There’s good news for pensioners this month — from 1 July, the government is lifting a few key thresholds for the Age Pension:
- You can hold a bit more in assets before your pension is reduced
- You can earn a little more before the income test kicks in
- And a larger slice of your financial assets will be deemed at the lower rate
It’s a modest change, but if you’re one of the 63% of retirees getting some pension, it might mean a slightly higher payment in your next fortnight.
What hasn’t changed are the deeming rates — they’re holding steady at 0.25% and 2.25%. And for many people, that’s actually a good thing. It means Centrelink continues to assess your income as though your super is earning just 2.25%, even when it’s performing better. That lower estimate can help more people qualify for a part pension.
But please — be careful what you read online.
There’s a lot of misinformation doing the rounds, and some of it is designed to get your clicks — or worse, your personal details. Stick with trusted sources, and if something doesn’t sound right, it probably isn’t.
