Age Pension update: increases and changes from 20 March 2020

Changes to the Age Pension that will come into effect on 20 March 2020.

Pension thresholds March 2020

Changes to income and asset thresholds will take effect from 20 March 2020.

Below are the new limits that will apply to you:

Centrelink income test limits for Age Pensions from 20 March 2020

Situation For full pension/allowance (per fortnight) For part pension(pf) From 20 March 2020
Single up to $174 less than $2062.60
Couple (combined) up to $308

less than $3155.20

Illness separated (couple combined) up to $308 less than $4085.20


Centrelink asset test limits for full Age Pensions from 20 March 2020

Situation Homeowners Non-homeowners
Single $263,250 $473,750
Couple (combined) $394,500 $605,000
Illness separated (couple combined) $394,500 $605,000


Centrelink asset test limits for part Age Pensions – effective from 20 March 2020

Situation Homeowners Non-homeowners
Single $578,250 $788,750
Couple (combined) $869,500 $1,080,000
Illness separated (couple combined) $1,024,500 $1,235,000


Centrelink income test limits for transitional part Age Pensions from 20 March 2020

Situation  
Single less than $2147.25
Couple (combined) less than $3492.00
Illness separated (couple combined) less than $4245.50


Centrelink asset test limits for transitional part Age Pensions – effective from 20 March 2020

Situation Homeowners Non-homeowners
Single $526,500 $737,000
Couple (combined) $819,500 $1,030,000
Illness separated (couple combined) $921,000 $1,131,500


Centrelink deeming thresholds from 1 July 2019
 

Family Situation Assets Threshold Increase Deeming Rate
Single $0 – $51,800 $6000 1.00%
Above $51,800   3.00%
Pensioner Couple - combined (2) $0 – $86,200 $1200 1.00%
Above $86,200   3.00%


Will these changes make a difference to your retirement?


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COMMENTS

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Colours
11th Mar 2020
5:40pm
Three percent deeming rate is just an insult. They are well aware that banks are not paying anything like that, so they are proposing that we all go out and play the stockmarket. At the moment, it's probably more financially prudent to put it through the pokies.
Old grey
11th Mar 2020
6:02pm
Assets limit test went up a whole of .75% - just goes to show how very generous this government is - on top of the deeming rate, makes you wonder what planet these idiots are living on
Old grey
11th Mar 2020
6:02pm
Assets limit test went up a whole of .75% - just goes to show how very generous this government is - on top of the deeming rate, makes you wonder what planet these idiots are living on
Blinky
11th Mar 2020
10:31pm
If the govt REALLY wanted to help pensioners, they need to increase the asset test to $500.000.

But, is anyone listening?
Mariner
13th Mar 2020
5:51pm
Totally abolish the test and let the ATO handle it with taxation like in other countries. Places have capital gains taxes, income taxes, inheritance taxes on your own home. No problem but people here would not want that.
Mariner
12th Mar 2020
10:26am
The way things are looking presently a lot more people will qualify for the age pension seeing how our superannuation is going down the toilet. I lost a lot 12 years ago in the GFC. I left super when I retired at 65. Left everything in cash, get hit by deeming but them's the breaks.
The Sheriff
20th Mar 2020
11:54am
Mariner, I'm sorry you were hit so hard during the GFC. However, you're cashed up. So start buying the Big Four bank shares like crazy at their extremely low price. When we come out the other side in six months or whatever you will reap all those suppressed dividends along with massive capital gains. These banks won't sink as they are guaranteed by the Government.
Jaymee
12th Mar 2020
3:44pm
So they have raised the cut off limit for the asset test by $6250 but not the level it starts at.
Bakka
20th Mar 2020
11:14am
When folks get round to checking their Super balances there will be a "flood" of potential new age pensioners.
Taragosun
22nd Mar 2020
3:40pm
With the massive drop in the share market and, consequently, super accounts invested fully or even partly in shares, or shares/investments held in individual names I am sure there will be a rush to Centrelink for benefits.
braddybear
29th Apr 2020
6:25am
as a self-funded retiree with a portfolio rapidly losing value thru low-interest rates and dividend cuts promoted by this current government policies I find it harder to understand why the majority of older Australians continue to vote for and support conservative governments bearing in mind that most if not all social service benefits we enjoy were always opposed by conservative governments and are whittled away each time they are elected.
braddybear
29th Apr 2020
6:34am
centre link is now corrupted to be a hindrance not a help, how many older people can be expected to navigate the maze of hurdles they put in the way of even simple application, to apply for even a part pension requires about 50/60 pages of indecipherable twaddle, a lot of older folk are not computer literate and a phone call to centre link is impossible and the waiting time for qualification for home care assistance is about 18 months which means most applicants die before they receive it, this government is a national disgrace in the way it treats its elderly, sick and unemployed citizens.
braddybear
29th Apr 2020
6:34am
centre link is now corrupted to be a hindrance not a help, how many older people can be expected to navigate the maze of hurdles they put in the way of even simple application, to apply for even a part pension requires about 50/60 pages of indecipherable twaddle, a lot of older folk are not computer literate and a phone call to centre link is impossible and the waiting time for qualification for home care assistance is about 18 months which means most applicants die before they receive it, this government is a national disgrace in the way it treats its elderly, sick and unemployed citizens.
Cooky
29th May 2020
1:56pm
No use complaining here---DONT VOTE for the Govt idiots.
They are Not going to read these comments or any other comments that we all make.


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