Age Pension update: increases and changes from 20 September 2018

Changes to the Age Pension that will come into effect on 20 September 2018.

Age Pension update: September 2018
Leon Della Bosca
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10th Sep 2018
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Changes to income and asset thresholds will take effect from 20 September 2018. 

Below are the new limits that will apply to you:

Centrelink income test limits for Age Pensions from 20 September 2018

Situation For full pension/allowance (per fortnight) For part pension(pf) From 1 July 2018
Single up to $172 less than $2004.60
Couple (combined) up to $304 less than $3066.80
Illness separated (couple combined) up to $304 less than $3969.20


Centrelink asset test limits for full Age Pensions from 20 September 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 20 September 2018

Situation Homeowners Non-homeowners
Single $564,000 $771,000
Couple (combined) $848,000 $1,055,000
Illness separated (couple combined) $998,500 $1,205,000


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

Situation  
Single less than $2092.00
Couple (combined) less than $3402.00
Illness separated (couple combined) less than $4144.00


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

Situation Homeowners Non-homeowners
Single $514,500 $721,500
Couple (combined) $801,000 $1,008,000
Illness separated (couple combined) $899,500 $1,106,500


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%



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    COMMENTS

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    10th Sep 2018
    5:37pm
    Wow $721,000 only gives a deeming of $900 per f/n while the income cut off is $ 2,004

    Bloody hell - so most Aussies get $1,000 a week in retirement before all the rebates and discounts on rates, pharma, power ....

    ANyone still complaining shd be shot
    maelcolium
    10th Sep 2018
    8:50pm
    Yo are an absolute half wit. Go away.
    Anonymous
    10th Sep 2018
    9:34pm
    No positive contribution?

    Just insults

    I bet youre one of those who want a $500 per f/n pension increase
    Anonymous
    11th Sep 2018
    8:06am
    It's not the deeming or the income threshold that's the problem if you've saved that amount olbaid. It's that assets test. If you are unfortunate enough to be asset tested (ie..saved, but don't have a high private income), the effective deeming rate is a massive 7.8%!!!

    Couples who saved $850,000 are living on way less income than the pension, while those fortunate enough to have high incomes can still collect handouts with $1400 a week coming in from other sources.

    This is plainly IDIOTIC. Simply no point saving more than about $500K for a couple or $300K for a single. You might as well blow the rest or buy a hideously expensive house, because the government just takes it. Patently unfair and economically harmful.
    johnp
    11th Sep 2018
    11:47am
    Agree with OnlyGenuineRainey - hit the point completely right. How can we raise this issue more publicly ??
    Greg
    21st Sep 2018
    6:06pm
    olbaid - again you're talking BS, you have no idea how this works obviously, a total fool.
    Mez
    21st Sep 2018
    11:26pm
    I agree absolutely, Rainey!
    floss
    10th Sep 2018
    6:16pm
    Cash for comment me thinks , you only fool your self.
    Anonymous
    10th Sep 2018
    9:34pm
    Mick hasnt posted as far as I can tell
    Eliza
    12th Sep 2018
    1:12pm
    Olbaid ...
    you have absolutely NO IDEA what goes on in the real world.
    You really need to try to understand the multitude of variables that many people deal with.
    Try moving around more amongst people outside your circle ... there is lots to learn.

    What you have said is INCORRECT ...
    Greg
    21st Sep 2018
    6:06pm
    So, so true.
    ME
    15th Sep 2018
    4:34pm
    this is in answer to Jannie, well its like this assume wrong, I had a small dog up to last year past away at the age of 16, and yes I have funeral insurance, also power and gas and a mobile phone, internet as well, I do go out nearly every day but don't go out at night only to Church, its far to dangerous, Plus for your info I have had 3 strokes, I don't smoke or drink, have fast food not a lot, I try to live on what I get, a very tight budget, I don't wast a lot, I've been on the pension for the last 10 years.
    Whinger01
    15th Sep 2018
    7:32pm
    Dim wit more like.
    Whinger01
    15th Sep 2018
    7:33pm
    How many pensioners have $721000 and earn $2004.Or are you just plain stupid.
    Whinger01
    15th Sep 2018
    7:35pm
    As for being shot I would love to be able to get rid of the 5 most stupid people a week and guess what you would be top of the list.
    Whinger01
    15th Sep 2018
    7:46pm
    Pay me the super Guarantee From when I started work in 1965 plus what it would have earned in interest and you can keep the pension. Funny how when people are handed things on a platter they complain about what other people get.
    Whinger01
    15th Sep 2018
    7:48pm
    No sense in talking sensible with dim wits.


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