You have done the right thing. Declare EVERYTHING. If its not something they want declared, then they wont count it.

One thing newbies need to learn is the ATO, centerlink, passports, OSR, all Banks, ASX, even your accountant and pharmacist! are linked to one big central database, probably a 100 other departments too. They info share. Plus dont be surprised if they inform you about some detail of yourself from overseas or years ago.

Then they adjust, backdate, claim back, charge hideous interest rates on money owed (up to 75%) fines, penalties, and they investigate back years, not just the hiccup year.

They know it all, I even get letters if I take one of the ( now teen ) kids overseas, telling me my 0 thats right ZERO centerlink benefit has been stopped!

Kids bank accounts are taxed at about 67% so if you were thinkin of stuffing it there, dont.

And when you retire, income and assets tests are applied to the pension, so dont expect a comfy retirement either.

Welcome to russia

If the money in a childs account is earned by the child, then normal tax rates apply. http://www.ato.gov.au/Individuals/In...ings-accounts/

It is only taxed high when a parent tries to evade tax for their own money, thereby breaking the law. Almost certainly much the same as in the UK..

eg:

This applies only to the Government Pension, which is not paid for by the employer.

The normal super, paid for by the employer (at 9.25%), just like the UK one (paid for in Employer NI contributions between 10.4% and 13.8%), is not affected by any means test.

Just to keep it like for like

It is also taxed if its the kids genuine money. Both my youngest had considerable savings through their own efforts, and money from overseas/inheritance. Taxed as I said.

I said the pension not superannuation.

Superannuation will also be counted in the asset and income test against pension.

Superannuation is not 'normal' for everyone, the self employed, the unemployed, the woman taking time off to have kids..... will not be getting super.

NI contributions cover far more than pensions, the entire NHS too.

Unlike many Western countries, the age pension is asset and income tested with the only safe zone the family home, which the govt are now holding a discussion on to see it can be included in the test too.

I said the Normal Super, as opposed to the Pension

If the self employed choose NOT to have it, then it is their choice, and therefore their choice to rely on the means tested state pension.

It down to choice for them.

If you’re self-employed – that is, a sole trader or a partner in a partnership – you don’t have to make super contributions to a super fund for yourself. However, you may want to consider super as a way of saving for your retirement. If you’re self-employed, you may:
be able to claim a full tax deduction for your super contributions
be eligible for the low income super contribution
be eligible for the super co-contribution on contributions that you don’t claim

The unemployed have lived on a basic welfare income and therefore will not be affected by getting a small rise in that income on retirement.

The woman CHOOSING to take time off to have kids..... WILL be getting super based on her working years. But it could also be the Father who does it while the mother works.

So, people taking time off to have kids ( thus providing the next generation of tax payers) have less years super, and that is correct, women end up with much less super than men.

The people who slog away self employed stump up their own contribuitons and insurance.

And the winner is the long termer on unemployment who gets a payrise when they retire after decades of paying no tax.

Cool

Not sure...