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Whether your balance is in a super account, super pension account, or bank account, it will be assessed by Centrelink.
Super is not assessed for people under the age pension qualifying age. This means that if an applicant’s spouse is under the qualifying age, the spouse’s super balance will be excluded from Centrelink’s assessment.
Centrelink applies two tests, the Assets Test and the Income Test – in effect, they work out your pension twice. They then use the lower amount arrived at from both tests to work out your pension entitlement.
The Assets Test looks at all the things you own (with a few exceptions, such as your principal home) to work out what the government thinks you’d have if you were to sell your assets. The test includes things such as investment properties, super, financial investments, cars, caravans, boats, and other goods of value.
Money you have in the bank or in investments (including super) counts towards the Assets Test.
The figures below are applicable from 1 July 2021.
Centrelink Age Pension Assets Test | FULL PENSION | PART PENSION | ||
Homeowner | Non-homeowner | Homeowner | Non-homeowner | |
Single | $270,500 | $487,000 | $588,250 | $804,750 |
Couple, combined | $405,000 | $621,500 | $884,000 | $1,100,500 |
Couple, separated due to illness, combined | $405,000 | $621,500 | $1,040,500 | $1,257,000 |
Couple, 1 partner eligible, combined | $405,500 | $621,500 | $884,000 | $1,100,000 |
The list includes (but is not limited to):
Remember, your principal home is not included in calculations for the Assets Test.
The Income Test looks at what you earn and uses that to work out your pension entitlements.
Items in the Income Test include:
Since the actual amount of income from some of these may be hard to assess, the Government uses 'deeming rules' in some cases to come up with standard rates of income.
Centrelink Age Pension Income Test | Income per fortnight | Amount your Centrelink Age Pension will be reduced by |
Single | Up to $180 | $0 |
Over $180 | 50 cents for every dollar over $180 | |
A couple, combined | Up to $320 | $0 |
Over $320 | 50 cents for every dollar over $320 |
Deeming is a way for the government to make an estimate of what you're likely to earn from things such as investments – regardless of what you might actually earn from them. Centrelink uses deeming to calculate your Age Pension, based on your estimated future income earnings.
The good news is, if you earn more than the deeming rate estimate, then the difference is not counted. Of course, if you earn less than the deeming rate, the difference is counted.
The deeming rates are set as percentages depending on your circumstances and the value of your investments. Note that the rates in the table below are subject to the reduced deeming rates.
Value of financial assets | Rate deemed to earn each year | |
Single | First $51,800 | 1% |
Over $51,800 | 2.25%* | |
Couple with at least one on the Centrelink Age pension | First $86,200 (combined) | 1% |
Over $86,200 (combined) | 2.25%* | |
Couple with neither on the Centrelink Age Pension | First $43,100 (each) | 1% |
Over $43,100 (each) | 2.25%* |
*Was 3.00% before May 2020.
As well as meeting the Assets Test or Income Test, to qualify for the Government’s aged pension through Centrelink:
*Let us know your preferred contact number and preferred callback time between 9am and 5pm (AEST/AEDT) weekdays.
Instead of sifting through information to find out what's relevant to you, ask to speak to a retirement specialist. There's no extra cost to use this service. The team's available between 9am and 5pm (AEST/AEDT) on 1800 222 071.
Use the form below to request a call back. Note that the call back service is available for Australian residents only. If you're overseas, please call +61 3 9192 4414.
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