THE NEW YEAR EDITION FEB 2021 - Intrust Super
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THE NEW YEAR EDITION FEB 2021
LETTER FROM
THE EDITOR
Hello and welcome to the first edition of 2021!
I think I speak for all of us when I say it felt pretty good to say goodbye to 2020! I’m certainly looking forward to what will
hopefully be a year of recovery and regrowth.
I know many Australians are still being impacted by the ongoing effects of the COVID-19 pandemic. For those who are and have
never had to think about knocking on Centrelink’s door before, we’ve got three ways JobSeeker could work for you on page 12.
We’ve also got a few tips on rebuilding your finances in a recession, as well as some information about how a Transition to
Retirement account could help you make up for a reduced income.
And finally, to kick 2021 off with some good news, we have launched a Pension Transfer Bonus which could help boost
retirement balances by thousands of dollars. If you’re nearing retirement, have a read about how you could be eligible to receive
this bonus on page 2.
I’d like to wish a very happy New Year to all our 360°Magazine readers. I certainly hope 2021 brings you success and happiness!
We all deserve some after enduring a year like 2020.
Kind regards,
Brendan O’Farrell
Chief Executive Officer
Intrust Super
The opinions expressed in this column are my own and do not necessarily represent the view of Intrust Super or Intrust360° .
DISCLAIMER
The information in the edition of 360°Magazine has been prepared without taking into account your particular financial needs, circumstances and objectives and
is therefore not suitable to be acted on as investment advice. You should assess your own financial situation and may wish to consult an adviser before you make
any changes to your financial affairs. A Product Disclosure Statement is available at intrust.com.au or call us on 132 467 for a copy. Issued by IS Industry Fund Pty
Ltd | MySuper Unique Identifier: 65704511371601 | ABN: 45 010 814 623 | AFSL No: 238051 | RSE Licence No: L0001298 | Intrust Super ABN 65 704 511 371 | SPIN:
HPP0100AU | RSE Registration No: R1004397. Intrust360° is our financial planning business (its legal name is IS Financial Planning Pty Ltd ABN 64 143 707 439).
It’s a wholly owned subsidiary of IS Industry Fund Pty Ltd ABN: 45 010 814 623. It’s also a corporate authorised representative of Link Advice Pty Limited ABN: 36 105
811 836 | AFSL: 258145 | Corporate Authorised Representative Number: 379207.
M3.3.2.21.1
CONTENTS
2. INTRUST SUPER MEMBERS GET ACCESS TO A
BONUS THAT COULD BE WORTH THOUSANDS
The Pension Transfer Bonus could help increase your
retirement balance
4. REBUILDING YOUR FINANCES IN A
RECESSION
If 2020 was a year of nasty surprises, 2021 should be a
year of recovery!
2. Pension Transfer Bonus
6. A SIMPLE WAY TO SUPPLEMENT YOUR
INCOME WHILE HOURS ARE REDUCED
A TTR account could be a useful way to make up for lost
income
8. FINANCIAL ADVICE HELPED SOME
AUSTRALIANS PREPARE FOR THE PANDEMIC
New research reveals a surprising statistic about those
who receive financial advice
10. BRENDAN’S BANTER
The economic musings of a super fund CEO
4. Rebuild Your Finances
12. THREE WAYS JOBSEEKER MAY WORK FOR YOU
JobSeeker payments may be more accessible than you
realised
6. Supplement your income 8. Preparing For The Pandemic
12. Accessing JobSeeker
INTRUST SUPER MEMBERS GET
ACCESS TO A BONUS THAT COULD
BE WORTH THOUSANDS
Intrust Super recently introduced the Pension Transfer Bonus (PTB).
If you’re nearing retirement, the PTB could boost your super balance by thousands of dollars. And all you have to do
is set up a Super Stream account-based pension account!
WHERE DOES THE BONUS COME FROM?
While you are saving in an Intrust Super accumulation account, Intrust Super puts aside money to pay future capital gains tax
when assets in your investments are sold for a profit. If you transfer your savings into a Super Stream account-based pension,
your money will then be in a tax-free investment environment.
When this happens, Intrust Super doesn’t need to pay capital gains tax on your investment earnings. The money set aside to
cover your tax can instead be paid straight into your retirement account in the form of the PTB.
The exact bonus amount you can receive will be different for each investment option, as the PTB is calculated based on the
level of tax set aside for future tax liabilities. Some options may not be eligible for a bonus. For example, the bonus will not
be available on an investment option that is in a loss position. A member invested in the Cash investment option would not be
eligible to receive a PTB.
WHAT IS A SUPER STREAM ACCOUNT-BASED PENSION?
Super Stream is our low-cost pension product that provides you with tax-free investment earnings with the
reassurance of a regular income in retirement.
We recommend that you seek financial advice before investing in any retirement product. Talk to your Intrust360°
financial adviser on 1300 001 360 for assistance.
THE PTB IN ACTION
Helen, age 65, has been with Intrust Super for 10 years. She has approximately $230,000
invested in her Core Super | MySuper account through the Balanced investment option.
Upon retirement, Helen opens a Super Stream account-based pension and transfers
the balance of her Core Super account into it. Once the account is set up, she logs in to
MemberAccess and sees that a PTB credit of approximately $920* has been contributed
to her account!
HOW CAN YOU RECEIVE THE BONUS?
The bonus is calculated automatically, so there is no need to apply. You need to hold an Intrust Super Core Super | MySuper,
Executive Super, Select Super or Super Stream Transition to Retirement (TTR) account for 12 months or more to be eligible.
Once you have met this requirement, you can choose to transfer your superannuation balance into a Super Stream account-
based pension upon retirement, or once you reach your preservation age. The PTB will appear as an extra credit as soon as
you open your Super Stream account-based pension account.
*This example is provided for illustrative purposes only and has been calculated by our financial advisers.
[ 2 ] 360° | THE NEW YEAR EDITION
HOW IS THE BONUS CALCULATED?
Rates are reviewed and calculated regularly and the amount you receive is based on:
• Intrust Super’s tax position
• your balance
• your chosen investment option/s and associated tax on capital gains (CGT)
• the amount of time you’ve been invested in the investment options.
Members can access a bonus quote through MemberAccess to estimate how much of a PTB they are entitled to on transferring
to SuperStream.
A 12-MONTH, 50% WITHDRAWAL THRESHOLD APPLIES
Please note that a clawback provision applies in circumstances where 50% (or more) is withdrawn from an account
balance within the first 12 months of joining the Super Stream account-based pension.
Withdrawals included under the 50% withdrawal threshold include income payments, additional withdrawals or a
combination of the two.
Similarly, if you move your account-based pension product account back to a super account or to another
superannuation fund within the first 12 months, Intrust Super reserves the right to reclaim the bonus.
This provision will not apply if you are required to pay a death claim, or you are amalgamating funds to transfer to an
account-based pension.
Intrust360° is here to help!
If you have any questions about the Pension Transfer Bonus and your eligibility to receive one, please contact our financial advice
team on 1300 001 360, or book an appointment online at intrust360.com.au
360° | intrust360.com.au [ 3 ]
REBUILDING YOUR FINANCES IN A RECESSION Saving is quite difficult when your income or your financial security has been impacted by crises such as those seen last year. But if 2020 was a year for shock setbacks, let’s try to make 2021 a year for recovery! If you are still managing a difficult financial situation this year, we’ve got four simple ways you can even strengthen your finances in 2021. 1. START A BUDGET If you don’t already have a budget, a simple way to start is to record everything you spend over a month. Make sure any subscription services or quarterly bills are included as well. Group your spending into categories, like bills, purchases, entertainment, groceries etc. This helps give you a clear picture of exactly where your money is going. You can then consider opportunities for savings. If you decide you’re spending far too much money on electricity, for instance, look at another provider, or consider your bill closely to see what’s driving the high cost. Intrust Super also has some free educational modules on budgeting available on our website – just visit intrust.com.au and search for “Money basics”. 2. PAY OFF DEBTS Debt repayments become a struggle after an unexpected job loss or a reduction in income. You may have needed to pause your loan repayments or use your credit card a little more than usual. Once you get back on your feet, or adjust to your new financial situation, try prioritising loan repayments to prevent your debt from becoming unmanageable. It’s usually best to pay down the loan with the highest interest rate first. This is often your credit card. Try to work out a payment plan you can stick to – calculate how much you can afford to put aside each week, and how long it will take you to pay off your debt completely. Interest rates are at record lows of 0.1% at the moment, so you should be reviewing your loans to make sure you’re getting the best rate. If you’ve built up some equity on your mortgage, refinancing to pay off a debt with a higher interest rate is worth looking into. It’s also a great time to fast-track your mortgage repayments. Intrust360° financial adviser Craig Chalmers has recommended that some clients continue paying their mortgage at their previous rate, even if repayments have reduced. “With interest rates as low as they are, it can be more financially beneficial to pay down your loan, rather than keeping money in the bank,” he says. “Anything you can do to reduce the amount of interest you pay is going to put you in a better financial position.” If you haven’t noticed that your repayments have gone down recently, Craig says chances are your lender may not have passed on the rate cut. “If that’s the case, it might be a good time to review your loan and consider your options. You might even want to talk to your lender about fixing your mortgage to see if that gets you a better deal,” he says. “Just remember that fixed-interest loans may have some limitations on how much you can pay off your loan. Talk to your lender to make sure you know all the rules before making any changes.” [ 4 ] 360° | THE NEW YEAR EDITION
3. REBUILD YOUR EMERGENCY FUND
After losing a job or taking a pay cut, the first thing most of us turn to is our savings. If you were one of the millions of Australians
who were impacted financially by COVID-19 in the last 12 months, chances are your savings will be looking a little less healthy.
Part of strengthening your finances is ensuring you have emergency savings available. You should work out how much you need
for an ‘emergency fund’. An emergency fund is a portion of savings which is only used for emergencies. It should be enough to
cover your most essential expenses for at least a few months. Once you know how much you need, you can work out how much
to put aside each week or month to reach your desired balance.
A good way to allocate regular savings is to decide on a percentage of your income that you’d like to put aside. This way, if your
income or your hours have been reduced, or vary from pay to pay, your savings amount can adjust to your income. As soon as
you receive your pay, move this percentage straight into your emergency fund, so you can adjust your spending accordingly.
4. SET-UP AUTOMATIC SAVINGS
Once your financial situation is more secure, another good idea to help grow your savings is to set up automatic transactions.
That way you won’t even have to think about setting aside savings.
There’s plenty of ways to automatically save money. You can set up a direct debit through your bank to transfer money from your
income to your savings account on your pay day. Your bank might also offer apps that will automatically transfer savings based
on your transactions – such as rounding up your purchases to the nearest dollar. You could also talk to your employer about
paying a portion of your income into a separate account when they process your pay.
DOES YOUR SUPER NEED ATTENTION AS WELL?
Super balances have also been affected by the recent crisis. Rebuilding your retirement balance should form an
important part of your financial recovery, and automatic savings are an effective way to do so.
Direct debits can be set up to transfer directly into your super account on a regular basis. Intrust Super members
can also use our app, SuperCents, to automatically round-up micro-contributions from everyday transactions and
put them to work in your super. These contributions can add up to making a big difference to your future.
With SuperCents, you can also make additional contributions to your super without any hassle, and best of all, view
your current super balance anytime, anywhere.
Find out more by visiting intrust.com.au/supercents or downloading SuperCents from the App Store or Google Play today.
If you need any help rebuilding your finances or adjusting to a new income, talk to the financial advisers at Intrust360°.
Give them a call on 1300 001 360 or visit intrust360.com.au
360° | intrust360.com.au [ 5 ]
A SIMPLE WAY TO SUPPLEMENT
YOUR INCOME WHILE HOURS
ARE REDUCED
Now that we’re entering year two of COVID-19, many of the financial support options that were made available
to Australians in 2020 are beginning to end. The JobSeeker Coronavirus Supplement was lowered to $150 on 31
December 2020, reducing the fortnightly income of those receiving this payment by $100. The supplement is set to
end on 30 March 2021. JobKeeper payments are also due to expire on 28 March 2020, causing some concern that
unemployment rates may rise once more.
Without the extra financial support, many Australians may be once again facing a reduced income in the coming months.
In this new COVID-normal, a Transition to Retirement account could prove to be a useful way to make up for lost income.
OPENING A TRANSITION TO RETIREMENT ACCOUNT
A Transition to Retirement (TTR) account is designed to help those nearing retirement reduce their working hours
and supplement their income. However, if the pandemic is reducing your work hours, you can start to draw down
on your retirement savings (if you are 57 or over) to receive an income from your super as well as your job.
It is important to note that for those aged between 57 and 59, your TTR pension will be taxed at your
marginal tax rate, with a 15 per cent tax offset applied. For those aged 60 and over, the TTR pension is tax
free.
TTR IN ACTION - AN EXAMPLE
Brian, age 61, worked full-time, earning $60,000 per year before COVID-19 hit, and had built up a
healthy superannuation balance. Since April, his employer has reduced his hours to three days
a week. His income has now been reduced to approximately $36,000 and he needs an additional
$17,000 to meet his expenses.
After speaking to his Intrust360° financial adviser, Brian decided to open a TTR account to
supplement his income while he managed these reduced hours. He transferred $200,000 of
his super into an Intrust Super Super Stream TTR account and began withdrawing an annual
income of $17,000 to help meet his living expenses*.
SETTING UP A TTR ACCOUNT
Starting a TTR account is as simple as transferring part of your super into a Super
Stream TTR account. You’ll need to leave part of your super in an accumulation account
to ensure you can still receive super contributions while you’re still working^.
The Intrust360° financial advisers would be happy to help you through the process of
setting up a TTR account and choosing how much income to draw down. You can or book
an appointment online at intrust360.com.au or call 1300 001 360.
COMBINING TTR WITH SALARY SACRIFICE
Importantly, there is no requirement that you have a reduced income to open a TTR
account. Furthermore, there are strategies that can help you boost your retirement
savings by opening a TTR account after age 60. Talk to your Intrust360° financial
adviser about how you can use a TTR and salary sacrifice strategy to increase your
super savings before retirement! Visit intrust360.com.au or call 1300 001 360.
*This example is provided for illustrative purposes only and has been calculated by our financial advisers.
[ 6 ] 360° | THE NEW YEAR EDITION
^Intrust Super requires a minimum account balance of
360° | intrust360.com.au [ 7 ]
FINANCIAL ADVICE HELPED SOME AUSTRALIANS PREPARE FOR THE PANDEMIC New research shows that Australians who have received advice from a financial planner handled COVID-19 better financially*. The Financial Planning Association of Australia (FPA) recently published a snapshot of Australia’s money and life issues post COVID-19. The research showed that, while only one in five Australians had ever used a financial planner, those that had were less financially impacted by COVID-19 compared to those who had never received financial advice. In addition, 50% of the Australians who had received some form of financial advice did not think they would have done anything differently to improve their finances before the crisis hit. Most did not withdraw from their super under the early release arrangements, and half spoke to their financial planner during the peak of the crisis to seek reassurance or advice on their investments. ADVICE PROVIDED REASSURANCE DURING THE CRISIS The research indicates that financial advice helped some Australians cope with the financial shocks of the last twelve months. They also had peace of mind, knowing they had someone to turn to who could provide professional advice about their options after a financial setback. On the other hand, 70% of Australians believed they could have done better, or done something differently, to improve their financial position before COVID-19 hit. A quarter of Australians were feeling high levels of stress about their current financial position. Job security, depletion of savings and loss of super were among the most common financial worries. FPA’S research also found that 13% of Australians who don’t have a financial planner are now considering engaging one. FEEL MORE CONFIDENT ABOUT YOUR FINANCES WITH INTRUST360° The financial advisers at Intrust360° would love to help anyone who is feeling uncertain about their finances after the past 12 months. Our financial advisers can provide guidance about any avenues of support you might not have considered. They can also provide you with some financial strategies to help you get back on your feet. To start feeling more confident about your finances in 2021, get in touch with the team today! Call 1300 001 360, or book an appointment online at intrust360.com.au. *Source: Financial Planning Association of Australia, Money & Life Tracker: COVID edition, October 2020. [ 8 ] 360° | THE NEW YEAR EDITION
BRENDAN’S BANTER
The economic musings of a super fund CEO
What a year it’s been. I’m sure we’re all happy to see 2020 in our rear-view mirrors.
Despite experiencing a significant share market downturn in early 2020, returns for the 2020 calendar year remained positive for
members invested in our Balanced option. The option returned 3.17% for the 12 months to 31 December 2020*.
In fact, considering 2020 brought on an economic recession in Australia, and with it the sharpest contraction in our economy
since the Depression in the 1930s, Australia has recovered from this crisis in better shape than any of us expected.
AUSTRALIA'S RECOVERY
After a 36% drop in the ASX200 during the peak of the pandemic (between late Feb and late March 2020), the share market then
rallied 45% over the remainder of the year to 31 December 2020. A particularly strong November, driven by the prospect of the
approval and distribution of a vaccine, helped to support this growth.
The labour market has also recovered astonishingly quickly. Although the Reserve Bank of Australia (RBA) expected
unemployment to rise to at least 10%, November saw Australia recover 734,000 jobs, leaving our unemployment rate 1.1%
higher than pre-COVID levels at 6.8%.
Not even the reduction in JobKeeper payments in September stopped the falling unemployment rate, despite more than half of
the JobKeeper recipients being removed from the program. It’s an encouraging sign that our labour market may recover quickly
when JobKeeper payments end completely in March - although it remains to be seen if there will still be some form of support
for the hardest hit industries like hospitality and tourism. The RBA believes the unemployment rate may still increase in the
short-term, particularly once JobKeeper payments cease, but expects it will begin to decline by the end of 2021.
REACTIONS TO THE US ELECTION
In the US, the big news of the end of last year was the US election and the subsequent transition of power to the newly elected
President Biden. The initial market reaction to the result was quite positive. In the first two trading days following the election,
the US Dow Jones share market was up 3.3%.
The US share market generally favours a Democratic President and a divided congress, which is what investors were expecting
following the Presidential election. However, a few Senate seats in the election were too close to call, and the subsequent
Senate run-offs in January saw the Democrats secure a narrow majority in both the Senate and the House of Representatives.
Although these results reversed investors’ expectations, share markets have so far reacted favourably to a slim Democratic
majority. On the whole, investors are assuming that additional fiscal stimulus, which is badly needed in the wake of the
pandemic, will pass congress, while President Biden’s more ambitious policies (such as raising taxes) might prove more
challenging.
EXPECTATIONS FOR 2021
As long as Australia can keep COVID-19 infection rates under control in 2021, I’m feeling fairly positive about our economic recovery.
Of course, COVID-19 is still a bit of an unknown player. How 2021 plays out, and how the market will react, really depends on
the success of the current vaccine rollout. We’ve been dealing with this pandemic on a global scale for over 12 months now, and
we’ve seen just how quickly things can change and the impact that state and federal government actions can have. Recently, we
saw restrictions and lockdowns being instantly introduced in Sydney, Brisbane and Perth. So I don’t think we’re quite over the
market volatility just yet.
Remember that superannuation is designed for the long-term. Intrust Super’s portfolio is actively managed and well diversified.
Our Balanced option continues to deliver strong long-term returns for our members, returning 7.97% over 10 years to 31
December 2020*.
As always, if you’d like some advice about your investments and your risk profile, get in touch with the financial advisers at
Intrust360°. Our advisers would be happy to guide you through the range of investment choices available to you.
The opinions expressed in the article are my own and do not necessarily reflect the views of Intrust Super.
*Source: SuperRatings Fund Crediting Rate Survey December 2020
[ 10 ] 360° | THE NEW YEAR EDITIONCORE SUPER, EXECUTIVE SUPER AND SELECT SUPER
RETURNS AS OF 31 DECEMBER 2020^
Conservative*
[fixed interest]
International
Australian
MySuper |
Combined
Balanced
Property
Shares*
Growth
Shares
Shares
Stable
Bonds
Cash
Monthly 0.57% 0.68% 1.09% 1.21% 1.04% 0.03% 0.40% 0.58% 0.87% 1.38%
FYTD 3.01% 3.95% 8.61% 10.14% 12.59% 0.25% 3.35% 1.47% 12.57% 14.78%
Rolling 1 year -0.24% 0.31% 3.17% 3.27% 5.91% 0.71% 4.83% -10.76% 4.17% 12.99%
Rolling 3 years 2.86% 3.69% 5.88% 6.89% 8.30% 1.55% 4.66% 0.74% 6.94% 11.47%
Rolling 5 years 4.05% 4.90% 7.39% 8.78% 9.98% 1.79% 4.37% 5.73% 9.32% 11.66%
Rolling 7 years 4.54% 5.08% 7.66% 9.16% 9.90% 2.05% 4.69% 6.96% 8.79% 11.17%
Rolling 10 years 5.02% 5.77% 7.97% 9.01% 9.90% 2.66% 5.14% 7.11% 8.55% 11.79%
SUPER STREAM ACCOUNT-BASED PENSION RETURNS AS OF 31 DECEMBER 2020^
[fixed interest]
International
Conservative
Australian
Combined
Balanced
Property
Growth
Shares
Shares
Shares
Stable
Bonds
Cash
Monthly 0.65% 0.78% 1.23% 1.37% 1.15% 0.05% 0.46% 0.68% 0.98% 1.53%
FYTD 3.80% 4.99% 9.88% 12.03% 14.75% 0.34% 3.83% 2.20% 14.95% 16.35%
Rolling 1 year -0.02% 0.55% 3.56% 4.06% 6.88% 0.88% 5.50% -11.99% 5.06% 14.34%
Rolling 3 years 3.30% 4.26% 6.68% 7.75% 9.33% 1.84% 5.35% 0.73% 8.05% 12.57%
Rolling 5 years 4.59% 5.65% 8.35% 9.86% 11.33% 2.12% 5.02% 6.37% 10.67% 12.98%
Rolling 7 years 5.02% 5.90% 8.64% 10.10% 10.85% 2.40% 5.39% 7.71% 10.07% 12.36%
Rolling 10 years 5.58% 6.58% 8.86% 9.85% 10.74% 3.05% 5.92% 7.79% 9.56% 12.67%
TRANSITION TO RETIREMENT [TTR] RETURNS AS OF 31 DECEMBER 2020^
[fixed interest]
International
Conservative
Australian
Combined
Balanced
Property
Growth
Shares
Shares
Shares
Stable
Bonds
Cash
Monthly 0.57% 0.68% 1.09% 1.21% 1.04% 0.03% 0.40% 0.58% 0.87% 1.38%
FYTD 3.01% 3.95% 8.61% 10.14% 12.59% 0.25% 3.35% 1.47% 12.57% 14.78%
Rolling 1 year -0.24% 0.31% 3.17% 3.27% 5.91% 0.71% 4.83% -10.76% 4.17% 12.99%
Rolling 3 years 2.86% 3.69% 5.88% 6.89% 8.30% 1.55% 4.66% 0.74% 6.94% 11.47%
Rolling 5 years 4.28% 5.20% 7.76% 9.19% 10.49% 1.91% 4.55% 6.29% 9.76% 12.08%
Rolling 7 years 4.80% 5.58% 8.22% 9.62% 10.25% 2.25% 5.06% 7.65% 9.42% 11.71%
Rolling 10 years 5.42% 6.35% 8.56% 9.51% 10.32% 2.94% 5.68% 7.74% 9.11% 12.22%
*The Conservative and Combined Shares investment options are available in Executive Super and Select Super only.
^As investment markets move up and down over time, it is important to remember that past performance is not an indication of future returns. Please note that the
investment returns shown above have been rounded. This means there may be minor discrepancies when adding to achieve the compound return.
360° | intrust360.com.au [ 11 ]THREE WAYS JOBSEEKER
MAY WORK FOR YOU
The Intrust360° financial advisers recently spoke to some clients who have been financially impacted by
the COVID-19 crisis, but hadn’t realised they were eligible to access Centrelink support.
To share the good news, we’ve put together some information about how JobSeeker payments may be accessible to
you.
1. ELIGIBILITY MAY BE WIDER THAN YOU THINK
JobSeeker is the Government's support measure for those who are looking for work. Because of this, many people
think they can only access JobSeeker if they are completely unemployed. In fact, JobSeeker payments are subject to an
income test, and recipients can earn up to $300 per fortnight without having their payments reduced. For those earning
more than this, the payment reduces by 60 cents for every dollar earned over $300 per fortnight. Note that if you have
a partner, their income will also affect your payment, and the income test will apply slightly differently (you can find out
more by talking to your Intrust360° financial adviser or visiting servicesaustralia.gov.au).
Under these rules, even those receiving JobKeeper may still be eligible to supplement this income with JobSeeker
payments.
2. VOLUNTEERING TO MEET MUTUAL OBLIGATIONS
Most Australians who are eligible for JobSeeker will also need to meet certain ‘mutual obligation’ requirements to
continue receiving payments. Ordinarily, this might mean applying for a certain number of jobs each week, studying
or training, or completing a certain number of hours under Work for the Dole.
For those over age 60, however, the mutual obligations are less stringent. If you are in this age bracket, you can
choose to meet your mutual obligation requirements by completing 30 hours of volunteer work per fortnight. Those
aged between 55 and 59 may also be able to complete a combination of paid work and volunteer work for 30 hours
each fortnight.
In both cases, you will need to have your volunteer work approved by Centrelink, so it is best to discuss your options
with your case manager.
3. THERE ARE EXTRA BENEFITS AVAILABLE FOR JOBSEEKER RECIPIENTS
JobSeeker doesn’t just mean income support. Recipients may also be eligible for a Health Care Card to receive
cheaper medicine and some health services discounts. Those on JobSeeker who are paying the minimum amount of
rent may also be able to receive rental assistance payments from Centrelink.
So not only can JobSeeker help you meet your living expenses while you are out of work, there could be other
financial support options available to you once you are deemed eligible by Centrelink.
IT’S WORTH CONSIDERING ALL YOUR OPTIONS
For some people, knocking on Centrelink’s door is not something they have ever wanted or needed to do.
But the Australian Bureau of Statistics estimates that 912,000 people are currently unemployed, while
9.4 per cent of Australians are managing reduced incomes and underemployment*. These are not normal
times, and JobSeeker can provide financial relief, even if it’s only for the short-term.
If you’re unsure if you are eligible for Centrelink support payments, please get in touch with Intrust360°.
Our financial advisers would love to help you get access to the income support you need. You can call them
on 1300 001 360, or book an appointment online at intrust360.com.au.
*Source: Australian Bureau of Statistics, Labour force statistics, December 2020
[ 12 ] 360° | THE NEW YEAR EDITION360° | intrust360.com.au [ 13 ]
It makes every bit of sense
Invest your spare change from everyday transactions to grow your
super – without having to think about it!
Not an Intrust Super member?
Visit intrust.com.au or call 132 467
The information in the edition of 360°Magazine is general in nature and has been prepared without taking into account your particular financial needs, circumstances
and objectives and is therefore not suitable to be acted on as investment advice. You should assess your own financial situation and may wish to consult an adviser
before you make any changes to your financial affairs. A Product Disclosure Statement is available at intrust.com.au or call us on 132 467 for a copy.
Issued by IS Industry Fund Pty Ltd | MySuper Unique Identifier: 65704511371601 | ABN: 45 010 814 623 | AFSL No: 238051 | RSE Licence No: L0001298 | Intrust Super
ABN 65 704 511 371 | SPIN: HPP0100AU | RSE Registration No: R1004397
Intrust360° is our financial planning business (its legal name is IS Financial Planning Pty Ltd ABN 64 143 707 439). It’s a wholly owned subsidiary of IS Industry Fund
Pty Ltd ABN: 45 010 814 623. It’s also a corporate authorised representative of Link Advice Pty Limited ABN: 36 105 811 836 | AFSL: 258145 | Corporate Authorised
Representative Number: 379207.You can also read
