Centrelink & The Age Pension

The age pension is potentially payable for anyone over the age of 67. Pension rates are indexed quarterly. There is both an income and an assets test. Centrelink applies which test is the more restrictive.

The current limits are as follows:

ASSETS TEST

Full Pension            Cut out limit (part pension)

Single homeowner                                $314,000                      $697,000

Single non-homeowner                       $566,000                      $949,000

Couple Homeowner                              $470,00                        $1,047,000

Couple non-homeowner                     $722,000                      $1,299,500

Higher rates do apply where a couple is separated due to illness.

INCOME TEST(per Fortnight)

Single                                                               $212                             $2,510

Couple (combined)                                      $372                             $3,836.4

Illness-separated couple (combined)      $372                              $4,968

COMMONWEALTH SENIORS HEALTH CARD

There is no asset test for the card, only an income test.

Single Income limit is $99,025

Couple (combined) limit is $158,440

It is important to remember that for the income tests assets are deemed to have a particular earning rate.