Latest Age Pension rates (from 20 September 2022) From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple.
As a temporary measure introduced in September 2022, age pensioners will be able to earn an extra $4000 this financial year. They can now earn a maximum income of $11,800 before penalties kick in. This measure is set to end 30 June 2023.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
From 20 March 2023, some veterans and their families will receive an increase to their pension payments in line with increases in the cost of living. You don't have to do anything to receive the increase, it will be automatically included in your next payment.
Latest Age Pension changes (from 20 March 2023)
From 20 March 2023 the maximum full Age Pension increases $37.50 per fortnight for a single person, and $28.20 per person per fortnight for a couple. Note: Annual amounts are approximate. The figures above include the pension and energy supplements.
Latest Age Pension rates (from 20 September 2022)
From 20 September 2022 the maximum full Age Pension increases $38.90 per fortnight for a single person, and $58.80 a fortnight for a couple.
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.
Nearly five million Australians will receive a major increase to their pension and allowance payments from today following an indexation. Recipients of the Age Pension, Disability Support Pension and Carer Payment can expect an increase of $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
If you're a pensioner currently receiving support through Centrelink, you may be eligible for extra help with bills and medicine costs through the Pension Supplement. This supplement is a combined payment of Pharmaceutical Allowance, Utilities Allowance, GST Supplement and Telephone Allowance.
Can I Get the Pension if I Have Super? Having superannuation savings does not deny you from receiving Age Pension payments. Eligibility for the Age Pension is based on an Assets Test and an Income Test.
For the 2022/23 tax year, a pension may grow 3.1% without contributing to the PIA (based on September 2021 CPI), but LGPS pensions are expected to increase by 10.1% on 1 April 2023 (based on September 2022 CPI).
You can get the Work Bonus if both of these apply to you. You: are Age Pension age and over. get Age Pension, Carer Payment or Disability Support Pension.
From 10 July 2023, if your family earns under $530,000, you'll get increased Child Care Subsidy (CCS). The CCS percentage you're entitled to depends on your family's income. The income limit to get the maximum CCS is increasing. Families earning up to $80,000 will get an increased maximum CCS amount, from 85% to 90%.
An estimated 40,000 pensioners in the Banks electorate should benefit from a one-off $250 payment under the 2022 Federal Budget, Member for Banks, David Coleman said.
From this Monday, payments such as Jobseeker, aged pension and single parent benefits will rise by about 3.7 per cent, as part of a biannual adjustment to reflect inflation. It means the age and disability support pension will go up $37 a fortnight for single people, and Jobseeker by $25 a fortnight.
Lifting the age to 70 would have cut the population eligible for the pension by about 1 million, saving the budget a considerable amount and potentially boosting the economy.
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 $280,000 and for a single service pension non-homeowner is $504,500.
From 1 December 2022 to 31 December 2023, your maximum Work Bonus balance limit increases from $7,800 to $11,800. This will reset to $7,800 on 1 January 2024. You'll also get a one-off increase of $4,000 to your Work Bonus balance during this period. Work Bonus is not money you can draw on to use for other things.
The Government has provided two separate $750 payments to social security, veteran and other income support recipients and eligible concession card holders. Around half of those that benefit are pensioners. These payments will support households to manage the economic impact of the Coronavirus.
If you're moving from a regional or remote area for tertiary study, you could get a one-off payment up to $5000. The Tertiary Access Payment helps with the cost of moving for study after year 12.
Age Pension age is: 65 years and 6 months, if you were born between 1 July 1952 and 31 December 1953. 66 years, if you were born between 1 January 1954 and 30 June 1955. 66 years and 6 months, if you were born between 1 July 1955 and 31 December 1956.
If you lodge a claim after you reach your Age Pension age (because you were still working or forgot to apply), Centrelink will not back pay when you reached Age Pension age (only to your claim submission date).
Do Age Pensioners Have to Pay Tax? Yes, Age Pensioners do have to pay tax, but only if they have a taxable income that exceeds $33,000 for a single person and $30,500 for a member of a couple, assuming eligibility for the Seniors and Pensioners Tax Offset.