The allowable asset thresholds for the Age Pension in Australia depend on whether you are a homeowner or a non-homeowner. The current asset test thresholds for the Age Pension are as follows:
Homeowner:
- For a single homeowner: Up to $280,000 in assets (excluding the value of your home).
- For a homeowner couple: Up to $419,000 in assets (excluding the value of your home).
Non-Homeowner:
- For a single non-homeowner: Up to $504,500 in assets.
- For a non-homeowner couple: Up to $643,500 in assets.
Note:
Single person: You can still be eligible for a part Age Pension if your assets are worth less than $634,750 if you own your own home, or $859,250 if you don’t own your own home.
Couple: You can still be eligible for a part Age Pension if your assets are worth less than $954,000 if you own your own home, or $1,178,500 if you don’t own your own home.
It’s important to note that these thresholds are subject to change as they are adjusted regularly in line with indexation and government policies. The thresholds are generally increased over time to account for inflation.
When assessing your eligibility for the Age Pension, it’s important to consider that not all assets are included in the calculation. Some assets, such as your family home (if you are a homeowner), are exempt from the asset test. Other exemptions may apply depending on your specific circumstances.
For every $1,000 in assets above the applicable threshold, your Age Pension payment will be reduced by a certain rate (known as the assets test taper rate). The specific taper rate depends on the value of your assets and may vary based on individual circumstances.
It’s important to visit the official Services Australia website or contact Centrelink directly for the most up-to-date information on the current asset test thresholds and to get personalized advice based on your specific situation. They can provide accurate and tailored information regarding the asset test and its impact on your Age Pension eligibility and payment rate.