Age Pension Calculator
When assessing eligibility for the aged pension, applicants are given an income test and an assets test – the test that produces the least amount of pension is the one used.
Some assets are exempt – these include the family home, assets in superannuation under pension age, funeral bonds up to $15,000 for a single bond, an accommodation bond paid to an aged care facility, and gifts within the allowable limits.
Home contents, cars and boats are valued at market value – not replacement value.
The assets test has different thresholds for homeowners and non-homeowners.
Income Test
From 20 September 2024, a single pensioner can earn $212 a fortnight and still be eligible for the full single pension of $1144.40 a fortnight, including all supplements. They can also earn up to $460 a fortnight from personal exertion – this is not included in the income test (refer to Work Bonus below). Once income exceeds $212 a fortnight, the pension reduces by $0.50 for every additional dollar earned.
From 20 September 2024, a pensioner couple can earn $372 a fortnight combined and still be eligible for the full pension of $1725.20 a fortnight, including all supplements. They can also earn up to $460 a fortnight each from personal exertion – this is not included in the income test (refer to Work Bonus below). Once income exceeds $372 a fortnight, the pension reduces by $0.50 for every additional dollar earned.
Work Bonus
From 1 Jan 2024, new pensioners immediately received $4,000 into their income bank, which they could use alongside the normal $300 per fortnight exemption. This did not apply to existing pensioners before 1 Jan 2024.
For these new pensioners, with the $4,000 already in their income bank, if they just earned $460 per fortnight for 12 months, it will all be excluded as it would use up the $300 pf exemption plus the $4,000 income bank.
Assets Test
From 20 September 2024, the full pension is available, under the assets test, for homeowner singles whose assessable assets are under $314,000 – for homeowner couples the number is $470,000. The numbers for non-homeowners are $566,000 and $722,000 respectively.
Once assessable assets exceed the lower threshold, the pension reduces by $3 fortnight for each $1000 by which assessable assets exceed the lower threshold.
A single homeowner can have up to $695,500 of assessable assets and receive a part pension – for a single non-homeowner the higher threshold is $947,500. For a couple, the higher threshold to $1,045,500 for a homeowner and $1,297,500 for a non-homeowner.
Please note: Calculated answers include all supplements and if calculated for a couple is the joint pension. It is also assumed that both parties are of pensionable age.
