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 March 2024 a single pensioner can earn $204 a fortnight and still be eligible for the full single pension of $1116.30 a fortnight, including all supplements. They can also earn $460 a fortnight from personal exertion – this is not included in the income test. Once income exceeds $204 a fortnight, the pension reduces by $0.50 for every additional dollar earned.

From 20 March 2024 a pensioner couple can earn $360 a fortnight combined and still be eligible for the full pension of $1682.80 a fortnight, including all supplements. They can also earn $460 a fortnight each from personal exertion – this is not included in the income test. Once income exceeds $360 a fortnight, the pension reduces by $0.50 for every additional dollar earned.

Assets Test

From 20 March 2024 the full pension is available, under the assets test, for homeowner singles whose assessable assets are under $301,750 – for homeowner couples the number is $451,500. The numbers for non-homeowners are $543,750 and $693,500 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 $674,000 of assessable assets and receive a part pension – for a single non-homeowner the higher threshold is $916,000. For a couple, the higher threshold to $1,012,500 for a homeowner and $1,245,500 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.

$
$