Australian Age Pension Income and Asset tests - 2024

The Australian age pension is a benefit that people can receive if they meet certain requirements, including age, residency, and income and asset tests:

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Age
The age pension is available to people who are 67 or older.

Residency
To qualify, you must have been an Australian resident for at least 10 years, with no break in residency for at least 5 of those years.

Income and assets
The amount you receive depends on your income and assets, and whether you are single or in a couple.

Pension supplement
You may also receive a pension supplement to help with bills and medicine

SuperGuide Australia

age pension is calculated in Australia.

How to calculate age pension in australia 0

Income test
Your income can reduce how much Age Pension we pay you. We use the pension income test to assess Age Pension.

What the income test is
We assess your and your partner’s income from all sources. This includes financial assets such as savings, shares and superannuation. To work out how much income your financial assets produce, we use deeming.

If you or your partner work, you’ll need to report any employment income you’ve been paid. Read about employment income reporting.

Read about working while you’re getting Age Pension.

Age Pension has income and asset free areas and limits. If you’re over the free area, you get a lower pension until you reach the limit or cut off point.

If you’re permanently blind and get Age Pension, we don’t use the income test unless you get Rent Assistance or your partner is getting a payment and is not also blind.

Couple living together or apart due to ill health
Different rates apply for partners getting a payment other than a pension.

Combined income per fortnight Amount each member of the couple’s pension will reduce by
Up to $372 $0
Over $372 20 cents for each dollar over $372
Transitional rate with dependent children
You can earn up to an extra $24.60 per fortnight for each dependent child without reducing your pension. Couples living together and both getting a pension can each earn an extra $12.30 per fortnight for each dependent child.

What the cut off points are
If your income in a fortnight goes over the cut off point, we’ll pay you $0 for that fortnight.

Your cut off point may be higher if you get Rent Assistance or Work Bonus.

Your cut off point may be lower if you don’t live in Australia.

Your situation Fortnightly income cut off point
Single $2,444.60
A couple living together $3,737.60 combined
A couple living apart due to ill health $4,837.20 combined
A transitional rate pensioner - single $2,519.25
Transitional rate pensioners - couple living together $4,095.00 combined
Transitional rate pensioners - couple living apart due to ill health $4,986.50 combined
Income
Most types of income count in your income test. We use this and your assets test to assess if you can get a payment, and to calculate your rate of payment.

Assets test
The assets test helps us work out if you can get paid Age Pension. It also affects how much you'll get.

We assess all asset types as part of the assets test. How much we can pay you depends on the value of your assets, your homeownership status and if you’re in a relationship. There are limits to how much you can have to get Age Pension. We call these the assets test limits. The Department of Social Services reviews these limits and cut off points in March, July and September each year.

Asset types
Assets are property or items you or your partner own in full or part, or have an interest in. They can affect your payment.

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[atilaesener]

Thank you, It is a good information, and excel sheet.

[JairajRugjeeRaj]

Nice video with very simple explanation on how to calculate the aged pension. Am a bit confused about the reduction rate for couple. The pension is reduced by 25c for every dollar over $372 for couples per fortnight. In your example the reduction is 50c for every dollar for couples.
Did I miss something???

[MB-tzpr]

How income stream from super is assessed by Centrelink?

[darrynpickstone]

Hi, im 61 years of age australian born and living off my super and bank savings at moment over in Philippines since 2022 as i couldnt afford to live in australia etc. My question is do i need to be living back in australia to get the pension, what i have read is that i need to be back in australia for 2 years prior to receiving the age pension, or is it 2 years after the age of 67 years ? so i dont loose the pension when i move back overseas ?? Any help or ideas please . thanks When does the yearly cycle start from which Month > so i can organise my return around the date .thanks