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.

What assets are exempt from the assets test?

Principal home, car, household contents and personal effects. Funeral bonds up to $15,500. Prepaid funeral expenses. The residential home is the most significant exemption.

How does superannuation affect the Age Pension?

Super counts as an assessable asset once you reach Age Pension age (66 currently). Super of a partner below Age Pension age is not assessed. Account-based pension is deemed at standard deeming rates for the income test.

Australia Age Pension Asset Test and Income Test Calculator

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

Principal ($)

Annual Rate (%)

Years

Compounding / Year

$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Determine Age Pension eligibility and rate under assets test and income test. Full pension: assets below $301,750 (homeowner, single). Income test: full pension if income below $204/fortnight. Lower asset or income test result applies. Use the australia age pension test result to inform your calculation.

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Frequently Asked Questions

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

How does the assets test taper work?

What is the income test deeming?

What assets are exempt from the assets test?

How does superannuation affect the Age Pension?