age pension
On 20 September 2007 the asset test reduction halved to $1.50 per fortnight pension reduction for each $1,000 of assets above the threshold. At the same time complying pensions including TAPs lost their 50% Asset Test Exemption.
The reference section has comprehensive details - however at 1/7/2007 some of the important design items are:
|
|
Single |
Couple |
| Maximum Pension |
$530.90 p.f. |
$882.80 p.f. |
| Income Threshold |
$132.00 p.f. |
$232.00 p.f. |
| Homeowner Assets |
$166,750 |
$236,500 |
| Non Homeowner |
$287,750 |
$357,500 |
| 0.5% Deeming to |
$39,400 |
$65,400 |
The income test reduces the pension by 40c for a single person or 20c for a couple for each dollar above the threshold. The asset test reduction is $1.50 (was $3.00 until 20/9/2007) reduction for each $1,000 above threshold.
The calculator below will estimate Age Pension entitlements. This is written in a way that allows you to update thresholds and rates as they are released.
Click here to download calculator>