Assets Test A single homeowner can have up to $656,500 of assessable assets and receive a part pension – for a single non-homeowner the higher threshold is $898,500. For a couple, the higher threshold to $986,500 for a homeowner and $1,228,500 for a non-homeowner.
Yes, provided you have reached the Age Pension age, you may be eligible for the Age Pension even if you have super savings.
Can I access super at 65 and keep working? Yes. You can access your super when you turn 65 regardless of whether you're still working. You can also make certain types of super contributions up until you turn 75, even if you're retired and drawing a super pension.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.
The asset value limit is the amount of assets a person can own before their pension or payment will reduce from the maximum rate under the assets test. Example: Currently the asset value limit for a single service pension homeowner is $301,750 and for a single service pension non-homeowner is $543,750.
The government will provide $3.7 million in 2023–24 to extend the measure to provide age and veteran pensioners a once-off credit of $4,000 to their Work Bonus income bank and temporarily increase the maximum income bank until 31 December 2023.
If you are aged over 65 you are not required to access your Super Benefit as either a Pension or a Lump Sum withdrawal. The choice is entirely yours.
Deposits can affect your Centrelink payments, possibly resulting in a debt or a change in your eligibility or rate of payment. This Factsheet explains what you should do if deposits are made into your bank account.
We check your bank account information is up to date. We do this to check we paid you the right payment and amount in the past.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
You and your partner must have no more than $5,000 in combined readily available funds. This includes any liquid assets you can sell. Liquid assets include cash you have on hand, money you have in the bank and financial investments you have. They also include gifts and other money available to you at short notice.
By paying off your credit card, personal loan, home loan or any other debt, you will reduce the value of your assessable assets and boost your rate of pension. For example, paying off $50,000 of debt could increase your pension by $3,900 per year.
For every $1,000 over the limit (for your situation), your pension payment will reduce by $3 a fortnight. This is called the 'taper rate'. There's also a cut-off point. If your assets exceed this value, you mightn't get the Government Age Pension at all.
You need to tell us when your circumstances change. Then we can assess your eligibility for payments and services using the correct details. This includes changes to real estate assets for you and your partner. Read more about real estate assets and how they can affect your payment.
Superannuation savings will help you enjoy a more comfortable retirement than that provided by the Age Pension alone. The Age Pension is designed to provide a 'safety net' for people who do not have enough superannuation or other financial resources to provide an adequate retirement income.
How Centrelink knows your assets without you telling them. Centrelink has multiple data-sharing agreements with government organisations like the ATO, Medicare, PayG and more. This helps them to maintain a view of your assets, and in certain circumstances they may apply additional scrutiny to individuals.
If you leave your super in accumulation phase, you are not required to make any withdrawals from it, even if you are retired. Your accumulation balance will simply continue to be invested and (ideally) increase in value over time. Keeping your super in accumulation phase does not prevent you from accessing it.
If you are under age 75, you can make voluntary personal contributions regardless of your employment status. Are there limits on how much I can contribute into my super? The general concessional contributions cap is $27,500 per financial year for the 2021/22 and 2022/23 financial years.
If you're aged 60 or over and withdraw a lump sum: You don't pay any tax when you withdraw from a taxed super fund.