Jump to content

Currently Stay at Home Mum - How does this affect Aus Pension?


LadyCroft

Recommended Posts

This is an area I know nothing at all about.

Since we moved here I have been home with the kids. I have started to worry about filling in the tax forms at the end of the financial year and have also realised being at home with the kids is kind of like being invisible... Is absolutely nothing paid into the Aussie equivalent of pension fund for me at the moment? Will I only start to accrue Super (or whatever you call it) once I get back to work?

 

Help please. I am feeling a bit dumb at the moment and my confidence is crashing even though I know this is best for my family at present... I am starting to realise how much info I am missing regards all the financial side of things here :goofy:

Link to comment
Share on other sites

Super is paid by your employer and yes it is through work.

 

I know that the Australian aged pension recently changed rules for eligibility and you have to have lived in the the country for so many years to be eligible for it - can't remember how long though.

Link to comment
Share on other sites

If you're OH is on a half decent salary, you'll probably fail the means testing anyway. We've been on a single income since being here but we fail the means testing for my pension as my wife is working..............luckily I get the basic UK pension though because I paid in for over 20 yrs.

Link to comment
Share on other sites

Since we moved here I have been home with the kids. I have started to worry about filling in the tax forms at the end of the financial year and have also realised being at home with the kids is kind of like being invisible... Is absolutely nothing paid into the Aussie equivalent of pension fund for me at the moment? Will I only start to accrue Super (or whatever you call it) once I get back to work?

 

 

There are two kinds of pension in Australia. One is paid by the government and the only qualification for that is residency - no contributions required, ever, and it doesn't matter whether you work or not.

 

The other is superannuation, which is a personal thing. You choose a superannuation fund and open an account with them, then if you're working, your employer has to pay a % of your income into it every month. You can also choose to put money into it if you wish.

 

It's compulsory to have a superannuation fund if you're working - it's a way for the government to force you to save for retirement!

Link to comment
Share on other sites

There are two kinds of pension in Australia. One is paid by the government and the only qualification for that is residency - no contributions required, ever, and it doesn't matter whether you work or not.

 

The other is superannuation, which is a personal thing. You choose a superannuation fund and open an account with them, then if you're working, your employer has to pay a % of your income into it every month. You can also choose to put money into it if you wish.

 

It's compulsory to have a superannuation fund if you're working - it's a way for the government to force you to save for retirement!

 

New legislation means that you have to be resident in Australia for a significant number of years before you are eligible for the government aged pension.

Link to comment
Share on other sites

  • 4 months later...
Oh maaaaaan... Thanks everyone. I nearly passed out when I saw 35 years! Glad it is only 10 but I guess means testing changes that anyway.

 

 

Yes, and the means testing is pretty severe. Although it doesn't include your home (at the current time) it does include all chattels.............furniture/fittings such as curtains and blinds/vehicles etc

Link to comment
Share on other sites

I'm not working , but I stick some in mine every month . I'm not sure about it niether , leave that to oh . But his builds up good and only been here 20 month , I know peeps who are same age has us been here 8 yrs none of them have got nothing like that going , no life ins no nothing . It won't kick in till you start work unless you stick a bit in yaself .

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

×
×
  • Create New...