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

IMPORTANT INFORMATION

This document has been prepared by Rowland Financial Advisory Pty Ltd ABN 66 163 488 480 who is a Corporate Authorised Representative of Matix Planning Solutions Limited ABN 45 087 470 200, AFSL & ACL No .238256. Information in this document is based on regulatory requirements and laws, as at 1 July 2014, which may be subject to change. This document contains general advice. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial adviser before making a financial decision. Taxation considerations are general and based on present taxation laws, rulings and their interpretation and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.