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Income definition for age pension. The income test allows for your age pension payment to be reduced by fifty cents for every one dollar of income over your income test allowance. 00 per fortnight for a single age pensioner from july 2018. The age pension helps offset some inequities in retirement outcomes but the tax concessions on super has the opposite effect. So to work out the deemed income of your investments you just need to multiply the value of your investments by the.
The pension income test is for people who get any of the following. For every 1 of income that exceeds these thresholds your fortnightly age pension reduces by 50 cents single or couple combined if you re single and your fortnightly income reaches 2 040 80 you won t be eligible to receive the age pension. Pensions have income and asset limits. The age pension income test limits were due to rise on 20 september 2020 but there has not been any announcement about any changes to these thresholds the department of social services announced that there would be no changes to the age pension rates due to the cpi going down due to covid 19 and it is expected that there is no change to means test thresholds for the same reason.
If you re over these limits you get a lower pension. Unless you get rent assistance we don t use the income test if you re permanently blind and get.
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