How much assets can I have on aged pension?
Assets limits for a part Age Pension (Residents)
| Situation | Current limit | |
|---|---|---|
| Single | Homeowner | $593,000 |
| Single | Non-homeowner | $809,500 |
| Couple (combined) | Homeowner | $891,500 |
| Couple (combined) | Non-homeowner | $1,108,000 |
How much do assets reduce pensions?
From 1 January 2017, every $1,000 in assets over the assets free area reduces a pensioner’s asset tested pension rate by $3 per fortnight (single or couple combined).
How can I reduce my assets for the aged pension?
With that in mind, here are six possible asset reduction strategies to help boost your pension:
- Gift within limits, for more than 5 years before qualifying age.
- Homeowners can renovate.
- Repay debt secured against exempt assets.
- Funeral bonds within limits or prepaying funeral expenses.
How much money can I have in the bank before it affects my aged pension?
Assets Test A single homeowner can have up to $593,000 of assessable assets and receive a part pension – for a single non-homeowner the lower threshold is $809,500. For a couple, the higher threshold to $891,500 for a homeowner and $1,108,000 for a non-homeowner.
Is your home counted as an asset for the pension?
Your home is not counted as an asset when calculating pension or payment, but it does affect how your pension or payment is assessed under the assets test. If you are a homeowner your asset value limit is lower than someone who does not own their residence.
Is your Super counted as an asset?
Any super you have will be counted as an asset, including the balance of any account-based pensions such as your NGS Income account. Some older types of income products, like annuities or term allocated pensions, may not be fully assessed as assets.