. I am very impressed with your style. Very clear and straight forward advice. You don't pad out your videos, and you get straight to the information required. You also communicate in a very easy to understand way. Bravo! I have subscribed and have been binge watching your videos. As far as I am concerned your content is 10 out of 10! I am so surprised you only have 12.5K subscribers.
Interesting how you have an eye catching title for a video like "9 ways to legally hide money from Centerlink Age pension" and bang, 192k views! Is there a lesson to be learnt in that title? :-)
Keep up the good work!
Thank you so much for your message, watching and subscribing. I love your comment about the title, great lesson, but not easy to implement across all videos, 😆
Just make sure you declare it properly because going to jail for fraud really sucks..
Thank you. That was enlightening.
Buy physical gold and silver.
Silver can be sold in small amounts
Listen to Leslie, he is funny and tells it real. silver and gold are your friend. they sit silently in the background ready to be spent when needed. they are the ultimate retirement plan. the sooner you get in on it, the better off you'll be. buy a couple ounces a week and you'll be laughing.
@@Fanta.... when you buy precious gems and metals your details are recorded, the government knows exactly how much you've purchased!
Where and how can I sold silver
I bought gold with my inheritance. I had already declared the money and it didnt affect my pension. Since then It has gone up by $1000 an ounce. Im assuming I would have to declare any profit if I sell it
My water will be worth more than your gold one day.
Thanks Katherine. I have a query about the gifting of $15,000 value of car to neice (at min mark or so). I thought Centrelink had limit of $10,000 per annum so this $15,000 in one asset would exceed that?
Hi Neil, thank you for the question, technically if you give away a car of $15,000, Centrelink will reduce your assets by $10,000 in year 1 and continue calculating $5,000 as your asset for that year, and then reduce the value of your assets by a further $5,000 in the second year. But because it is within $35,000 limit allowable for the period of 5 years, it is not treated as deprivation of assets. I hope this makes more sense now. 😀 Katherine
Usefull information ...thanks a lot lovely lady xxxxxxxxxxxxxxxxxxxxxx
I was informed to speak with my GESB Super fincianal advisor. Prior to seeing Centrelink.
Family home improvement could be Solar and Storage generating power for self consumption reducing or eliminating power bills a household expense. Those on a partial asset tested aged pension may qualify for $1.50 for fortnight per $1,000 expensed what you save on power bills and an increase in pension translates into a tax free benefit which in my view is a better use of savings.
Hi Anthony, this is a great idea, thank you for sharing.
very informative. Thanks. :)
happy you found the video helpful and informative 😀
I was supposed to have an "interview" for an OFP (Old Fogies Payment) a while ago but I decided not to bother showing up. Mainly because when I went to their office to make the appointment I started talking about the ROBODEBT and when they'll pounce on me for forgetting to declare that empty soft drink bottle I took to TOMRA and got 10c for it. The thing behind the counter got a bit upset and semi-aggressive at me. I didn't want to say any more about it. Also, I'm not sure how they'd react to me suggesting that I should be allowed to lie like you can when applying for bankruptcy. The ATO doesn't like people lying either. But I know that AFSA think it's perfectly OK. Can't work it out...
I have liked, subscribed, rang the bell icon and shared this excellent eye opening presentation to my Wife.
Thank you so very much Katherine for this presentation. We may reach out to you sometime in the future. Much appreciated!!
I'm so glad I've been sensible with my money over the years to NEVER need the government in my retirement! I'd hate to have to deal with centrelink.
MY mother is an old age pensioner.She was widowed after being a home maker to a large family most of her life and left very little by my father.She receives her money every fortnight without fail and without harassment,there is nothing to fear in dealing with Centrelink relating to old age pensions.
to your credit
@@spinmyhead1667 your mother is a rare case.
Not the norm when dealing with Centrelink.
Don't get confused thinking they're there to help.
That's what many others thought, before they were lied to then forced to take the Indue card.
Go do some research on that to see how Centrelink are happy to help.
@@rogerramjet6429 I can only relate my family’s experience.I’d be surprised if I my mother was treated favourably compared to others.
@@spinmyhead1667 I dont doubt you for one second where as in my case Centrelink benefits saved me from an avaricious family
Katherine your videos are the best and most informative information relative to Australian citizens that I have found. You cover every possible angle and present the information in a very understandable way. I highly recommend viewers to take the time to watch and subscribe to your channel. Thank you for sharing your knowledge.
Thank you so very much, I really appreciate your comment and I am so very glad people are watching and trying to use money better and smarter, especially during retirement 😀
For greedy money grabbing rich pigs who want it all
Please give advice on finical arrangement before going to age care, eg. the family house
another great subject - noted and thank you 😀
Hi love you talks, so clear and informative, just a comment.....most of the little inserts are annoying, ...I have subscribed with many thanks....greg
thanks Greg, funny how every person is different and enjoys different things and consumes information differently.
Hi Katherine, Do smaller gifts, say $200 or less, have to be declared? Is there some threshold below which Centrelink isn’t interested? Love your videos. Cheers Rob
Hi Rob, no no, if everyone did that, Centrelink would be even more overwhelmed. It is to your advantage to let Centrelink know, so there is no threshold, but in most cases I would advise on declaring a more significant values that can actually increase your Age Pension payment.
in NZ all get same pension then tax etc for extra incomes dealt with. Here in Oz . Pensioners treated as crooks to get any pension. Plus put 100 in a room all have different balance sheets. Divide and conquer. No one can compare it all.
Yeah well NZ keep going to Oz in droves trying to get social security...that loophole needs to be stopped too....not up to Aust tax payers to pay for 2 countries
@@ykook7000what social security are they leaving in droves to get?
You forgot No 10 - hide cash at home.
With the move to digital transactions it gets harder
The govt and banks are working hard to remove cash
@@primafacie5029 Correct and very slimy. Considering the amount of money the government wastes on stupid things they are thinking squeezing more out of the average person is the way to go. Despicable!
Cashless society is coming
Hiding cash at home is not a good idea because any monies you get from wages or investments(or other income streams) will go straight into your bank account. Even if you hide money at home you still have to withdraw it from your bank account and sooner or later you will have to account for that money.
Now, I'm no expert but my understanding is the ONLY way you can legally hide( shelter might be a better word to use) money from Centrelink is to put it into superannuation.
Oh, yes, I forgot to mention to put some money into your property. Do a renovation or build a shed or invest in solar or some watertanks.
If you are retired(carer for hubby) and pay some money into your super, how does Centrelink look at that? Thank you
Option 10: have a secret and very cleverly secured hidden stash.
Buy silver and gold coins and "sit" on them until money is needed then cash the bullion in.
Yep that's what the Chinese and Indians do.
@@garyblack6994 traceable
@@garyblack6994 And slowly let inflation eat away at your purchasing power. Gold and Silver have failed to keep up with inflation since 1980. I hope you have bullet proof security at your home.
Retirement Made Simple 📖 Noel Whittaker
Thank you for uploading this video ~ very informative 🇦🇺💰🙏🏼
Good to hear from you 😀
Hi Katherine, I’m just subscribed to your channel your video it very informative, thanks, I’m planning to apply some financial assistance to centrelink , just wanna ask if there is any problem or will affect if I have bank account that I’m only using to send money overseas? Should I totally close it first before I apply money assistance in centrelink? I’m hoping your response please 🙏 thank you!
Hi Katherine, thank you so much. I am seperated from my husband and he lives in our joint name house. I don't earn income. Centrelink refuses to give me pension because I still have a joint house.
Thank you Katherine for your time and effort in doing the great videos
Thank you David
Hi Katherine, are you saying if I contribute to my younger spouse's super from my savings the amount will still be counted in my asset tests? That sucks
Hi, thanks for watching, no, no I said that you can "HIDE" your money in a super of a younger spouse. Until she / he is eligible for Age Pension, those assets are NOT counted under Income or Assets Test for your benefit of Age Pension. I hope it makes sense now
@@AboutRetirementTV Hi Katherine, thank you for your prompt response. It is your comments on shuffling between supers that confused me. I took it as I can only contribute towards my spouse's super from my super. So, I can transfer fund from our savings to my spouse's super and the amount transferred will not be counted towards my asset test, right? Keep up your good works. Thanks again
@@guzzimk5lemans565 absolutely, smart strategy. all the best
What a champion! Top looking too AWESOME 👏🏻 🏆👏🏻👏🏻👏🏻
😅
Just wondering, we have a disabled daughter which will need us to support her ongoing. It seems there are no concessions in the income and assets test to account for this, ie; we will need more assets and income to look after her, but then won’t have enough to look after us! What to do?
Thank you for this information. I will pass this onto my parents and keep this in mind for when my time comes.
Thank you Christina for watching and your comment. By the time you get to the retirement stage, rules might be completely changed.
@@AboutRetirementTV hello and thank you for your response and yes you are right. However, the advice is worth hanging onto and some of it might be able to still be used even thirty years later.
when your time comes there will hardly be a pension ..don't you see selfish entitled people now ruin it for the next generation ristinamitrovich7554
Selfish entitled people now will ruin it for the next generations if you think there will be an age pension in 20 or 30 years you are sadly mistaken @@christinamitrovich7554
Don't worry, by then the pension won't buy anything.
Australia has a very comprehensive financial support for pensioners, eg indexed pensions, aged care packages, carer support, various and significant concessions and for many a significant superannuation nest egg.
It's a great that as a nation we have been able to achieve these levels of support to help those who need it.
I do however worry about the pot being raided by those who probably don't really need it
Define 'need?
@@jonahtwhale1779 Need>Greed
@@jonahtwhale1779 Define "don't need" first ... seriously ... the take, take, take mentality is a pestilence on our society.
I'd be more worried about corporate taxation, corruption within bureacracies, waste and inefficiency, ineptitude and lack of accountability, let alone the corporate plundering of our energy and mineral assets. Fix them and there'd be plenty for everyone.
That includes the Government!
Wonderful information
Great video thanks
Politicians must be dealt the same way. How dare they receive over $200k for life
they don;t determine their pay
The Federal pollies who entered parliament after 9
October 2004 do not get those generous defined benefits pensions. They are on a defined contributions super scheme, like the vast majority of us. I am happy to be corrected, but the only modern employees I know of who still have a defined benefits pension are Victorian firefighters. There may be others but no longer any politician who enters the parliament now.
@@COOLARUL Don't let their Boomer logic get ya mate. Pollies don't even dictate their pay.
@BenState course they do. They all vote on their increase. Not one of them has stood up saying no, we don't want an increase.
@@elvirafeher4254 its an independent Tribunal that decides muppet
So nice of you to teach people how to raid the taxes of those still working and have to pay off homes, raise children , buy furniture and also cars to drive to work. So the oldies tryout all tricks to be very wealthy while others face a struggle every day. Yes we are on a pension and try to help our children and grandchildren . We already receive enough and see no reason for greed..
When it comes to gifting does it just apply to one five-year [$30,000] period or multiple five-year periods?
this is the total allowable limit with no negative impact on your Age Pension, and it does not matter if it has been gifted in one lot or many.
Hiding your assets, in my humble opinion is tantamount to thievery, it also brings on harder laws pertaining to assets!
I love this series of videos - Super / Retirement is way more confusing than it should be !! - I have a question ... I am currently on an Age Pension. If we "downsize" our home (as the Government encourages us to do), and we buy a home that costs less, a/. does the residual money count as an asset or effect the pension & b/. if it does would I be able to deposit the balance into my Super without it effecting Super.
Hi Garry, glad you find my channel informative. To answer your questions: a) yes absolutely, the residual value is no longer part of your family home, therefore no longer exempt so assessed under Income and Assets tests accordingly. b) It is impossible to answer this question no knowing all the necessary details about you and your personal and financial situation. Watch more videos about "downsizer contributions" as well as rules to contribute to super. Even better, speak to a professional financial planner that can assist you to set it up in the most optimized way. You can always contact me for the full advice. All the best 😀
Garry the residual is still means tested.
I know of a 76year old man that met his current wife in Thailand and brought her plus their 2 kids to Perth WA.
He owned his house and was told he had to many assets for her to be paid a pension, and they weren't giving him anything either.
He had retired then gone over seas to help in a number of disasters and then met his wife over there.
They came to Australia and got married in Feb 2018. I was at the wedding helping out.
Centrelink told him he had to sell his house, so he did, then bought a smaller house.
Centrelink then still asset tested him on that house then the residual funds.
They refused to give him or his wife anything, and his daughter that worked for immigration couldn't understand what was going on.
Centrelink claimed to have lost all documentation supplied 6 times.
Then they just kept demanding more information about stuff they already had.
He, his wife and 2 daughters were not being paid anything from Centrelink, the last time I saw them in May 2019.
Only thing he was getting funds from was his 30 years worth of super, which (and I see this as being illegal) he was asset tested on.
He's a very good man that has done a life's good hard work, and all Centrelink wants to do is kick him till he can't fight anymore
The way he's constantly been lied to, abused, then told to jump through hoops, shows Centrelink do not care, and will lie to avoid paying anything.
I know he was forced to get some casual work, just to pull through.
He was even told to prove both daughters were his, and show them he was married.
He's to much of a kind man to consider making waves, so just put up with the abuse.
Some of the documents, he was told to take to Centrelink, do not exist, at the ATO nor immigration, so someone has been lying about a lot of stuff.
@Michael Depending on your asset base after downsizing, the main benefit out of it is if after downsizing your asset value still allows you to get full pension. You could then supplement your pension payment with that additional cash from the sale of the property. Certainly not for everyone but there are some couples that might have an expensive home but no real cash assets to speak of so it could be of benefit to them. My opinion only but if you're poor you will get the pension, if you are rich you don't need it. It is those that are going to fall in the middle ground that need to sort out their finances to be able to get the pension.
They just want the stamp duty.
Hi how are you?
I have a question, do you know what a leech is?
Thank you
Hi Katherine, Could you make a video to talk about New Zealand retirees (in terms of Superannuation and Pention) live in Australia? As NZer super doesn't assess any assets. Thank you.
Hello Rae, there are many NZ living in Australia and I have been thinking about creating some videos specifically for New Zealanders, but nobody asked before, so thank you for your request. I will not start preparing some information specifically for NZ living and retiring in Australia.
Just wondering...are you a licensed advisor? Because the rules around advice include TH-camrs. Particularly in Australia. The fines are enormous. It was on the news.
What is your AFSL number please?
I found it thankyou on website.
@@clareloney Thank you for you comment Clare and it is good that you stay aware. Yes, in my video, I do introduce myself as a Certified Financial Planner, hence I have to be licenced to be CFP. Also in the video there is a full disclosure when the music is running, with full license information and well as general advice disclosure. Thank you for that question
f#ck the systems rules be free those making rules do so to benefit the top not you and i ...to win you must play by your own rules like they do at the top ...but hey if you want to do as your told thats your freewill choice to do so good luck
Hi Katherine, love the video. Can I clarify with you how a gift of $30k to my daughter would be treated by Centrelink? Have not previously gifted any other funds.
Thank you.
Good question. 👍
double check this ... can only gift $10k per annum, anything above that will remain to be considered an asset for the pensioner, even if they no longer hold the funds
Do it in cash over a period of time
Hi Ian, the full video to answer you question is coming out on 16 June 2022. Please watch and it will make the issue so much more clear.
What i used to do is take out 800 here and there and hide it then silver then well u work it out
Such a clear and well done vid! Thanx
Very useful. Will this also apply for Centrelink unemployment benefit payments?
Also gifting can be anyone in the family?
NO, unfortunately Job Seeker has a completely different set of rules
@@AboutRetirementTV I see, so thats not a field in which you specialise or offer guidance with?
Help relatives buy a property so they can deduct the tax losses. Can be on title or a loan registered or a gift within the rules. Centrelink must consider the legal ownership.
Beware of the gifting rules
Hi Bill, helping your friends with some cash is treated as a loan, not gifting, unless you consider "forgiving the loan" which then creates a problem. If you are listed on the title of your friends 'property as part owner, then Centrelink will count it as your asset.
@@AboutRetirementTV Without paperwork, such as a loan agreement, how do you prove it is a loan and not a gift? I have seen enough conflict within families where parents consider money to help their children is a loan, but the children see it as a gift. Of course no paperwork is ever prepared or signed.
thanks, ive learnt alot in the last couple of days......just clarify this for me......we are assed by centrelink....for both the asset test, and the income test...(both) not one or the other
Hi Peter, I am so glad to hear that my videos are helping you to understand the maze of Centrelink and Age Pension, And yes you are correct, Centrelink applies both tests, Income & Assets Test and whichever gives the lower entitlement outcome, this is what you are going to received. Sad, but true
Many people are assed by Centrelink.
OFC you are assessed by Centrelink for both
Everything is means tested!!
Can i transfer an asset into a family trust to hide from centrelink?
I wish to know more about my own pensioner's enthralment.
Hi Katherine. Thanks for your information. Say you have too many properties and cash. So if you give away all of them to your children except one property for residency purpose and simply wait for 5 years, then you are entitled to receive full payment?
And if you have too much savings in your bank account, say $1m, why don’t you just withdraw all of them and simply keep it in a safe at home?
HI Jae, thank you for watching and your question. To answer your first question, yes if one gives away assets of any value, after 5 years all those assets will not be counted under Income and Assets Test for Age Pension purposes. The 5 year period has been chosen to discourage people to give assets away, as it is very difficult for any retiree to survive with no income from assets given away. Not to mention that one is giving up all legal rights to such properties.
Also I would not recommend keeping 1M under the pillow at home. Not only it can be easily stolen, there is no income earned, so a huge waste of money and on the top or it is still the person's responsibility to disclose such assets.
Thanks for your reply. Much appreciated
If you are quiet about it, and have a second safe as a diversion to keep your big stack safe (maybe have the decoy safe above ground and use a floor safe for the large amount) then I can't see why not. The key is to have something for the thieves to take in a robbery, but you absolutely must stay quiet and tell nobody. Also consider buying gold and silver, as generally they will go up over time and should hold their value. you may even be able to trade directly with it.
@@Fanta.... Or maybe just live off your own $1m instead of trying to get a few $s from the government. Sickens me that people who can afford to live off of their own savings try and leach from the gov, think they are entitled to something, the "I paid taxes all my life" doesn't cut it and you sound like a slimy c..t decoy safe, haha
Why would you keep 1 million dollars under a pillow when you could put it in a bank in a tax exempt place like the Caribbean 😅
I spent $4000 on a solar PV system for my home 🏡 it reduced my annual power bill by $2000 and got a few extra dollars from Centrelink due to the deeming rules
Winning!
smart, reduced bill, help environment and more Age Pension - win/win/win
I think only people who really need help should access centrelink and not the greedy ones
Hi Katherine, love your videos very helpful. I have a question. When you gift money or renovate your home to reduce your assets, do you have to inform centrelink or are you assessed annually by them and your pension adjusted according,. Thank you
Hi Dave, if you spend money for any reason, especially bigger lumpsum for renovation, do not wait for any review, just update your cash balance with Centrelink immediately as it will increase your Age Pension immediately. You can do it via MyGov, call or visit the Centrelink office, but do not wait.
@@AboutRetirementTV Thank you for that information Katherine
Hi Katherine,
I live in Sydney ... I will turn 62yo in October 2022 and plan to work full time until 2027.
My wife does not work and our cash savings and shares are under her name.
I have a 18yo daughter who goes to uni next year and a 14yo daughter who is still in high school.
Are the following things considered gifting by Centrelink:
1. Paying for my 18yo's cost of living (accommodation and public transportation) should she decide to go to uni in Canberra.
2. Paying for my 14yo's figure skating related cost (coach, training, equipment and competition).
She has been doing figure skating for the last 4 years and will continue to do so for 1-2 more years.
Hi Herman, For as long as kids are financially dependent, this is part of your livings expenses and as a parent it is your responsibility to provide this support to your kids, so no Centrelink will not count this as gifting. Once kids are no longer financially dependent on you, then it will change
Hi Katherine, if I'm 2 yrs away from my age pension age, want to retire now for persnl reason, access my super to pay the remaining mortgage. Would I still qualify for part age pension in 2 yrs time? Thanks in advance.
Hi Paul, thank you for watching, and this is a very good question. As long as you qualify under Income and Assets Test, yes you will qualify. If you haven't yet, watch my other videos: Age Pension - Are you eligible? and Age Pension Asset Test - the truth revealed. Those two video will help you determine if you are going to be eligible or not. I hope this helps, but if still unsure, just reply here. All the best, Katherine
Hello Katherine, could U please advise me if there is any way to get away or simplyfy filing out Age pension application form ?
Thanx in advance.
Hi Dipak, unfortunately there is no shortcut or easier way than the actual full application for Age Pension. There are couple of companies that can assist in the process, so they will complete the application based on info provided by you, submit to Centrelink, but you still have to gather all details, all evidence. So the short answer is, no I don't believe there is any way to make it easier than what it is now. Sadly it is hard work that application, I know.
Thank you kindly Katherine !
It will only take 15 minutes. Except that it will be 15 minutes that takes a whole day and a half.
Am I better to take a small pension from my super account to top up my age pension or would it be better to leave the money in super account and hence reduce my incoming income and maybe get more money from centre link
Hi Kira, thank you for your question, it depends, are you on Age Pension or another kind of Centrelink payment? If on Age Pension, your super savings are counted the same way, no matter if in super or pension stage, so you might as well draw a small pension from your money as supplement to Age Pension. If you are younger than Age Pension age, then different rules apply.
Why don't you just support yourself instead of trying to get more money from centrelink? that's what super is for
I would like to consider the option of not having anything to do with centre Link. Would be interested in options of emigrating to somewhere outside of Australia to avoid possible death duties and living expenses of Australia. Have a foreign wife, perhaps retreat to her country. Now this is Thinking Outside the square.
"
"I would like to consider the option of not having anything to do with centre Link." - Then don't have anything to do with them - support yourself. Simple.
i relate to that mate ...been here 42 years and honestly the place is over rated ...good luck to you sir
@@ljdperth4608 you work your whole life pay tax and then dont want to access your cut ? your right fought for by and contributed to by sacrifice of anzacs as part of that right ...no get what is yours and have very little to do with centrelink ..there are ways but aussies are way too compliant
@@thecelt4807 What a load of tripe. Invoking the spirit of the ANZACS to justify you pilfering from the pool of funds set aside for those of limited means.
Frankly, I reckon an ANZAC would have been absolutely disgusted with those values .... actually!!
Are you still in Australia?
Hi Katherine, my father is receiving age pension. He doesn't have any investments, properties or any other income. How much money can he save in the bank before it affects his pension payments? Thanks Dilma
Hi Dilma, thanks for your question, if your dad is single homeowner, with no other income then he is asset tested, meaning he can have up to $270,500 before Age Pension starts reducing. Just watch my video: Age Pension Asset Test for better clarification th-cam.com/video/UTs9uwCaMFE/w-d-xo.html
Thanks Katherine, I'm not very good with understanding this topic and I am a bit confused. My Dad is not a home owner, but few people have told him he can only have $5000 in the bank as per the centrelink page? I'm so confused. Can you clarify please. Thanks
@@dilmaorellana6944 I have no idea what those people are talking about. Rules are very clear, please don't listen to what people say, there is lots of confusion, but often that's people who have no knowledge that speak the most. As a non-homeowner, your dad could actually have up to $487,000 based on assets test, but if he had that much, Age Pension would be slightly reduced under Income test. If you are unsure, just contact me directly on 1300 274 731, so we can chat privately. If I don't answer, it means I have an appointment, so just leave a message and I will return your call. All the best Dilma
Thank you so much, I will be in touch 😊
My elderly disabled mother had her pension cut 9 years ago because she was 20k over threshold and too grieved to understand.
She is also not eligible for disability because she is older than 65!
Solid gold taps, rails etc in your private ensuite bathroom. Must be added to the valuation of the house but as a fixture should only be considered a part of the asset value of the house only IMO. ;-)
if its legal, why hide it?
just a "play of words"
Maybe now we have a New Government in power. It’s been my experience that our New Government, has always helped Age Pensioners and we have been able too live a better life. At 71, I am classed as a Baby Boomer the previous government were under the impression that all Aged Pensioners have Super but this is a myth especially for women and the Age Pension is our only income. I started work at 15 and we were told that the taxes we paid, a portion of it would go towards our Age Pension. Back then not many people went to Uni and great percentage of people then worked in factories and shops for the minimum wage. There was no such thing as the Dole so you had to find work too live. Yes it was hard work but I think it has served we Baby Boomer’s well as we now appreciate what we have.🎼❤️🇦🇺
I hope this Labour Govt doesn’t do what the Labour Govt under Keven Rudd did and that was to raise the pension age to 67, having started work at 15 also I felt betrayed by Labour when now I have another 2 years of work before I can retire. Thank You Labour.
This is lovely to hear Donelle, you are such a modest person with obvious appreciation for life and what you have. Most people concentrate on what they don't have, so this is a very positive outlook on life that you have. All the best to you and take care 😊
@@robinstewart4967 age extension would happen regardless of the party in power. There are just too many retirees and people live longer and longer.
@@AboutRetirementTV Your absolutely right, people are living longer, my Sister is a School Teacher, who is retiring this year, She and her husband will be entitled to the Pension. However she is still going to work 1-2 days a week. She doesn’t feel ready to fully retire just yet, so I think, yes people are living longer but I also think they want to as she has to cut down her hours but not retire completely while they still want to work.
Yes agreed, I can remember the pay slip that you got with the cash wage, that payslip actually detailed how much was removed for your retirement installment.
Basically, if you are not a politician, you’re screwed.
Hi Katherine, in our declaration of gifting, I gather I will need to declare ALL, I.e including the $10,000 pa that's allowable in my Age Pension application and let Centrelink assess my eligibility? I gather also donations to charities of $15000 pa, say, will be assessed under deprivation of asset? Thank you for your advice
Hi, yes you are correct, Centrelink will accept your first $10K given away, in reference to the following $15K, they will remove first $10K in the next financial year and $5K in the following. So it will take altogether 3 years for the full balance to disappear as your asset. Remember that you can only give away up to $30K in 5 year period, as anything above will require a new period of 5 years. Sorry, obviously Centrelink is not as generous as you are, since they see charitable donations as deprivation of assets.
Thank you Kathrine again for your explanation. But I still have this gifting questions.... Would money that I don't spend on myself like on wreaths be counted towards this $10K p.a. limit gifts?(yes, I have lost a few friends and relatives over the years) And if I shouted my love ones with expensive dinners would it be gifts? Never mind the birthday gifts when one has a big family (it all adds up) Can Centrelink really do a fine tooth comb on my "extraordinary" expenses in the last 5 years and query me!? Is that why it takes an average of 49 days for Centrelink to process an application BTW I am not that generous compared to a lot of your viewers. I am sure. Keep up your good works, Katherine? You'll be blessed.
P.S. I am all for Centrelink"s diligence in distributing our tax dollars.. and thanks again for explaining the rules so we all can "play" fair. 😊
@@guzzimk5lemans565 yes, I can see a bit of confusion, I think it really comes down to the understanding what is a "lifestyle" spend and what is giving money/assets away. So if you organise a family/friends dinned and you pay the bill, Centrelink most certainly will not see that as a deprivation of assets. the same applied to gifts😀, but I suppose a if you buy your granddaughter a new car as a birthday present, that will be most certainly viewed as asset deprivation. I hope this helps
@@AboutRetirementTV No. The excess $5,000 will be maintained for 5 years
Very grateful to Katherine - this information is not seen on MyGov website. I want to kindly ask - do I need to declare a gift of $3000 PA to my daughter and $2000 charity to Ukrainian friends who became refugees due to War? Where this declaration exists?
Just remember.. Spending $5 of your own money to get $1 from the government is silly in my view.
Leave the age pension for those who don't have money...why do you think taxes are so high. Leave the larger homes for families to buy instead of cramming into small over priced units bc there's a housing shortage. Yes we all "pay into the system" but there is no pension fund for the future beside superannuation, it's spent & we are in debt. We have more people than ever that are claiming benefits that weren't born here or haven't lived here all or most of their lives doing this very thing.. driving up inflation, raising taxes & creating shortages in all area's while the people who need these services suffer the most. Did you know it cost over $500,000 to pay for a room in a nursing home ! Most have to rent it... if they are lucky enough to get one.
Hello great video
Do you have to produce receipts to Centrelink for home renovations? Or any other home improvements?
Hi Paul, keep those receipts in case Centrelink asks for the prove of the payment. You do not need to volunteer but provide copies when requested.
@@AboutRetirementTV
Great thanks!
Renovations are definately the way to go. My wife and I are sinking a few hundred thousand into renovations including extensions, pool and a granny flat. This is helping us to keep our cash in the bank as low as possible with pension age coming up very soon.
The lengths some will go to to get a free buck amazes me. A recent case is a 66yo man with a terminally ill wife lived in a $2million house, owned a $1.5million investment property and had some super, about $400thousand. He decided he deserved an age pension so sold both properties and bought a new one for $3.2million and paid ~$300thousand CGT. Bingo - he was eligible for the pension. But he's struggling to pay the rates and taxes on the new place and his wife has since died so he only gets the single pension. I advised him to stay in the house, sell the other property, pay the CGT, put $300,000 into his super and invest the remaining ~$900,000 at 5% and forget about the pension as he would be far better off - he could spend the $45,000 (no income tax split two ways) and spend the capital at will. Then there was $700,000 super providing a private pension. This man couldn't see any benefit here as he "wouldn't have a pension", but would have ~$100,000 income stream tax free. Maybe it's me that's stupid?
Some people are just greedy disgusting human beings. Perhaps he has a terminally ill wife because karma is a bitch.
@Michael He's not in a nice position - can't afford the rates on his new house. But yes, his beneficiaries will enjoy receiving whatever the house fetches when the prices have fallen........ rather than the capital stable investment he could have made instead.
Too funny for words
Lol🤗
We should follow the UK pension system. If you work and pay your taxes you’re entitled to your pension regardless of your assets when you retire. It’s a simple, fairer system. It would save the Australian Government tens of millions in administrative fees.
We do now, it is called Supeannuation.
I agree that Superannuation is an excellent system. My point was that the Aussie state pension system is overly complicated by layers of new rules and costs a small fortune to administer.
Great video, but it seems i'm already doing everything I can. Cheers
That's great Darryl 😀
Hi, Katherine. I have given my son $100,000 for him to buy a house last year. Now I am about to apply for aged pension, does it mean that sum is going to go into my assest test?
Also, my husband and I are totally financially independent. We don't have any money transactions between us and his mobey has nothing to do with me.. He is still working and I am retired. Would Centerlink consider that when doing my assessment?
Yes, Centrelink will calculate $100K as deprivation of assets for the period of 5 years, therefore if you gave the money away last year, it will be 4 more years of this asset being counted under Income and Asset Tests. You will need to explain your personal relationship to Centrelink for them to decide if you are a couple or you are separated
I am on age pension have allways worked generally factory work i own everything etc. I am of the opinion that a person who has paid his taxes no matter if he earned 50k or 500k a year. The ones i object to is the ones who have been on benefits most of their life , druggies, dole bludgers they are out there. Thry are treated like gods by centrelink.
Disability bludgers... protected species.
The Parliament has never agreed with you. Prior to 1909 there was no aged pension in Australia, yet people payed taxes (mainly to the states). If you were old, could not work and had no family support, you starved to death.
This is why the Aged pension was introduced in 1909, as a means tested welfare payment. It always has been a welfare payment designed to help our poor elderly.
Are you are happy for Kerry and James Packer and Rupert Murdoch and the Pratt family and Gina Reinhart and Andrew Forest, all who are (or were) Billionaires to receive this aged pension welfare payment from your taxes?
I am a man of 81 years and living on the aged pension very comfortable, why would any one want to hide your money unless you are greedy like this woman , this country is very generous to age pensioners.
Exactly right not to mention stuffing it up for any future generations who won't get any pension due to the greediness of the ones rorting the system now ...beggars belief
I agree
Agreed!.. Pensioners should consider themselves lucky they get anything!
This woman is not greedy. She is giving helpful advice to hard working tax payers, for NOTHING.
She would be greedy if she was asking for money from everyone.
And all her advice information is in plain sight on the Centrelink website. She is just clarifying it all and doing a great job.😮
How does receiving an inheritance affect seniors dsp?
Hi Michelle, it effects in the same way as Age Pension, but this is a great suggestion for a new video, which I have been planning to prepare for some time. So please just be patient and I will get to this subject very soon 😀
Can excess money go into the offset part of your mortgage? Will that hide it
Why not be a lifter and fund your own retirement.
I am a lifter funding my own, however what incentive is there to be a lifter, self funded retiree.
That would be great….. can I have all the exorbitant tax I’ve paid for 40 years back?
I have paid tax all my working life i HAVE been a lifter. Time to be a receiver.
@@sharonmercer3549 Getting $95,000 in a super pension rather than $29,000 in aged pension sounds like good incentive to me. I know which one I would rather get.
Take a trip to the casino with your relative. . You buy $x in chips, your relative buys $y in chips. Hand your chips to your relative. Bearer Cashes them in. Odd how you are such a problem gambler and your relative is such a successful gambler!
maybe not 😆
How much money can you have in the bank on career pension fulltime if you own a house?
I think you refer to carer payment. if yes, this is subject to the same Assets Test as Age Pension
$270,500 all assets (not just bank) if a homeowner currently
I believe the asset test is not based on financial years but on the anniversary of the date of gifting. Also if gifting is a large amount e.g. $50k, then $10k is ignored and the remaining $40k is maintained an asset on your record for 5 years from the anniversary of the gifting. This would also be used in calculation for income under deeming provisions if income tested..
Make it so immigrants have to show 10 years of tax payments before they get anything.
More like 50 years.
@@AussieFIag We pay for them as soon as they get here, out of our pockets. Subsidized housing, unemployment, primary and secondary education, roads, water, electricity, Medicare. We paid for it to get setup and we continue to pay for them, that's why our total tax-take is 62% (includes all taxes).
@@gortnewton4765
The highest in the world, so I've been told. 🤷♀️