Logo
                ---> Home   ---> Reference Home

Allowable Income  


Allowable Income (No dependants)

The income threshold before the pension reduces by 50 cents in the dollar is:

 

Date Single Couple
both eligible
Couple
one eligible
Couple
illness separated
1/7/2024212.00372.00372.00372.00
1/7/2023204.00360.00360.00360.00
1/7/2022190.00336.00336.00336.00
1/7/2021180.00320.00320.00320.00
1/7/2020178.00316.00316.00316.00
1/7/2019174.00308.00308.00308.00
1/7/2018172.00304.00304.00304.00
1/7/2017168.00300.00300.00300.00

 

Each fortnight, the Work Bonus disregards up to $300 pf of the active participation income earned by pensioners over age pension age (unless paid Parenting Payment). If employment income is less $300 pf, the unused Work Bonus is banked up to a maximim amount of $11,800 to discount future employment income that exceeds the $300 pf. A temporary additional $4000 applies for the period 1/12/2022 to 31/12/2023. If the income stream commenced on or before 31 December 2014 and the recipient is in continued receipt of income support payments since that date, the basis is annual payments minus a deductible amount. Otherwise the deemed basis is used.

Deeming Rates and Thresholds

 

Date Threshold Single Threshold Couple
1/7/202462,600103,800
1/7/202360,400100,200
1/7/202256,40093,600
1/7/202153,60089,000
1/7/202053,00088,000
1/7/201951,80086,200
1/7/201851,20085,000
1/7/201750,20083,400
  Deeming Rate Lower Deeming Rate Higher
01/05/20200.25%2.25%
01/07/20191.00%3.00%
20/03/20151.75%3.25%
04/11/20132.0%3.5%
20/3/20132.5%4.0%

NetActuary P/L ABN 94108585164
3/19a Hunter Street, Hobart Tas 7000
PO Box 750, Sandy Bay Tas 7006
Email: Brian@NetActuary.com.au
Direct Telephone: (03) 9028 5002