Age Pension Concierge @ yourpension.com.au

Our age pension calculator has been updated for the 1 July 2016 updates at Yourpension.com.au 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...

Our most popular recent blog entries have been the articles relating to issues on: couple earning $53k pa - $32,718 pa in pension and $20,000 pa wages and other income. how much will I lose in 2017. periodic work and the the work bonus scheme  Age Pension Calculator and the Work Bonus Scheme Our Pension Calculator also includes an estimate of how much age pensioners may gain/lose come Jan 2017 - remembering that these changes are not grandfathered or tapered. So let’s combine all the above and update the situation whereby a home owning couple can have combined earnings of approx. $53,000 pa. Deemed Income  First though we should explain that with respect to deemed income: we are treating the deemed income as an estimate for actual income, as this is the same way that Centrelink does. You may be able to achieve higher rates than those deeming Centrelink rates. Equally you may achieve less. For example Centrelink will assume that you will earn more t...

Several recent queries have suggested we update our knowledge base on the Work Bonus Scheme (WBS). The WBS provides a facility whereby the first $6,500 of age pensioners 'wages' is exempt from the income test. The WBS can apply to both you and your partner thereby providing a total of $13,000 of exemptions. In a previous blog entry we discussed how a couple on the full pension was ‘earning’ more than $20,000 on top of the full pension. Each were employed on $6,500 pa and had a $250,000  bank account earning a deemed income less than the 'other' income threshold. This is because the WBS is in addition to the the income test threshold allowance of just over $7,000. So a total of more than $20,000 can be exempted from all classes of income test. Now it should be noted the WBS only applies to only certain classes of employment - refer below. What happens if the age pensioner does not earn a consistent wage - i.e. not a steady amount over the year - yet sti...