Age Pension: new thresholds from 20 September 2017

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

older couple counting assets finances

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%





    COMMENTS

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    Hilily
    12th Sep 2017
    6:42pm
    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.
    ray from Bondi
    12th Sep 2017
    8:13pm
    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.
    Hilily
    12th Sep 2017
    6:42pm
    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.
    ray from Bondi
    12th Sep 2017
    8:14pm
    at the politician's trough :)
    almost a grey hair
    12th Sep 2017
    7:24pm
    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
    ray from Bondi
    12th Sep 2017
    8:37pm
    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.
    Hilily
    13th Sep 2017
    10:24am
    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.
    Oars
    14th Aug 2018
    12:08pm
    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.?
    Crafty
    12th Sep 2017
    7:36pm
    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.
    ray from Bondi
    12th Sep 2017
    8:40pm
    I am not sure but would say yes, sadly nobody but a politician has the benefits that politicians receive in their pension, we can only dream
    Macca
    13th Sep 2017
    1:16am
    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?
    Waiting to retire at 70
    13th Sep 2017
    11:31am
    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?
    Sen.Cit.90
    20th Sep 2017
    12:00pm
    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.
    Meccapah
    4th Dec 2017
    11:17am
    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?
    Bling Bling
    20th Sep 2017
    12:58pm
    still confused !!
    kinkakuji
    20th Sep 2017
    4:17pm
    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
    heyyybob
    22nd Sep 2017
    11:58am
    Bwahahahahaaaaaa !! Thanks for that ;) Avagudweegend on me :D
    floss
    20th Sep 2017
    4:23pm
    AT 70 YOU HAVE SAID IT ALL. WELL DONE Yea for the day for you my friend.
    Nerk
    20th Sep 2017
    9:19pm
    Keep meagre savings under mattress, saving to pay a bill will be deemed.
    A. N. Onymous
    23rd Sep 2017
    3:23pm
    There are six tables in this article. Half of them refer to "from 1 July 2017" and half "from 20 September 2017".

    Please explain, Leon.
    hmmm
    30th Oct 2017
    8:14am
    They say we get the government we vote for, please remember at the next, and ANY election to vote accordingly.
    jackie
    22nd Nov 2017
    11:47am
    Which one does NOT pander to the elite? They all do.
    ocopa
    20th Feb 2018
    10:40am
    Exempt and partly exempt from the assets test
    AT https://www.humanservices.gov.au/individuals/enablers/income-streams
    The following appears. (indented)
    This category is for income streams that meet all the rules in sections 9A, 9B or 9BA of the Social Security Act.
    Assets test
    If you bought it:
    • before 20 September 2004, it doesn’t count in the assets test
    • after 20 September 2004 and before 20 September 2007, half of its value counts in the assets test
    • on or after 20 September 2007, it doesn’t fit in this category. It all counts in the assets test
    Income test
    We calculate the amount we use depending on whether the income stream is:
    • a non-defined benefit
    • a defined benefit
    For a non-defined benefit, it is the gross payment you get, minus your capital returns.
    For a defined benefit, it is the gross payment you get, minus the deductible amount.
    The super fund xyz has three accounts.
    A TAP commenced in 2005 for person Adam
    An ABP commenced in 2005 for person Adam
    An Allocated pension commenced in 2002 for person Sarah. Trustees decided to classify that account as an ABP maybe in 2005 but have never paid out more than would have been paid as an allocated pension.

    What xyz accounts are eligible for what exemptions?


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