What are the assets test thresholds for full Age Pension in 2024-25?

Full pension: homeowner single $301,750; homeowner couple $451,500. Part pension cutoff: homeowner single $695,500; homeowner couple $1,045,500. Non-homeowners: add $232,000 to each threshold.

How does the assets test taper work?

Assets above the lower threshold reduce pension by $3 per fortnight for every $1,000 of additional assets. Full Age Pension (maximum single): $1,116.30/fortnight. Each $1,000 above threshold reduces pension by $3/fortnight.

What is the income test deeming?

Financial assets are deemed to earn income at deeming rates: 0.25% on the first $62,600 (single) of financial assets, 2.25% on assets above this. This deemed income is used in the income test regardless of actual returns.

Australia Age Pension Asset Test and Income Test Calculator

Determine Age Pension eligibility and rate under the assets test and income test. Full pension: assets below $301,750 (homeowner, single). Income test: full pension if income below $204/fortnight. The lower asset or income test result applies.