Pensions Centrelink – New Income & Asset test level thresholds for Age Pension

Pensions Centrelink – New Income & Asset test level thresholds for Age Pension

Centrelink – New Income & Asset test level thresholds for Age Pension

Centrelink have announced changes to Age Pension with new income and asset level thresholds.  This could mean more Australians will now qualify for at least a part pension and those already on a part pension could receive more.
Singles can now earn up to $178 a fortnight before their Age Pension is affected while couples can earn $316.
Centrelink determines an applicant’s Age Pension payment rate by assessing BOTH your income and assets independently, this is referred to as the Means Test. The Means Test ensures the Age Pension is provided to those who need it most.

Entitlement to Pension – Pension reduces $0.50 for each $1.00 over the minimum –

(fn=Fortnight   pa=Per Annum)

Full if under Nil if over 
Income Single $178fn /$4,628pa $2,066fn /$53,731pa
Income Couple $316fn /$8,216pa $3,163fn /$82,243pa
Home Owner /Non    Home Owner /Non
Assets Single $268,000 /$482,500 $583,000 /$797,500
Assets Couple $401,500 /$616,000 $876,500 /$1,091,000

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