Age Pension: new thresholds from 20 September 2017

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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 1 July 2017 

Situation For full pension/allowance (per fortnight) For part pension(pf) From 20 September 2017
Single up to $168 less than $1956.80
Couple (combined) up to $300 less than $2996.80
Illness separated (couple combined) up to $300 less than $3877.60

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 September 2017

Situation

Homeowners

Non-homeowners

Single

$552,000

$755,000

Couple (combined)

$830,000

$1,033,000

Illness separated (couple combined)

$977,000

$1,180,000

One partner eligible (combined assets)

$830,000

$1,033,000

  

Centrelink income test limits for transitional part Age Pensions from 20 September 2017

Situation

 

Single

less than $2049.00

Couple (combined)

less than $3335.00

Illness separated (couple combined)

less than $4062.00

Centrelink asset test limits for transitional part Age Pensions – effective from 20 September 2017

Situation

Homeowners

Non-homeowners

Single

$504,750

$707,750

Couple (combined)

$785,500

$988,500

Illness separated (couple combined)

$882,500

$1,085,500

One partner eligible (combined assets)

$785,500

$988,500

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%

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Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?

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23 Comments

Total Comments: 23
  1. 0
    0

    Please tell me where I can get 3.25% on my meagre savings. I am deemed as earning more than the market provides. Clever government this one. Always attack the little guy.

    • 0
      0

      I tried to find out when this was first forced down our choking throats but it is not easy. I may be wrong but originally I think it was a labor policy, all governments want to decrease what they give and increase their trough, and yes this is so unscrupulous, politicians say we have decided this is what you are receiving so that is WHAT YOU ARE as far as we are concerned. Even if it is impossible to do so as we are not going to force our rich masters to have an account that pays what we say you are receiving, so Orwellian and big brother it is unbelievable, well with what is happening these very believable.

  2. 0
    0

    Please tell me where I can get 3.25% on my meagre savings. I am deemed as earning more than the market provides. Clever government this one. Always attack the little guy.

  3. 0
    0

    you can get up to 12% in most industry super funds after tax and all fees if you choose a higher risk capital growth area such as Aust or int shares. Your problem is you are not prepared to carry the risk and go thru life with short arms and long pockets hoping some nice person will help you out, trusting the banks who simply rip you off all the way to please shareholders by making ever larger profits each and every year. Get with the strength and join a construction or mining industry fund where all profits are returned to members such as CBUS run by the CFMEU. After all, the workers united will never be defeated until the Libs bludgeon them all to death

    • 0
      0

      I think people are talking about actual saving that a person uses from day to day. Super is only useful when working, I also think that the government has blocked retires from this avenue anyway but once again could be wrong as rules change all the time and usually in the draconian direction.

    • 0
      0

      Thanks Almost a grey hair but I am one of those in the community who worked for almost fifty years without the benefit of superannuation ( introduced in my last year of employment) and I was also one of those lucky people (women) who worked for two thirds of the male wage for the entirety of my employment.
      I am not looking for a nice person to help me out I’d just like a fair go and an interest rate of 3.25%.
      I will accept your apology for making assumptions about my circumstances.

    • 0
      0

      So THAT’S where Labor gets it’s slush fund !!! From the CFMEU thugs. Please have another look at where you “sink” your hard earned cash (that you worked for over 40 years). Unions owning superfunds- we must be crazy or have we finally turned the corner to full blooded comos.?

  4. 0
    0

    As a pensioner couple, if you had $83,400 in the bank, you would apparently earn 1.75%. Thats approximately $28 a week. So does the government take 50c in the dollar? That would mean you lose $7 a week each.
    If you have super over $300, do you lose 50c in the dollar here too?
    Bloody hell. We all need a bigger increase to cover what they take back.

  5. 0
    0

    I think there’s a case here to take the govt to the anti discrimination board.Maybe a class action?Oh.they would only change the rules!Will this set of rules and income limits also affect same sex couples when the marriage act is changed or does it already apply?

  6. 0
    0

    Hey Ray from Bondi – here’s an extract from Treasury March 2013:

    “Before the recent change, the deeming rates used for singles were 3 per cent a year on the first $43,200 of financial assets and 4.5 per cent on the excess. For couples, the deeming rates were 3 per cent a year on the first $72,000 of combined financial assets and 4.5 per cent on the excess.
    The new deeming rates applying [from March 2013] are 2.5 per cent on the lower threshold and 4 per cent on the higher.”
    Wayne Swan was the Treasurer at the time. All changes since are down to Smokin’ Joe and ex-refugee jailer ScoMo.

    Why is it so you ask?

    Well, where do you think our ENTITLED politicians are going to get their 18% Superannuation Guaranteed (SG) from? Our SG was frozen in 2014 at 9.5% by Smokin’ Joe and will be frozen until 2022. Ours will only be allowed to go to 12% but that’ll now not occur until 2025. Why do they get 18% from us and we can only get max. of 12% in 2025? Greed? no, no … they are entitled.

    Smokin’ Joe is getting over $330,000 (not including allowances, such as ‘baby sitting’ fees) as ‘court jester’ to the Trump administration (they are kindred spirits really).

    Smokin’ Joe is also permitted to claim half his parliamentary pension (over $150,000 per year), even though he is working (!?!?) full time. Can you do that at 51 years of age? That’s rhetorical!

    All of this is after we paid his wife $273 for accommodating him EVERY NIGHT in her negatively geared investment property in Canberra. Not to mention 2 other LNP ‘flat mates’ including Brendan Nelson living in the garage.

    Now, I wonder why politicians are despised?

  7. 0
    0

    I wonder how many remember that it was Paul Keating that introduced Deeming plus other attacks on pensioners. I was one of many that because of his rules and advice, I went to a Finacial Adviser and consequently lost the majority of my hard earned saving (I say hard earned because, in construction, I mostly worked 7 days a week plus overtime). ALP lost my vote forever; finding someone to vote for now has become a problem, I’ve lost faith in them all.

    • 0
      0

      I always despised Keating, he should’ve been living with his pigs! My blood boils when I hear media praising him as a great P. M.
      Politicians & media ridicule Kevin Rudd but he was the only Prime Minister who looked after pensioners & gave them a decent raise!
      When are we all going to raise up & DEMAND that politicians have the same rules for pensions as we mere mortals?

  8. 0
    0

    still confused !!

  9. 0
    0

    If you are an older senior citizen and can no longer take care of yourself and need Long-Term Care, but the government says there is no Nursing Home care available for you, what do you do? You may opt for Medicare Part G.
    The plan gives anyone 75 or older a gun (Part G) and one bullet. You may then shoot one worthless politician.
    This means you will be sent to prison for the rest of your life where you will receive three meals a day, a roof over your head,
    central heating and air conditioning, cable TV, a library, and all the health care you need. Need new teeth? No problem.
    Need glasses? That’s great. Need a hearing aid, new hip, knees, kidney, lungs, sex change, or heart? They are all covered!
    As an added bonus, your kids can come and visit you at least as often as they do now!
    And, who will be paying for all of this? The same government that just told you they can’t afford for you to go into a nursing home.
    And you will get rid of a useless politician while you are at it. And now, because you are a prisoner, you don’t have to pay any more income taxes!
    Is this a great country or what?
    Now that you have solved your senior Long-Term Care problem, enjoy the rest of your week!

    Wage growth: PM’s senior executives have received pay rises of up to 12 per cent a year

  10. 0
    0

    AT 70 YOU HAVE SAID IT ALL. WELL DONE Yea for the day for you my friend.

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