Age Pension update: increases and changes from 20 March 2020

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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?

RELATED LINKS

Age Pension increases: 20 March 2020

How much more Age Pension will you receive?

Age Pension update: increases and changes from 20 March 2020

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

Changes to JobSeeker rates and thresholds

From 20 March 2020, JobSeeker rates and thresholds will be indexed.

Written by Ben



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