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Showing posts from June, 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 l imits 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 Scheme – The 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