The upper asset thresholds for the Age
Background: An eligible individual must satisfy the
The assets test threshold for FULL Age Pension entitlements is adjusted only once a year, on 1 July of each year. The additional adjustments to the assets test thresholds in March and September affect Australians seeking a PART Age Pension.
The lower threshold, that is, the asset limit that entitles an individual to a FULL Age Pension, is normally adjusted in line with the Consumer Price Index (measures inflation) on 1 July of each year.
The assets test upper threshold however, is adjusted on 1 July of each year, and also adjusted in March and September of each year. The upper threshold is the limit that determines an individual’s eligibility to a PART Age Pension.
In summary, due to the six-monthly changes in the Age Pension rate, the upper threshold of the Age Pension assets test is adjusted 3 times a year – in March, July and September.
Note: The actual rate of Age Pension is adjusted twice a year, in March and September. The Age Pension is adjusted in line with the highest of the Consumer Price Index, Male Average Weekly Total Earnings (MWATE) or Pensioner and Beneficiary Living Cost Index increases. The Pensioner and Beneficiary Living Cost Index is designed to index base pension rates when the living cost index is higher than the Consumer Price Index (inflation). (If you are looking for the latest Age Pension rates, you will find these rates in the SuperGuide article: Age Pension: March 2013 rates now available.
What are the assets test thresholds?
This article includes the tables that set out the assets test thresholds for the following timeframes:
- From 20 March 2013 until 30 June 2013 (3 tables containing current thresholds)
- From 20 September until 19 March 2013
- From 1 July 2012 until 19 September 2012
- From 20 March 2012 until 30 June 2012
- From 20 September 2011 until 19 March 2012
- From 1 July 2011 until 19 September 2011
Assets test thresholds (effective from 20 March 2013 until 30 June 2013)
Note: For assets test thresholds applicable before 20 March 2013, see later in the article.
This section lists the assets test thresholds for entitlement to:
- FULL Age Pension
- PART Age Pension
- Transitional Rate PART Age Pension
The Age Pension assets test threshold for the FULL Age Pension (effective from 1 July 2012 and updated again on 1 July 2013) is set out in the table below.
Age Pension assets test – for FULL Age Pension (effective from 1 July 2012 until 30 June 2013)
| Situation | Home-owner | Not Home-owner |
| Single | $192,500 | $332,000 |
| Couple (combined) | $273,000 | $412,500 |
| Couple (separated due to illness) | $273,000 | $412,500 |
| One partner eligible (combined) | $273,000 | $412,500 |
Source: FAHCSIA http://jennymacklin.fahcsia.gov.au/sites/default/files/1july2012_indexationrates.pdf for assets test thresholds for FULL Age Pension entitlement. The assets test thresholds for full Age Pension is adjusted annually on 1 July.
The Age Pension assets test upper threshold for PART Age Pension eligibility (effective from 20 March 2013 and updated again on 1 July 2013) is set out in the table below.
Age Pension assets test (upper limit) – PART Age Pension (effective from 20 March 2013)
| Situation | Home-owner | Not Home-owner |
| Single | $731,500 | $871,000 |
| Couple (combined) | $1,086,000 | $1,225,500 |
| Couple (separated due to illness) | $1,351,000 | $1,490,500 |
| One partner eligible (combined) | $1,086,000 | $1,225,500 |
Source: FAHCSIA http://www.fahcsia.gov.au/sites/default/files/documents/03_2013/indexation_pension_rates_march2013.pdf The assets test thresholds for part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
The Age Pension assets test upper threshold for Transitional Rate PART Age Pension eligibility (effective from 20 March 2013 and updated again on 1 July 2013) is set out in the table below.
Age Pension assets test (upper limit) –Transitional Rate PART Age Pension (effective from 20 March 2013)
| Situation | Home-owner | Not Home-owner |
| Single | $655,750 | $795,250 |
| Couple (combined) | $1,020,500 | $1,160,000 |
| Couple (separated due to illness) | $1,199,500 | $1,339,000 |
| One partner eligible (combined) | $1,020,500 | $1,160,000 |
Source: FAHCSIA http://www.fahcsia.gov.au/sites/default/files/documents/03_2013/indexation_pension_rates_march2013.pdf The assets test thresholds for Transitional Rate part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September. If you’re a non-resident eligible for a transitional rate Age Pension, then your assets test thresholds are slightly different: see FAHCSIA link in this paragraph for relevant assets test thresholds.
Assets test thresholds (effective from 20 September 2012 until 19 March 2013)
Note: For assets test thresholds applicable before 20 September 2012, see later in the article.
This section lists the assets test thresholds for entitlement to:
- full Age Pension
- part Age Pension
- Transitional Rate part Age Pension
The Age Pension assets test threshold for the FULL Age Pension (effective from 1 July 2012 and updated again on 1 July 2013) is set out in the table below.
Age Pension assets test – for FULL Age Pension (effective from 1 July 2012 until 30 June 2013)
| Situation | Home-owner | Not Home-owner |
| Single | $192,500 | $332,000 |
| Couple (combined) | $273,000 | $412,500 |
| Couple (separated due to illness) | $273,000 | $412,500 |
| One partner eligible (combined) | $273,000 | $412,500 |
Source: FAHCSIA http://jennymacklin.fahcsia.gov.au/sites/default/files/1july2012_indexationrates.pdf . The assets test thresholds for full Age Pension is adjusted annually on 1 July.
The Age Pension assets test upper threshold for PART Age Pension eligibility (effective from 20 September 2012 and updated again on 20 March 2013) is set out in the table below.
Age Pension assets test (upper limit) – PART Age Pension (effective from 20 September 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $707,750 | $847,250 |
| Couple (combined) | $1,050,000 | $1,189,500 |
| Couple (separated due to illness) | $1,303,500 | $1,443,000 |
| One partner eligible (combined) | $1,050,000 | $1,189,500 |
Source: FAHCSIA http://jennymacklin.fahcsia.gov.au/node/2051 . The assets test thresholds for part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
The Age Pension assets test upper threshold for Transitional Rate part Age Pension eligibility (effective from 20 September 2012 and updated again on 20 March 2013) is set out in the table below.
Age Pension assets test (upper limit) –Transitional Rate part Age Pension (effective from 20 September 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $642,750 | $782,250 |
| Couple (combined) | $1,000,500 | $1,140,000 |
| Couple (separated due to illness) | $1,173,500 | $1,313,000 |
| One partner eligible (combined) | $1,000,500 | $1,140,000 |
Source: FAHCSIA http://jennymacklin.fahcsia.gov.au/node/2051 . The assets test thresholds for Transitional Rate part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
Assets test thresholds (effective from 1 July 2012 until 19 September 2012 )
Note: For assets test thresholds applicable before 1 July 2012, see later in the article.
This section lists the assets test thresholds for entitlement to:
- full Age Pension
- part Age Pension
- Transitional Rate part Age Pension
The Age Pension assets test threshold for the FULL Age Pension (effective from 1 July 2012 and updated again on 1 July 2013) is set out in the table below.
Age Pension assets test – for FULL Age Pension (effective from 1 July 2012 until 30 June 2013)
| Situation | Home-owner | Not Home-owner |
| Single | $192,500 | $332,000 |
| Couple (combined) | $273,000 | $412,500 |
| Couple (separated due to illness) | $273,000 | $412,500 |
| One partner eligible (combined) | $273,000 | $412,500 |
Source: FAHCSIA http://jennymacklin.fahcsia.gov.au/sites/default/files/1july2012_indexationrates.pdf . The assets test thresholds for full Age Pension is adjusted annually on 1 July.
The Age Pension assets test upper threshold for PART Age Pension eligibility (effective from 1 July 2012 and updated again on 20 September 2012) is set out in the table below.
Age Pension assets test (upper limit) – PART Age Pension (effective from 1 July 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $696,250 | $835,750 |
| Couple (combined) | $1,032,500 | $1,172,000 |
| Couple (separated due to illness) | $1,280,500 | $1,420,000 |
| One partner eligible (combined) | $1,032,500 | $1,172,000 |
Source: FAHCSIA http://jennymacklin.fahcsia.gov.au/sites/default/files/1july2012_indexationrates.pdf . The assets test thresholds for part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
The Age Pension assets test upper threshold for Transitional Rate part Age Pension eligibility (effective from 1 July 2012 and updated again on 20 September 2012) is set out in the table below.
Age Pension assets test (upper limit) –Transitional Rate part Age Pension (effective from 1 July 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $640,00 | $779,250 |
| Couple (combined) | $996,000 | $1,135,000 |
| Couple (separated due to illness) | $1,168,000 | $1,307,500 |
| One partner eligible (combined) | $996,000 | $1,135,500 |
Source: FAHCSIA http://jennymacklin.fahcsia.gov.au/sites/default/files/1july2012_indexationrates.pdf . The assets test thresholds for Transitional Rate part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
Assets test thresholds effective from 20 March 2012 until 30 June 2012
Note: For assets test thresholds applicable before 20 March 2012, see later in the article.
The Age Pension assets test threshold for the FULL Age Pension (effective from 1 July 2011 and updated again on 1 July 2012) is set out in the table below.
Age Pension assets test – for FULL Age Pension (effective from 1 July 2011 until 30 June 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $186,750 | $321,750 |
| Couple (combined) | $265,000 | $400,000 |
| Couple (separated due to illness) | $265,000 | $400,000 |
| One partner eligible (combined) | $265,000 | $400,000 |
Source:
The Age Pension assets test upper threshold for part Age Pension eligibility (effective from 20 March 2012 and updated again on 1 July 2012) is set out in the table below.
Age Pension assets test (upper limit) – PART Age Pension (effective from 20 March 2012 until 30 June 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $690,500 | $825,500 |
| Couple (combined) | $1,024,500 | $1,159,500 |
| Couple (separated due to illness) | $1,272,500 | $1,407,500 |
| One partner eligible (combined) | $1,024,500 | $1,159,500 |
Source: Centrelink. The assets test thresholds for part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
The Age Pension assets test upper threshold for Transitional Rate part Age Pension eligibility (effective from 20 March 2012 and updated again on 1 July 2012) is set out in the table below.
Age Pension assets test (upper limit) –Transitional Rate part Age Pension (effective from 20 March 2012 until 30 June 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $634,250 | $769,250 |
| Couple (combined) | $988,000 | $1,123,000 |
| Couple (separated due to illness) | $1,160,000 | $1,295,000 |
| One partner eligible (combined) | $988,000 | $1,123,000 |
Source: Centrelink. The assets test thresholds for Transitional Rate part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
Assets test thresholds effective from 20 September 2011 until 19 March 2012
The Age Pension assets test threshold for the FULL Age Pension (effective from 1 July 2011 and updated again on 1 July 2012) is set out in the table below.
Age Pension assets test – for full Age Pension (effective from 1 July 2011 until 30 June 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $186,750 | $321,750 |
| Couple (combined) | $265,000 | $400,000 |
| Couple (separated due to illness) | $265,000 | $400,000 |
| One partner eligible (combined) | $265,000 | $400,000 |
Source: Centrelink. The assets test thresholds for full Age Pension is adjusted annually on 1 July.
The Age Pension assets test upper threshold for part Age Pension eligibility (effective from 20 September 2011 until 19 March 2012) is set out in the table below.
Age Pension assets test (upper limit) –part Age Pension (effective from 20 September 2011 until 19 March 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $686,000 | $821,000 |
| Couple (combined) | $1,018,000 | $1,153,000 |
| Couple (separated due to illness) | $1,263,500 | $1,398,500 |
| One partner eligible (combined) | $1,018,000 | $1,153,000 |
Source: Centrelink. The assets test thresholds for part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
The Age Pension assets test upper threshold for Transitional Rate part Age Pension eligibility (effective from 20 September 2011 until 19 March 2012) is set out in the table below.
Age Pension assets test (upper limit) –Transitional Rate part Age Pension (effective from 20 September 2011 until 19 March 2012)
| Situation | Home-owner | Not Home-owner |
| Single | $631,750 | $766,750 |
| Couple (combined) | $983,500 | $1,118,500 |
| Couple (separated due to illness) | $1,155,000 | $1,290,000 |
| One partner eligible (combined) | $983,500 | $1,118,500 |
Source: Centrelink. The assets test thresholds for Transitional Rate part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
Assets test thresholds effective from 1 July 2011 until 19 September 2011
The Age Pension assets test threshold for the FULL Age Pension (effective from 1 July 2011 until updated again on 1 July 2012 is set out in the table below.
Age Pension assets test – for full Age Pension (effective from 1 July 2011)
| Situation | Home-owner | Not Home-owner |
| Single | $186,750 | $321,750 |
| Couple (combined) | $265,000 | $400,000 |
| Couple (separated due to illness) | $265,000 | $400,000 |
| One partner eligible (combined) | $265,000 | $400,000 |
Source: Centrelink. The assets test thresholds for full Age Pension is adjusted annually on 1 July.
The Age Pension assets test upper threshold for part Age Pension eligibility (effective from 1 July until 19 September 2011) is set out in the table below.
Age Pension assets test (upper limit) –part Age Pension (effective from 1 July until 19 September 2011)
| Situation | Home-owner | Not Home-owner |
| Single | $673,000 | $808,000 |
| Couple (combined) | $998,000 | $1,133,000 |
| Couple (separated due to illness) | $1,237,500 | $1,372,500 |
| One partner eligible (combined) | $998,000 | $1,133,000 |
Source: Centrelink. The assets test thresholds for part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
The Age Pension assets test upper threshold for Transitional Rate part Age Pension eligibility (effective from 1 July until 19 September 2011) is set out in the table below.
Age Pension assets test (upper limit) –Transitional Rate part Age Pension (effective from 1 July until 19 September 2011)
| Situation | Home-owner | Not Home-owner |
| Single | $620,750 | $755,750 |
| Couple (combined) | $966,000 | $1,101,000 |
| Couple (separated due to illness) | $1,133,000 | $1,268,000 |
| One partner eligible (combined) | $966,000 | $1,101,000 |
Source: Centrelink. The assets test thresholds for Transitional Rate part Age Pension is adjusted annually on 1 July, and six monthly: on 20 March, and 20 September.
You can find more information about the Age Pension rules by visiting the Department of Human Services website, or by reading the following SuperGuide articles:
- Age Pension: March 2013 rates now available
- Take note: Age Pension age increasing to 67 years
- Age Pension: Is my super benefit counted towards the Centrelink Pension assets test?
- Age Pension: Does my superannuation lump sum count for income test?
- Age Pension: Is the Government ripping off our retirees?
- Age Pension: Deemed income finally falls with interest rates
Thanks for the info on new asset limits from 1 July 2012.
Centrelin still has not updated its website!!