Age Pension Increased Thresholds
The new Age Pension thresholds to apply from 01/07/2022
have been announced. While the actual rate of pension is next indexed from 20th
September 2022, the increased thresholds will result in a larger Age Pension
for many current recipients and more people being eligible.
At NetActuary, we eagerly await these as they allow the
calculators to be updated.
The increases are:
| Item | Increase | New Amount |
| Income Threshold Single | $10 p.f. | $190 p.f. |
| Income Threshold Couple | $16 p.f. | $336 p.f. |
| Asset Threshold Single Homeowner | $9,500 | $280,000 |
| Asset Threshold Couple Homeowner | $14,000 | $419,000 |
| Asset Threshold Single Non-Homeowner | $17,500 | $504,500 |
| Asset Threshold Couple Non-Homeowner | $22,000 | $643,500 |
| Deeming Threshold Single | $2,800 | $56,400 |
| Deeming Threshold Couple | $4,600 | $93,600 |
The Commonwealth Seniors Health Card (which gives you
cheaper medicines and bulk billing access) has enjoyed a major increase in
income thresholds for eligibility. These now are:
| Singles | Increased from $58,000 p.a. to $90,000 p.a. |
| Couples | Increased from $92,000 p.a. to $144,000 p.a. |
The income test is a combination of actual income
and deemed income. The deeming thresholds have increased but the deeming rates
will be frozen for two years at 0.25% lower and then 2.25% - even if interest
rates keep going up.