Age Pension update: increases and changes from 20 September 2019

Changes to the Age Pension that will come into effect on 20 September 2019.

Age Pension update: increases and changes from 20 September 2019

Changes to income and asset thresholds will take effect from 20 September 2019.

Below are the new limits that will apply to you:

Centrelink income test limits for Age Pensions from 20 September 2019

Situation For full pension/allowance (per fortnight) For part pension(pf) From 20 September 2019
Single up to $172 less than $2040.80
Couple (combined) up to $304

less than $3122.00

Illness separated (couple combined) up to $304 less than $4041.60


Centrelink asset test limits for full Age Pensions from 20 September 2019

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 September 2019

Situation Homeowners Non-homeowners
Single $574,500 $785,000
Couple (combined) $863,500 $1,074,000
Illness separated (couple combined) $1,017,000 $1,227,500


Centrelink income test limits for transitional part Age Pensions from 20 September 2019

Situation  
Single less than $2124.25
Couple (combined) less than $3122.00
Illness separated (couple combined) less than $4041.60


Centrelink asset test limits for transitional part Age Pensions – effective from 20 September 2019

Situation Homeowners Non-homeowners
Single $523,500 $734,000
Couple (combined) $814,500 $1,025,000
Illness separated (couple combined) $915,000 $1,125,500


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%


Age Pension rules are complex – let us simplify them for you. The PensionChecker™ tool has all the information you need.

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    COMMENTS

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    Bren
    16th Sep 2019
    7:53pm
    Threshold moved from 51800 to 52000 from 15/7/19 backdated to 1/7 along with reductions in deeming rates.

    Also the safe work amount moved from 172 to 174 on 1/7.
    Bren
    16th Sep 2019
    7:53pm
    Threshold moved from 51800 to 52000 from 15/7/19 backdated to 1/7 along with reductions in deeming rates.

    Also the safe work amount moved from 172 to 174 on 1/7.
    Malbra
    16th Sep 2019
    9:47pm
    The threshold for part pension payment is still too high for couples.........earn about $75000 pa and still get a part pension.!!!
    It should cut out at $50,000 pa.
    Paddington
    17th Sep 2019
    1:29pm
    A grand a week to live on would be a dream for many. Even that is too high!
    People can have a health care card on $87,000 for a couple.
    I think the poorer pensioners need more especially the renters. Prioritise those with medical needs as well.
    There seem to be wealthy pensioners and those not managing at all so something is amiss.
    Maybe spend down to an emergency amount of money before getting anything in order to claim the benefits.
    Give more help to the poorest pensioners. Get oldies off the streets and into housing.
    john
    20th Sep 2019
    11:04am
    We only just get by, with part age pension, a worksuper set up, and my partners small super, out of combined incomes we are just under $50,000.

    Now life is OK,financially speaking, but we just," only just" manage to have our bills paid and to live somewhat close to how we were before we finished working.

    So 50 grand for two people, I would hate to have to pay rent, on top of that, and the way house buying has been hamstrung in this country children and grand children will in the main be getting pretty small pensions when their time comes and still not owning a home but paying rent , things need to change, the LACK of spending strength, in a 1st world country leads to THAT COUNTRY going down the drain.It's logic!

    It appears to me governments and all authorities, seem to set out to make everything so difficult ,and if you haven't the nous to budget and keep in front , you are stymied to a degree and bound to go backwards in the retirement years.
    When, if you are reasonably healthy you should be living well, and comfortably.

    Believe it or not , that is a human right!!!!!

    That comfort is what happens in places that set out from the start to look after their people as the main aim.
    I don't see anything but confusion and hoop jumping these days from all sides of politics.

    So people just keep trying

    But who ever wants to drop the threshold, really has no idea at all?

    Paddington your ideas are good but you can't generalise like that my friend , life does not work that way. And those who are on a good thing , well done, but yes some who don't get by, don't know, or understand even how to fill out a nightmarish form , it is they who should be helped more. YES!
    BUT you don't help anyone by lowering the standards of others, who have worked all their lives, AND SET THEMSELVES UP, I WISH I HAD DONE A BIT BETTER.
    IN THAT WAY I WONDER HOW ON EARTH SOME PENSIONERS JUST DON'T SURVIVE, probably they don't!
    We are meant to be reasonably well looked after, that's what tax is for , and you know who pays that?
    Yes we the people! ITS OUR MONEY MATE!
    Nomad1946
    20th Sep 2019
    10:29am
    Bloody marvellous .... Dan the man Andrews gets 11.8% on his $400,000 pa ..... EMERGENCY WORKERS ... Police, Ambo’s, Firies, etc to get 2%
    We the Pensioner, after giving 50+ years service get a bloody marvellous (not) increase of 0.7% on our annual pittance of $18,000 pa
    Now, we all know why I call Victoria THE SOCIALIST STATE .... more power = more money = more power = more money ....
    Malbra
    20th Sep 2019
    10:00pm
    One of the things we as 'oldies' should be doing is educating our children and grandchildren ( and others ) to progressively be increasing their superannuation contribution to 15 to 18 % as soon as possible. Eg currently at 9% each year add another 1% of salary each year until they get to 18%.

    If they only rely on 9% contribution for 40 years of work they won't have enough to enjoy a good retirement and will be one of the people saying the Government should be looking after them when 65/70 years old