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>