13th Mar 2018

Age Pension: new thresholds from 20 March 2018

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Age Pension: new thresholds from 20 March 2018
Leon Della Bosca

Changes to income and asset thresholds will take effect from 20 September 2017. 

Below are the new limits that will apply to you:

Centrelink income test limits for Age Pensions from 20 March 2018 

Situation For full pension/allowance (per fortnight) For part pension(pf) From 20 March 2018
Single up to $168 less than $1983.20
Couple (combined) up to $300 less than $3036.40
Illness separated (couple combined) up to $300 less than $3930.40

 



Centrelink asset test limits for full Age Pensions from 1 July 2017

Situation

Homeowners

Non-homeowners

Single

$253,750

$456,750

Couple (combined)

$380,500

$583,500

Illness separated (couple combined)

$380,500

$583,500

One partner eligible (combined assets)

$380,500

$583,500

  

Centrelink asset test limits for part Age Pensions – effective from 20 March 2018

Situation

Homeowners

Non-homeowners

Single

$556,500

$759,500

Couple (combined)

$837,000

$1,040,000

Illness separated (couple combined)

$986,000

$1,189,000

One partner eligible (combined assets)

$837,000

$1,040,000

  

Centrelink income test limits for transitional part Age Pensions from 20 March 2018

Situation

 

Single

less than $2073.00

Couple (combined)

less than $3374.00

Illness separated (couple combined)

less than $4110.00

 

Centrelink asset test limits for transitional part Age Pensions – effective from 20 March 2018

Situation

Homeowners

Non-homeowners

Single

$507,750

$710,750

Couple (combined)

$790,500

$993,500

Illness separated (couple combined)

$888,500

$1,091,500

One partner eligible (combined assets)

$790,500

$993,500

 

Centrelink deeming thresholds from 1 July 2017 

Family Situation

Assets Threshold

Rate of Deemed Income

Single

$0 – $50,200

1.75%

Above $50,200

3.25%

Allowee Couple - per person (1)

$0 – $41,700

1.75%

Above $41,700

3.25%

Pensioner Couple - combined (2)

$0 – $83,400

1.75%

Above $83,400

3.25%

 





COMMENTS

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Cowboy Jim
13th Mar 2018
7:00pm
What about the new asset limits for a full pension as from March 20? Seems to be missing
on the tables given.
PlanB
14th Mar 2018
10:49am
Bloody good luck with getting 3.5% interest -- have not been able to get that for quite a lot of years
almost a grey hair
14th Mar 2018
11:00am
asset limits change in September as stated at the top of the article
Cowboy Jim
14th Mar 2018
11:52am
asset limits are given for March 2018 for part pensioners but not
for the full pensioners. Maybe I am missing something as I am
fully grey haired!
almost a grey hair
14th Mar 2018
11:59am
cowboy jim i believe that asset limits will not change until September so current asset limits remain from July 1st as in second column from the top ?
Redhead
14th Mar 2018
12:14pm
When ARE they going to change the 3.25% deemed on amounts over 100,000? I have written to my Federal member and the reply was something would happen soon? Wonder when that is?
PlanB
15th Mar 2018
9:31am
I have written to the minister too -- more than once and never had a reply YET
Dragrush
14th Mar 2018
5:22pm
You are quite correct Cowboy Jim ------ This info is a typical Centrelink data release designed to cause confusion and concern . The HR pages on their website states clearly that Asset limits are updated Jan , March, July and September each year. Wonder if it got too hard for them to finish off the tables or is it an honest mistake. Anyway Whatever adjustment they make its still not going to compensate for the disastrous cuts they made to the Asset levels as at Jan 2017 and it will be a long time before we even get anywhere near the previous limits. The sad thing is that I recall when all the government debates were going on as to how it was all going to happen that Turnbull said we all had to tighten our belts and hinted that the cuts were only being done because the economy was so crook and he had no choice to my surprise then his weak mate from the opposite side , little Bill Shorten went along with it and now you dont hear a single word from either one about restoring the levels to what they were before. A better solution to the whole mess would be to include the family home in all asset testing and set a fair limit based on the total assets including the family home value. That would stop the "have a Lots " from transferring their assets to their kids etc to get full pensions and make the "have-nots " less envious of them getting full pensions because of the"have-a-lots" rorting the system. Dragrush
johnp
14th May 2018
1:02pm
yep, its now time for the revolution. abuse of self funded retirees, newstart recipients etc. Suppose all we can hope for is change of govt at next election but that wont really help either. . other countries dont have an assets test.
Ginaus
2nd May 2018
10:52pm
'tighten our belts' they say..... don't forget Politicians, give yourselves less wages, no more hikes; stop throwing our money to foreign governments ...
johnp
14th May 2018
1:04pm
Agree, pollies obscene rorting of travel etc etc one of the root causes of the issues


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