Age Pension Increase - 20 September 2018

Centrelink Age Pension

Age Pension payment rates will increase as of 20 September 2018.  Changes to Income and Asset thresholds are lifting too, which may mean if you were previously not eligible for the Age Pension you may now qualify.  Please see below for the relevant thresholds and rates and if you have any queries please be sure to contact your Adviser.

Age Pension increases: 20 September 2018

Indexation will see the Age Pension rates increase on the 20 September 2018, to the following:

Table 1: Maximum Age Pension Rates

    Previous Current Increase
Single Base $826.20 $834.40 $8.20
  Supplement $67.30 $67.80 $0.50
  Energy Supplement $14.10 $14.10 -
  Total $907.60 $916.30 $8.70
Couple (each) Base $622.80 $629.00 $6.20
  Supplement $50.70 $51.10 $0.40
  Energy Supplement $10.60 $10.60 -
  Total $684.10 $690.70 $6.60

 

Income Test

Exceeding the fortnightly income limit will see your pension reduce by 50 centres for every $1 over the limit, until you reach the cut off amount.  

Table 2: Pension Disqualifying Income Limits from 20 September 2018

 

For full pension /allowance
per fortnight

 For part pension 
per fortnight
Single up to $172 less than $2,004.60
Couple (combined) up to $304 less than $3,066.80
Illness separated (couple combined) up to $304 less than $3,969.20

 

Asset Test

Your fortnightly pension is reduced by $3 for every $1,000 you exceed the asset limit - Table 3.  When you reach the limits for part pension your pension payment will cease - Table 4.

Table 3: Centrelink Asset Test Limits for Full Pension- 1 July 2018

  Homeowners Non-homeowners
Single $258,500 $465,500
Couple (combined) $387,500 $594,500
Illness separated (couple combined) $387,500 $594,500
One partner eligible (combined assets) $387,500 $594,500

Table 4: Centrelink Asset Test Limits for Part Pensions - 20 September 2018

  Homeowners Non-homeowners
Single $564,000 $771,000
Couple (combined) $848,000 $1,055,000
Illness separated (couple combined) $998,500 $1,205,000
One partner eligible (combined assets) $848,000 $1,055,000

For more information visit HumanServices.gov.au

Disclaimer
The information contained in this material is current as at date of publication unless otherwise specified and is provided by ClearView Financial Advice Pty Ltd ABN 89 133 593 012, AFS Licence No. 331367 (ClearView) and Matrix Planning Solutions Limited ABN 45 087 470 200, AFS Licence No. 238 256 (Matrix). Any advice contained in this material is general advice only and has been prepared without taking account of any person’s objectives, financial situation or needs. Before acting on any such information, a person should consider its appropriateness, having regard to their objectives, financial situation and needs. In preparing this material, ClearView and Matrix have relied on publicly available information and sources believed to be reliable. Except as otherwise stated, the information has not been independently verified by ClearView or Matrix. While due care and attention has been exercised in the preparation of the material, ClearView and Matrix give no representation, warranty (express or implied) as to the accuracy, completeness or reliability of the information. The information in this document is also not intended to be a complete statement or summary of the industry, markets, securities or developments referred to in the material. Any opinions expressed in this material, including as to future matters, may be subject to change. Opinions as to future matters are predictive in nature and may be affected by inaccurate assumptions or by known or unknown risks and uncertainties and may differ materially from results ultimately achieved. Past performance is not an indicator of future performance.
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