Age Pension update: increases and changes from 20 September 2018

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%



Written by Leon Della Bosca

Leon Della Bosca is a voracious reader who loves words. You'll often find him spending time in galleries, writing, designing, painting, drawing, or photographing and documenting street art. He has a publishing and graphic design background and loves movies and music, but then, who doesn’t?
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