A new financial year is upon us, and with that comes many changes happening to the Aged Pension.
So, this week, I wanted to use my column to ensure that you are aware of the changes and how these could affect you and your partner.
I find it’s always good to review your circumstances to ensure nothing has changed and more importantly, whether you are entitled to earn more or less…
As of the new financial year (starting 1 July 2023), the eligibility for the aged pension has increased to 67 if you were born on or after the 1st of January 1957.
So here is what you need to know about the changes that have now taken place.
Single Pensioners will be able to earn $204 a fortnight and still be eligible for the full single pension.
Couple Pensioners will be able to earn $360 a fortnight and still be eligible for the full amount.
Once this threshold has been exceeded, the pension amount is reduced by 0.50 cents for every dollar over $204 or $360.
Single Homeowners will now be able to have assets of $301,750 (excluding their own home) and receive the full pension amount, while single non-homeowners can have $543,750 and receive the full pension amount.
Couple Homeowners can now have combined assets of $451,500 (excluding their own home) and receive the full pension amount. Couple Non-Homeowners can have $693,500.
Single Homeowners will be able to have up to $656,500 of assets (excluding their own home) and receive a part pension amount, while single non-homeowners can have $898,500 of assets.
For Couples, the threshold will now increase to $986,500 total for homeowners – $1,228,500 for non-homeowners.
If you require further information about these changes, I would advise you visit Services Australia, or visit their website – servicesaustralia.gov.au/age-pension.
