Monday, June 27, 2016

Income and Assets Test Updates – July 2016.



Our age pension calculator has been updated for the 1 July 2016 updates at

Income Test

Income test limits for the full Age Pension are indexed on 1 July each year and for part Age Pensions are indexed in March, July and September of each year.


Income Test – 1 July 2016
For full pension/allowance (per fortnight)
For part pension(pf) 
Single
up to $164
less than $1911.80
Couple (combined)
up to $292
less than $2926.80
Illness separated (couple combined)
up to $288
less than $3787.60

Work Bonus SchemeThe WBS is an incentive for age pensioners to “participate in the workforce” by providing an income threshold of $6,500 pa. This threshold remains unchanged since its inception.

Asset Test

Asset Test FULL age pension– 1 July 2016
Homeowners
Non-homeowners
Single
$209,000
$360,500
Couple (combined)
$296,500
$448,000
Illness separated (couple combined)
$296,500
$448,000
One partner eligible (combined assets)
$296,500
$448,000


Asset Test PART age pension– 1 July 2016
Homeowners
Non-homeowners
Single
$791,750
$943,250
Couple (combined)
$1,175,000
$1,326,500
Illness separated (couple combined)
$1,462,000
$1,613,500
One partner eligible (combined assets)
$1,175,000
$1,326,500

Deeming Rates

Deeming rates from 1 July 2016
Assets Threshold
Rate of Deemed Income
Single
$0 – $49,200
1.75%
Above $49,200
3.25%
Allowee Couple - per person (1)
$0 – $40,800
1.75%
Above $40,800
3.25%
Pensioner Couple - combined (2)
$0 – $81,600
1.75%
Above $81,600
3.25%