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Stats & Facts

Tax
Super
Centrelink

Centrelink

Rates applicable as at 1 July 2023 to 30 September 2023.

Source – A Guide to Australian Government Payments

https://www.humanservices.gov.au/corporate/publications-and-resources/a-guide-to-australian-government-payments

 

Age Pension

Basic conditions of eligibility

 

People born between

Eligible for Age Pension at age

Before 1 July 1952

65

1 July 1952 and 31 December 1953

65½

1 January 1954 and 30 June 1955

66

1 July 1955 and 31 December 1956

66½

1 January 1957 and later

67

 

Basic rates

 

Status

Base pension rate per fortnight

Single

$1,064.00*

Member of a Couple

$802.00*

*Includes Pension Supplement and Energy Supplement.

 

Chart A-Assets test limits for Allowances

 

Family situation

For Homeowners

For Non-homeowners

Single

$301,750

$543,750

Couple (combined)

$451,500

$693,500

Illness separated (couple combined)

$451,500

$693,500

One partner eligible (combined assets)

$451,500

$693,500

Some assets are deemed to earn income, while certain assets are not included in the assets test. Contact us for more information.

Allowances, Austudy, Parenting Payment and Special Benefit are not payable if assets exceed these amounts.

 

Chart B-Assets test limits for Pensions

 

Family situation

For Homeowners

For Non-homeowners

Single

$301,750

$543,750

Couple (combined)

$451,500

$693,500

Illness separated (couple combined)

$451,500

$693,500

One partner eligible (combined assets)

$451,500

$693,500

Some assets are deemed to earn income, while certain assets are not included in the assets test. Contact us for more information.

For pensions, assets over these amounts reduce pension by $3 per fortnight for every $1,000 above the amount (single and couple combined).

 

Chart C—Assets test upper limits for Part Pensions

 

For part pension assets must be less than #

Family situation

For Homeowners

For Non-homeowners

Single

$656,500

$898,500

Couple (combined)

$986,500

$1,228,500

Illness separated (couple combined)

$1,161,000

$1,403,000

One partner eligible (combined assets)

$986,500

$1,228,500

Note: the rate of payment is calculated under both the income and assets tests. The test that results in the lower rate (or nil rate) will apply.

 

Chart D—Income test for pensions

 

(a) Income test for pensions

Family situation

For full pension (pf)*

For part pension
(pf)#

Single

up to $204.00

less than $2,332.00

Couple (combined)

up to $360.00

less than $3,568.00

Illness separated (couple combined)

up to $360.00

less than $4,616.00

Note: the rate of payment is calculated under both the income and assets tests. The test that results in the lower rate (or nil rate) will apply.

*Income over these amounts reduces the rate of pension payable by 50 cents in the dollar (single), 25 cents in the dollar each (for couples). For transitional or saved cases income over these amounts reduces the rate of pension payable by 40 cents in the dollar (single), 20 cents in the dollar each (for couples).

#These figures may be higher if Rent Assistance is paid with your pension.

 

Deeming rates

 

Deeming rates

Investment value

Current deeming rate

Singles - Up to $60,400

Couples (combined) – Up to $100,200

0.25% p.a.

Singles - Over $60,400

Couples (combined) – Over $100,200

2.25% p.a.

 

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