Pension should be $486/ftn based on Income of $30k, $220k in assets is not enough to lower Pension. The land should be exempt if you are going to build on it. The mnies from sale of home should be as well, but only up to the total of what your net proceeds from sale are including land value. Eg Sold home for $500k, block of land worth $250k, so CL will exempt a total of $500k, ($250 block of land + $250 in cash) any extra money from sale is an asset + net value of other house etc.

Not enough info of your exact postion to offer more than that.

Hi. 

The assets limit for a full penssion for a couple (even if only one member receives or qualifies for a pension) is $394,500. Therefore your assessed assets of $220,000 wil not have affected your pension entittements. If your assets were assessed at over $394,500 you would lose $78 per annum per thousand dollars of excess assets.

It appears your pension has only been affected by the deemed income of $30,000, which I assume is per annum. Your income allowance is $308 per fortnight or $8008 per annum. So your total deemed income excludes this amount before your pension is reduced by 50 cents per dollar of excess income. I calculate your financial asets that gave rise to that deemed income to be $1,057,467. The earnings at deeming rates on $324,400 of these assets would give rise to the allowable income limit of $308 per fortnight or $8008 per annum. The balance of financial assets, $733,066, would generate, at deemed earnings of 3%, $21,992 of deemed interest which would result in an annual pension loss of half of that amount, or $10,995.

So on an annual aggregate potential pension of $18,150, including full supplements for a member of a couple, after deducting the $10,995, you should receive $7,154 or $275 per forrtnight. So at $384.65 per fortnight accredited pension, you have done well.

I can't explain the discrepancy between my calculations and your actual, larger, fortnightly pension, other than rental assistance. 

When you receive your detailed explanation from Centrelink, please let me know why my calculations above result in a different pension assessment from that of Centrelink.

Hi.

As a PS. There is a simpler calculation to the detailed one I offered in my earlier email.

Simply deduct $8008, the allowable earnings per annm (you have no other income, as I understand from your email) from the $30,000 deemed interest, leaving $21,992 of excess earnings per annum, divide this by two, resulting in an annual pension loss of $10,996, leaving you with an annual pension of: $18,150-$10,996=$7,154 or $275 per fortnight. 

Regards,

Radish

Radish, the aliowable earnings are only for earned income. In this case the $30,000 is deemed on Super and other investments and is fully assessable. Ask Centrelink for the calculation because you seem to be receiving more pension than   your figures suggest 

My apologies, I was confusing with the work bonus, also $30O p.f. In any case, the Centrelink pension seems high