Age Pension: 1 July 2018 changes

 

Changes to income and asset thresholds will take effect from 1 July 2018. 

 

Below are the new limits that will apply to you:

 

Centrelink income test limits for Age Pensions from 1 July 2018 

Situation For full pension/allowance (per fortnight) For part pension(pf) From 1 July 2018
Single up to $172 less than $1987.20
Couple (combined) up to $304 less than $3040.40
Illness separated (couple combined) up to $304 less than $3934.40

 

Centrelink asset test limits for full Age Pensions from 1 July 2018

Situation

Homeowners

Non-homeowners

Single

$258,500

$465,500

Couple (combined)

$387,500

$594,500

Illness separated (couple combined)

$387,500

$594,500

  

Centrelink asset test limits for part Age Pensions – effective from 1 July 2018

Situation

Homeowners

Non-homeowners

Single

$561,250

$768,250

Couple (combined)

$844,000

$1,051,000

Illness separated (couple combined)

$993,000

$1,200,000

  

Centrelink income test limits for transitional part Age Pensions from 1 July 2018

Situation

 

Single

less than $2077.00

Couple (combined)

less than $3378.00

Illness separated (couple combined)

less than $4114.00

 

Centrelink asset test limits for transitional part Age Pensions – effective from 1 July 2018

Situation

Homeowners

Non-homeowners

Single

$512,500

$719,500

Couple (combined)

$797,500

$1,004,500

Illness separated (couple combined)

$895,500

$1,102,500

 

Centrelink deeming thresholds from 1 July 2018 

Family Situation

Assets Threshold

Increase

Deeming Rate

Single

$0 – $51,200

$1000

1.75%

Above $51,200

 

3.25%

Pensioner Couple – combined (2)

$0 – $85,000

$1600

1.75%

Above $85,000

 

3.25%

 

Written by Leon Della Bosca

Publisher of YourLifeChoices – Australia's most-trusted and longest-running retirement website. A trusted voice on Australia's retirement landscape, including retirement income and planning, government entitlements, lifestyle and news and information relevant to Australians over 50. Leon has worked in publishing for more than 25 years and is also a travel writer and editor, graphic designer and photographer.

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