This can benefit people who:
- have a grandfathered account based pension where the assessable income from the pension exceeds the deemed income on an equivalent amount.
- May increase entitlement to pensions or allowances under the income test where deeming results in less assessable income than the income assessment for grandfathered account based pensions
- May reduce aged care fees due to reduction in assessable income
Things to be aware of:
- The income test assessment of a grandfathered account based pension is: “annual payment – deductible amount”
- By rolling over a grandfathered account based pension to a new account based pension, the income stream will be deemed under the income test
- In some cases deeming may produce less assessable income than “annual payment – deductible amount”
- Deeming rates may increase over time.
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