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I am 74 years old and in the old CSS regime, I draw a modest pension, both for my own account and for another smaller account on the membership of my late partner . I own approximately $ 700,000 in shares and own two properties, including the family home, collectively valued at approximately $ 800,000. I also have about $ 300,000 in a defined benefit plan with Vic Super. I do not have any debts. I have permanent custody of a grandchild who is 11 years old. She lives with me since she's four years old under a family court order. I become blind and I may need to receive institutional care at some point, possibly with dementia. I would like to be able to offer my grandson access to a home and funds to complete his education. I would like to have suggestions on how I could achieve these goals. As both of her parents have schizophrenia and there is a genetic link, I would prefer to delay independent access to funds until the age of 25 years. If she develops the disease, she would probably have had her first psychotic episode by then. My granddaughter would also be vulnerable to the demands of her parents, whose lives are dominated by drugs. This is not a problem if I die because the will simply provides that an executor administers the funds on his behalf until the age of 25. I have studied some aspects of the age provisions and none of the case studies deals with this type of scenario. to speak of a provision to stay in the family home as a protected person if the person is under 18 years of age, receiving social badistance or studying full-time.
The Department of Health and Social Services of the state of Victoria offers a variety of options for children in need, including foster care, "kinship care" provided by a member of his social group, p. aunts, but not necessarily the immediate family, also residential care and voluntary out-of-home care.
Depending on the circumstances, and if you are no longer available, any of them should meet his needs until the end of his studies. also a tertiary education. Since you have placed him under a family court order, you should be able to review these cases with a case manager, knowing that many of the ministry's children will likely come from dysfunctional families. and that you would like to shelter your granddaughter.
I presume that she will inherit substantial amounts, so it's important that she learn from you, as a model, how to manage money by focusing on smart buying, rather than on impulse buying of luxury items, and payment by credit card debts. You can help by badociating with household finances, explaining how you decide to include or exclude purchases, how you manage utilities and how you choose investments.
I worked, lived and paid British tax from 1970 until 1983 before emigrating to Australia in September 1983. During this period, I was I worked in the UK to make mandatory contributions to two pension funds. The pensions were left to maturity in the UK until I retired from work. I retired from work in August 2013. Since then, both pensions have been reduced to $ 400 a month and the other lump sum payment of $ 120,000, plus $ 1,600 a month, respectively, for pensions. The British pension money that I received is badessed tax paid in accordance with UK tax law before its release. I have not reported these amounts in my 2014 tax return because they are tax free and that no tax is payable in Australia. I've always considered pensions as life savings and not as foreign income. I am 67 years old and I am a self-financed retiree. For your information, I wrote to the Australian Tax Office in January 2014 asking them to confirm with the UK tax authorities that I was still paying taxes in Australia and that I should be exempt from tax British under the double convention between the United Kingdom and Australia. the ATO obliged. The ATO is aware that I have pension funds in the UK. While I am retired, I continue to pay taxes for a revenue stream under the Australian Government 's CSS pension plan, which I have accepted, because the money paid to the 39; era was not taxed. The ATO asked me to explain why I did not declare my pension payment in my 2014 tax return. I responded to their requests by citing that I am I have followed ATO's tax guidelines not to show foreign pensions or annuities that are not taxable in Australia. My other argument is that I've already paid taxes on this money, that the savings from these savings were taxed at source by the British government and that I only brought my savings back to the ## 147 ## 39; abroad. If I am required to report, can you please tell me where I can take this matter further perhaps the tax inspector? S. C.
You seem to have been deceived into thinking that because a pension is imposed in the United Kingdom, it is not taxed here. In fact, you are taxed on your worldwide income in Australia, with a credit for all taxes paid in countries with which there is a double taxation agreement, such as the United Kingdom.
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