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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