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Age Pension Thresholds  

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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.

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The increases are:

ItemIncreaseNew 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:


SinglesIncreased from $58,000 p.a. to $90,000 p.a.
CouplesIncreased 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.

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