Compulsory superannuation contributions ensure that most of us are mandated to save a large portion of our income to provide for our retirement. This is not the case for the self-employed.

Some self-employed will be able to sell their business and use these funds for retirement. This is not an option for lots of businesses. In many cases, the business value is closely linked to the owner, effectively they ARE the business.  In these cases, without the owner, the business is difficult to sell.

Over the past year, it has been highly publicised that the Centrelink Assets Test is changing. This came into effect on 1 January 2017, and is now in place.

This change has affected a number of pensioners who may now be receiving either an increased or a decreased pension, depending on their circumstances.