Gather 'round, members of the Seniors Discount Club, we've got some news that might just make your day! Christmas has come early for many Australian seniors, as significant pension changes are set to take effect from July 1.

We understand that pension changes can be a bit of a headache to keep track of, but never fear! We're here to break down the essential information so you can fully understand and benefit from these upcoming changes.

First off, we want to clarify that the pension rates themselves are not changing. So, what exactly is changing, you ask?

The thresholds that determine how much pension is paid have been adjusted for inflation, which means that many part-pensioners will now move to a full pension.

Additionally, some people who were previously ineligible for a pension (due to being over the assets test cut-off point) will now be eligible to start claiming a part pension and reap the benefits of all the concessions that come with it.

Every couple who receives a part pension could get an extra $50 a week in their pension, while singles could be entitled to an additional $35. Credit: Pexels/Kaboompics.

Here's the exciting part for our part-pensioner members: every part-pensioner couple can now expect a $50-a-week increase, while singles will receive an extra $35 a week.

Keep in mind that these benefits are exclusive to part pensioners, as they're due to a change in the taper rates and not an increase in the overall pension payable amount.

Next up in the changes, the assets test cut-off points are getting an uplift as well. The lower level, where the pension starts to reduce, has increased from $419,000 per couple and $280,000 for singles to $451,500 and $301,750, respectively.

The upper level, where eligibility for pension cuts off, moves from $954,000 for a homeowner couple to $986,500, and for singles, the numbers shift from $634,750 to $656,500.

These new figures also affect the amount pensioners can earn before their pension starts to reduce under the income test. For couples, the income test cut-off point rises from $336 a fortnight to $360 a fortnight, while for singles, it increases from $190 a fortnight to $204 a fortnight.

Deeming rates (which are used to work out income from your financial assets) will remain at favourable levels. For singles: 0.25% on the first $60,400 and 2.25% on the balance, and for couples: 0.25% on the first $100,200 and 2.25% on the balance.

The government had previously promised these rates would be frozen until July 1, 2024, but thresholds have been adjusted slightly in line with inflation. This change will result in a small benefit to all income-tested pensioners.

For couples, the threshold at which their pension begins to decrease from the set amount will rise from $336 per fortnight to $360. Credit: Pixabay/pasja1000.

We know it can be a bit confusing when it comes to Centrelink and their tests, as they tend to use both the income test and the assets test. It's important to understand how they intersect: Centrelink will apply whichever test gives you the least pension.

However, some results can arise due to the disparity between the two tests. For example, if you're asset-tested, deeming is not relevant—it's only used for the income test.

In addition, the rule regarding the reduction of pension for a retired couple when their income exceeds $360 per fortnight does not apply to pensioners who are subject to an assets test.

Let us provide you with an example that might help. Imagine a couple named Jack and Jill. They own their own home and have a total of $600,000 in assets that can be assessed. Out of this amount, $550,000 consists of financial assets, which are subject to deeming. Since they fall under the assets test, their pension will increase from $530 per fortnight to $580 per fortnight for each individual after June 30.

As per the assets test, Jack and Jill can earn up to $36,000 annually without any negative impact on their pension. Under the proposed adjusted deeming rules, their $550,000 in financial assets would be considered as earning $10,000 per year. This means they have the flexibility to earn an additional $26,000 per year without affecting their pension.

If you click on this link, you'll have the option to download the new pension charts. Noel Whittaker, one of Australia's foremost financial commentators, also has a website where you can use the age pension calculator and the deeming calculator, both of which have been updated with the latest figures. Feel free to experiment with these tools and gain a better understanding of how the changes may affect you.

Key Takeaways

• Changes to the pension are coming in Australia from July 1, adjusting thresholds for inflation.
• Many part-pensioners will now move to a full pension, and some previously ineligible people will be eligible to start claiming a part pension.
• The new numbers also increase the amount pensioners can earn before their pension starts to reduce under the income test.
• As the rules change, it's advised to review your position and see if any small changes could potentially increase your cash flow.

Now, we know we've thrown a lot of numbers and changes your way, but the bottom line is that these adjustments should mean more money and flexibility for many SDC members. As the rules change, it's essential to review your situation and consider whether making small adjustments could increase your cash flow.

Remember, knowledge is power. Remain informed of these crucial pension changes, and ensure that you make the most out of the increased benefits. Don't forget to share this news with your friends and loved ones so everyone is aware of these important changes coming from July 1.

 

[starrysnan]

Regardless of what type of pension you receive the point is that the cost of living is rising much faster than most people's income and this is the biggest concern for all of us. For many people it's choice between what you can eat and affording medications. There is no spare money anymore for something as extreme as going out to a movie. We are likely to live longer these days but with all the stress and worry it will certainly seem longer. Does anyone else feel seniors seem to be the scapegoats for government expense? We apparently take up a large proportion of the budget. Governments have been aware for many years that we have an ageing population - but none seem to have made plans for what would be required in terms of pensions, health care, and housing.

 

[pascoevale]

Centrelink does not have access to your bank account balances and you have to advise them if your balances change significantly. The ATO receives information from banks about how much interest you have earned during the financial year and that information is shared with Centrelink.

Centrelink does have access to your bank. Balances and accounts some time ago I sat in a Centrelink office with a officer clearly showing me my bank accounts and balances wanting to know what this is for and so on so you have been misinformed but they will tell you anything same goes for ATO. Remember they know everything

 

[Jolliffe]

my maths may be not so good but you seem to have some cash about. as to politicians they get their wage as they work for it. well some do. why criticise those that work. we had a chance.

Oh my god are you serious who are they working for you leave politic that means your out full stop.jest name one person when they retire still get a full wage i was in a job for 30 years I don’t get one payment from my ex government job.

 

[Greg Sharp]

Gather 'round, members of the Seniors Discount Club, we've got some news that might just make your day! Christmas has come early for many Australian seniors, as significant pension changes are set to take effect from July 1.

We understand that pension changes can be a bit of a headache to keep track of, but never fear! We're here to break down the essential information so you can fully understand and benefit from these upcoming changes.

First off, we want to clarify that the pension rates themselves are not changing. So, what exactly is changing, you ask?

The thresholds that determine how much pension is paid have been adjusted for inflation, which means that many part-pensioners will now move to a full pension.

Additionally, some people who were previously ineligible for a pension (due to being over the assets test cut-off point) will now be eligible to start claiming a part pension and reap the benefits of all the concessions that come with it.

View attachment 22148

Every couple who receives a part pension could get an extra $50 a week in their pension, while singles could be entitled to an additional $35. Credit: Pexels/Kaboompics.

Here's the exciting part for our part-pensioner members: every part-pensioner couple can now expect a $50-a-week increase, while singles will receive an extra $35 a week.

Keep in mind that these benefits are exclusive to part pensioners, as they're due to a change in the taper rates and not an increase in the overall pension payable amount.

Next up in the changes, the assets test cut-off points are getting an uplift as well. The lower level, where the pension starts to reduce, has increased from $419,000 per couple and $280,000 for singles to $451,500 and $301,750, respectively.

The upper level, where eligibility for pension cuts off, moves from $954,000 for a homeowner couple to $986,500, and for singles, the numbers shift from $634,750 to $656,500.

These new figures also affect the amount pensioners can earn before their pension starts to reduce under the income test. For couples, the income test cut-off point rises from $336 a fortnight to $360 a fortnight, while for singles, it increases from $190 a fortnight to $204 a fortnight.

Deeming rates (which are used to work out income from your financial assets) will remain at favourable levels. For singles: 0.25% on the first $60,400 and 2.25% on the balance, and for couples: 0.25% on the first $100,200 and 2.25% on the balance.

The government had previously promised these rates would be frozen until July 1, 2024, but thresholds have been adjusted slightly in line with inflation. This change will result in a small benefit to all income-tested pensioners.

View attachment 22149

For couples, the threshold at which their pension begins to decrease from the set amount will rise from $336 per fortnight to $360. Credit: Pixabay/pasja1000.

We know it can be a bit confusing when it comes to Centrelink and their tests, as they tend to use both the income test and the assets test. It's important to understand how they intersect: Centrelink will apply whichever test gives you the least pension.

However, some results can arise due to the disparity between the two tests. For example, if you're asset-tested, deeming is not relevant—it's only used for the income test.

In addition, the rule regarding the reduction of pension for a retired couple when their income exceeds $360 per fortnight does not apply to pensioners who are subject to an assets test.

Let us provide you with an example that might help. Imagine a couple named Jack and Jill. They own their own home and have a total of $600,000 in assets that can be assessed. Out of this amount, $550,000 consists of financial assets, which are subject to deeming. Since they fall under the assets test, their pension will increase from $530 per fortnight to $580 per fortnight for each individual after June 30.

As per the assets test, Jack and Jill can earn up to $36,000 annually without any negative impact on their pension. Under the proposed adjusted deeming rules, their $550,000 in financial assets would be considered as earning $10,000 per year. This means they have the flexibility to earn an additional $26,000 per year without affecting their pension.

If you click on this link, you'll have the option to download the new pension charts. Noel Whittaker, one of Australia's foremost financial commentators, also has a website where you can use the age pension calculator and the deeming calculator, both of which have been updated with the latest figures. Feel free to experiment with these tools and gain a better understanding of how the changes may affect you.

Key Takeaways

• Changes to the pension are coming in Australia from July 1, adjusting thresholds for inflation.
• Many part-pensioners will now move to a full pension, and some previously ineligible people will be eligible to start claiming a part pension.
• The new numbers also increase the amount pensioners can earn before their pension starts to reduce under the income test.
• As the rules change, it's advised to review your position and see if any small changes could potentially increase your cash flow.

Now, we know we've thrown a lot of numbers and changes your way, but the bottom line is that these adjustments should mean more money and flexibility for many SDC members. As the rules change, it's essential to review your situation and consider whether making small adjustments could increase your cash flow.

Remember, knowledge is power. Remain informed of these crucial pension changes, and ensure that you make the most out of the increased benefits. Don't forget to share this news with your friends and loved ones so everyone is aware of these important changes coming from July 1.

Nothing for aged pensioners that are too old to work part time, great

 

[Pommyoz]

my maths may be not so good but you seem to have some cash about. as to politicians they get their wage as they work for it. well some do. why criticise those that work. we had a chance.

You say we had a chance? It wasn’t fashionable to have port folios, rentals, super, and I have worked full time from 16 - 65, paid taxes. Life was simpler.

 

[Milica]

Single pensioners on a full pension received $37.50 per fortnight and couples $56.40 per fortnight extra in the March increase. The September 2022 increases were $38.90 for singles and $58.80 for couples per fortnight. On an annual basis pensions have increased by $1,986.40 for singles and $2,995.20 for couples!

This means the full pension for singles is currently $27,664 and for couples $41,704 per annum! All of this is TAX FREE!

In comparison, a worker on the minimum wage working 38 hours per week, will now earn $45,905.60 BEFORE TAX as a result of the recent minimum wage increase! Before the rate increase their PRE-TAX earnings were barely above the couple pension at $42,255.20. Off that income, the worker pays $5,386 income tax plus Medicare!

I don't get the pension, but if I did, I would not complain!

Would you not complain? - if you had no life savings, no super, where a single pensioner and only had the fortnightly pension, but still paying a private rental, along with bills, phone, food, fuel (only for needs basis now) and anything else that comes up! I have to wonder would you not have a say? to help yourself and others!

 

[Milica]

i was on a cruise once and the biggest whingers were the australians. NOT THE POMS.

I doubt that:_)!

 

[Loubeauxarts]

my maths may be not so good but you seem to have some cash about. as to politicians they get their wage as they work for it. well some do. why criticise those that work. we had a chance.

In all fairness, I do believe Jolliffe is referring to the package pollies receive upon retirement

 

[Rob44]

Gather 'round, members of the Seniors Discount Club, we've got some news that might just make your day! Christmas has come early for many Australian seniors, as significant pension changes are set to take effect from July 1.

We understand that pension changes can be a bit of a headache to keep track of, but never fear! We're here to break down the essential information so you can fully understand and benefit from these upcoming changes.

First off, we want to clarify that the pension rates themselves are not changing. So, what exactly is changing, you ask?

The thresholds that determine how much pension is paid have been adjusted for inflation, which means that many part-pensioners will now move to a full pension.

Additionally, some people who were previously ineligible for a pension (due to being over the assets test cut-off point) will now be eligible to start claiming a part pension and reap the benefits of all the concessions that come with it.

View attachment 22148

Every couple who receives a part pension could get an extra $50 a week in their pension, while singles could be entitled to an additional $35. Credit: Pexels/Kaboompics.

Here's the exciting part for our part-pensioner members: every part-pensioner couple can now expect a $50-a-week increase, while singles will receive an extra $35 a week.

Keep in mind that these benefits are exclusive to part pensioners, as they're due to a change in the taper rates and not an increase in the overall pension payable amount.

Next up in the changes, the assets test cut-off points are getting an uplift as well. The lower level, where the pension starts to reduce, has increased from $419,000 per couple and $280,000 for singles to $451,500 and $301,750, respectively.

The upper level, where eligibility for pension cuts off, moves from $954,000 for a homeowner couple to $986,500, and for singles, the numbers shift from $634,750 to $656,500.

These new figures also affect the amount pensioners can earn before their pension starts to reduce under the income test. For couples, the income test cut-off point rises from $336 a fortnight to $360 a fortnight, while for singles, it increases from $190 a fortnight to $204 a fortnight.

Deeming rates (which are used to work out income from your financial assets) will remain at favourable levels. For singles: 0.25% on the first $60,400 and 2.25% on the balance, and for couples: 0.25% on the first $100,200 and 2.25% on the balance.

The government had previously promised these rates would be frozen until July 1, 2024, but thresholds have been adjusted slightly in line with inflation. This change will result in a small benefit to all income-tested pensioners.

View attachment 22149

For couples, the threshold at which their pension begins to decrease from the set amount will rise from $336 per fortnight to $360. Credit: Pixabay/pasja1000.

We know it can be a bit confusing when it comes to Centrelink and their tests, as they tend to use both the income test and the assets test. It's important to understand how they intersect: Centrelink will apply whichever test gives you the least pension.

However, some results can arise due to the disparity between the two tests. For example, if you're asset-tested, deeming is not relevant—it's only used for the income test.

In addition, the rule regarding the reduction of pension for a retired couple when their income exceeds $360 per fortnight does not apply to pensioners who are subject to an assets test.

Let us provide you with an example that might help. Imagine a couple named Jack and Jill. They own their own home and have a total of $600,000 in assets that can be assessed. Out of this amount, $550,000 consists of financial assets, which are subject to deeming. Since they fall under the assets test, their pension will increase from $530 per fortnight to $580 per fortnight for each individual after June 30.

As per the assets test, Jack and Jill can earn up to $36,000 annually without any negative impact on their pension. Under the proposed adjusted deeming rules, their $550,000 in financial assets would be considered as earning $10,000 per year. This means they have the flexibility to earn an additional $26,000 per year without affecting their pension.

If you click on this link, you'll have the option to download the new pension charts. Noel Whittaker, one of Australia's foremost financial commentators, also has a website where you can use the age pension calculator and the deeming calculator, both of which have been updated with the latest figures. Feel free to experiment with these tools and gain a better understanding of how the changes may affect you.

Key Takeaways

• Changes to the pension are coming in Australia from July 1, adjusting thresholds for inflation.
• Many part-pensioners will now move to a full pension, and some previously ineligible people will be eligible to start claiming a part pension.
• The new numbers also increase the amount pensioners can earn before their pension starts to reduce under the income test.
• As the rules change, it's advised to review your position and see if any small changes could potentially increase your cash flow.

Now, we know we've thrown a lot of numbers and changes your way, but the bottom line is that these adjustments should mean more money and flexibility for many SDC members. As the rules change, it's essential to review your situation and consider whether making small adjustments could increase your cash flow.

Remember, knowledge is power. Remain informed of these crucial pension changes, and ensure that you make the most out of the increased benefits. Don't forget to share this news with your friends and loved ones so everyone is aware of these important changes coming from July 1.

"Centrelink will apply whichever test gives you the least pension."

Australia is such a GENEROUS nation to its pensioners. An extra $50 a week! Pensioners can now afford to buy an extra 2 kilos of mince-meat a week! I suppose that will last a couple for four meals, if they can afford the vegies to make some sort of stew.

As for $550 000 being worth an income of $10 000 (taxed) per year. It might just work if one has bought a spare house (how much are spare houses these days?) which produces a rent before costs of around $400-$450 a week and does not get vandalised by one's tenant.

 

[Rob44]

I doubt that:_)!

When the engines stop the Australians start whining.

 

[Milica]

When the engines stop the Australians start whining.

When the engines stop the Australians start whining.

Aussies all the way!

 

[Milica]

Oh my god are you serious who are they working for you leave politic that means your out full stop.jest name one person when they retire still get a full wage i was in a job for 30 years I don’t get one payment from my ex government job.

You would have had to have been a politician, when retired - you receive a lifetime pension - if i have that right!

 

[Gsr]

I feel exactly the same as you do Elyna. I too am single, having lost my husband 11 years ago and live off a single pension income. With that I too pay rates, rego, insurances etc, not to mention the high cost of living of electricity increase and food. It is not fair that a couple who pays the same as I do, gets more pension than a single pensioner with the same outgoings but on less money coming in. Single pensions should be adjusted to the same as a couple.

Don’t forget that couples have more everyday costs, medications, food, medical needs, clothes, toiletries. Two people use more electricity, water as well. All this adds up and we do not receive double the amount a single pensioner gets, far from it. I would like to see all pensioners receive a substantial rise.

 

[IAN3005]

$35 a week.... what a joke.....

 

[Jest]

Oh my god are you serious who are they working for you leave politic that means your out full stop.jest name one person when they retire still get a full wage i was in a job for 30 years I don’t get one payment from my ex government job.

retired is being retired. finished working. no salary. why would you get paid from an ex job?

 

[Dizzy]

Gather 'round, members of the Seniors Discount Club, we've got some news that might just make your day! Christmas has come early for many Australian seniors, as significant pension changes are set to take effect from July 1.

We understand that pension changes can be a bit of a headache to keep track of, but never fear! We're here to break down the essential information so you can fully understand and benefit from these upcoming changes.

First off, we want to clarify that the pension rates themselves are not changing. So, what exactly is changing, you ask?

The thresholds that determine how much pension is paid have been adjusted for inflation, which means that many part-pensioners will now move to a full pension.

Additionally, some people who were previously ineligible for a pension (due to being over the assets test cut-off point) will now be eligible to start claiming a part pension and reap the benefits of all the concessions that come with it.

View attachment 22148

Every couple who receives a part pension could get an extra $50 a week in their pension, while singles could be entitled to an additional $35. Credit: Pexels/Kaboompics.

Here's the exciting part for our part-pensioner members: every part-pensioner couple can now expect a $50-a-week increase, while singles will receive an extra $35 a week.

Keep in mind that these benefits are exclusive to part pensioners, as they're due to a change in the taper rates and not an increase in the overall pension payable amount.

Next up in the changes, the assets test cut-off points are getting an uplift as well. The lower level, where the pension starts to reduce, has increased from $419,000 per couple and $280,000 for singles to $451,500 and $301,750, respectively.

The upper level, where eligibility for pension cuts off, moves from $954,000 for a homeowner couple to $986,500, and for singles, the numbers shift from $634,750 to $656,500.

These new figures also affect the amount pensioners can earn before their pension starts to reduce under the income test. For couples, the income test cut-off point rises from $336 a fortnight to $360 a fortnight, while for singles, it increases from $190 a fortnight to $204 a fortnight.

Deeming rates (which are used to work out income from your financial assets) will remain at favourable levels. For singles: 0.25% on the first $60,400 and 2.25% on the balance, and for couples: 0.25% on the first $100,200 and 2.25% on the balance.

The government had previously promised these rates would be frozen until July 1, 2024, but thresholds have been adjusted slightly in line with inflation. This change will result in a small benefit to all income-tested pensioners.

View attachment 22149

For couples, the threshold at which their pension begins to decrease from the set amount will rise from $336 per fortnight to $360. Credit: Pixabay/pasja1000.

We know it can be a bit confusing when it comes to Centrelink and their tests, as they tend to use both the income test and the assets test. It's important to understand how they intersect: Centrelink will apply whichever test gives you the least pension.

However, some results can arise due to the disparity between the two tests. For example, if you're asset-tested, deeming is not relevant—it's only used for the income test.

In addition, the rule regarding the reduction of pension for a retired couple when their income exceeds $360 per fortnight does not apply to pensioners who are subject to an assets test.

Let us provide you with an example that might help. Imagine a couple named Jack and Jill. They own their own home and have a total of $600,000 in assets that can be assessed. Out of this amount, $550,000 consists of financial assets, which are subject to deeming. Since they fall under the assets test, their pension will increase from $530 per fortnight to $580 per fortnight for each individual after June 30.

As per the assets test, Jack and Jill can earn up to $36,000 annually without any negative impact on their pension. Under the proposed adjusted deeming rules, their $550,000 in financial assets would be considered as earning $10,000 per year. This means they have the flexibility to earn an additional $26,000 per year without affecting their pension.

If you click on this link, you'll have the option to download the new pension charts. Noel Whittaker, one of Australia's foremost financial commentators, also has a website where you can use the age pension calculator and the deeming calculator, both of which have been updated with the latest figures. Feel free to experiment with these tools and gain a better understanding of how the changes may affect you.

Key Takeaways

• Changes to the pension are coming in Australia from July 1, adjusting thresholds for inflation.
• Many part-pensioners will now move to a full pension, and some previously ineligible people will be eligible to start claiming a part pension.
• The new numbers also increase the amount pensioners can earn before their pension starts to reduce under the income test.
• As the rules change, it's advised to review your position and see if any small changes could potentially increase your cash flow.

Now, we know we've thrown a lot of numbers and changes your way, but the bottom line is that these adjustments should mean more money and flexibility for many SDC members. As the rules change, it's essential to review your situation and consider whether making small adjustments could increase your cash flow.

Remember, knowledge is power. Remain informed of these crucial pension changes, and ensure that you make the most out of the increased benefits. Don't forget to share this news with your friends and loved ones so everyone is aware of these important changes coming from July 1.

As usual. Those who have money get more.

 

[Lynjw]

Gather 'round, members of the Seniors Discount Club, we've got some news that might just make your day! Christmas has come early for many Australian seniors, as significant pension changes are set to take effect from July 1.

We understand that pension changes can be a bit of a headache to keep track of, but never fear! We're here to break down the essential information so you can fully understand and benefit from these upcoming changes.

First off, we want to clarify that the pension rates themselves are not changing. So, what exactly is changing, you ask?

The thresholds that determine how much pension is paid have been adjusted for inflation, which means that many part-pensioners will now move to a full pension.

Additionally, some people who were previously ineligible for a pension (due to being over the assets test cut-off point) will now be eligible to start claiming a part pension and reap the benefits of all the concessions that come with it.

View attachment 22148

Every couple who receives a part pension could get an extra $50 a week in their pension, while singles could be entitled to an additional $35. Credit: Pexels/Kaboompics.

Here's the exciting part for our part-pensioner members: every part-pensioner couple can now expect a $50-a-week increase, while singles will receive an extra $35 a week.

Keep in mind that these benefits are exclusive to part pensioners, as they're due to a change in the taper rates and not an increase in the overall pension payable amount.

Next up in the changes, the assets test cut-off points are getting an uplift as well. The lower level, where the pension starts to reduce, has increased from $419,000 per couple and $280,000 for singles to $451,500 and $301,750, respectively.

The upper level, where eligibility for pension cuts off, moves from $954,000 for a homeowner couple to $986,500, and for singles, the numbers shift from $634,750 to $656,500.

These new figures also affect the amount pensioners can earn before their pension starts to reduce under the income test. For couples, the income test cut-off point rises from $336 a fortnight to $360 a fortnight, while for singles, it increases from $190 a fortnight to $204 a fortnight.

Deeming rates (which are used to work out income from your financial assets) will remain at favourable levels. For singles: 0.25% on the first $60,400 and 2.25% on the balance, and for couples: 0.25% on the first $100,200 and 2.25% on the balance.

The government had previously promised these rates would be frozen until July 1, 2024, but thresholds have been adjusted slightly in line with inflation. This change will result in a small benefit to all income-tested pensioners.

View attachment 22149

For couples, the threshold at which their pension begins to decrease from the set amount will rise from $336 per fortnight to $360. Credit: Pixabay/pasja1000.

We know it can be a bit confusing when it comes to Centrelink and their tests, as they tend to use both the income test and the assets test. It's important to understand how they intersect: Centrelink will apply whichever test gives you the least pension.

However, some results can arise due to the disparity between the two tests. For example, if you're asset-tested, deeming is not relevant—it's only used for the income test.

In addition, the rule regarding the reduction of pension for a retired couple when their income exceeds $360 per fortnight does not apply to pensioners who are subject to an assets test.

Let us provide you with an example that might help. Imagine a couple named Jack and Jill. They own their own home and have a total of $600,000 in assets that can be assessed. Out of this amount, $550,000 consists of financial assets, which are subject to deeming. Since they fall under the assets test, their pension will increase from $530 per fortnight to $580 per fortnight for each individual after June 30.

As per the assets test, Jack and Jill can earn up to $36,000 annually without any negative impact on their pension. Under the proposed adjusted deeming rules, their $550,000 in financial assets would be considered as earning $10,000 per year. This means they have the flexibility to earn an additional $26,000 per year without affecting their pension.

If you click on this link, you'll have the option to download the new pension charts. Noel Whittaker, one of Australia's foremost financial commentators, also has a website where you can use the age pension calculator and the deeming calculator, both of which have been updated with the latest figures. Feel free to experiment with these tools and gain a better understanding of how the changes may affect you.

Key Takeaways

• Changes to the pension are coming in Australia from July 1, adjusting thresholds for inflation.
• Many part-pensioners will now move to a full pension, and some previously ineligible people will be eligible to start claiming a part pension.
• The new numbers also increase the amount pensioners can earn before their pension starts to reduce under the income test.
• As the rules change, it's advised to review your position and see if any small changes could potentially increase your cash flow.

Now, we know we've thrown a lot of numbers and changes your way, but the bottom line is that these adjustments should mean more money and flexibility for many SDC members. As the rules change, it's essential to review your situation and consider whether making small adjustments could increase your cash flow.

Remember, knowledge is power. Remain informed of these crucial pension changes, and ensure that you make the most out of the increased benefits. Don't forget to share this news with your friends and loved ones so everyone is aware of these important changes coming from July 1.

Doesn’t help those who have to wait an extra 6 months in order to ever get a pension.

 

[Johnlalor]

If the First Nation people can have a representative in Parliament why can’t the pensioners?

 

[Mina vriesekolk]

We are both in our 70’s ,self funded retirees , so no government handouts at all . We spend our money wisely , never buy anything you cannot afford . We are going out for lunch or morning tea occasional . We live on our super and give ourselves a decent income from that , also have some shares and see a financial advisor if anything needs to be changed .
If we would have lived a life with lots of outings with meals and drinks and expensive Getaways , we could have been on a pension. We did go on some overseas holidays , but in AU we usually went on long distance walking with backpack, tent and everything you need we carried with us . Very enjoyable and low cost. It is a choice of life you make.

 

[siameezer]

Gather 'round, members of the Seniors Discount Club, we've got some news that might just make your day! Christmas has come early for many Australian seniors, as significant pension changes are set to take effect from July 1.

We understand that pension changes can be a bit of a headache to keep track of, but never fear! We're here to break down the essential information so you can fully understand and benefit from these upcoming changes.

First off, we want to clarify that the pension rates themselves are not changing. So, what exactly is changing, you ask?

The thresholds that determine how much pension is paid have been adjusted for inflation, which means that many part-pensioners will now move to a full pension.

Additionally, some people who were previously ineligible for a pension (due to being over the assets test cut-off point) will now be eligible to start claiming a part pension and reap the benefits of all the concessions that come with it.

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Every couple who receives a part pension could get an extra $50 a week in their pension, while singles could be entitled to an additional $35. Credit: Pexels/Kaboompics.

Here's the exciting part for our part-pensioner members: every part-pensioner couple can now expect a $50-a-week increase, while singles will receive an extra $35 a week.

Keep in mind that these benefits are exclusive to part pensioners, as they're due to a change in the taper rates and not an increase in the overall pension payable amount.

Next up in the changes, the assets test cut-off points are getting an uplift as well. The lower level, where the pension starts to reduce, has increased from $419,000 per couple and $280,000 for singles to $451,500 and $301,750, respectively.

The upper level, where eligibility for pension cuts off, moves from $954,000 for a homeowner couple to $986,500, and for singles, the numbers shift from $634,750 to $656,500.

These new figures also affect the amount pensioners can earn before their pension starts to reduce under the income test. For couples, the income test cut-off point rises from $336 a fortnight to $360 a fortnight, while for singles, it increases from $190 a fortnight to $204 a fortnight.

Deeming rates (which are used to work out income from your financial assets) will remain at favourable levels. For singles: 0.25% on the first $60,400 and 2.25% on the balance, and for couples: 0.25% on the first $100,200 and 2.25% on the balance.

The government had previously promised these rates would be frozen until July 1, 2024, but thresholds have been adjusted slightly in line with inflation. This change will result in a small benefit to all income-tested pensioners.

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For couples, the threshold at which their pension begins to decrease from the set amount will rise from $336 per fortnight to $360. Credit: Pixabay/pasja1000.

We know it can be a bit confusing when it comes to Centrelink and their tests, as they tend to use both the income test and the assets test. It's important to understand how they intersect: Centrelink will apply whichever test gives you the least pension.

However, some results can arise due to the disparity between the two tests. For example, if you're asset-tested, deeming is not relevant—it's only used for the income test.

In addition, the rule regarding the reduction of pension for a retired couple when their income exceeds $360 per fortnight does not apply to pensioners who are subject to an assets test.

Let us provide you with an example that might help. Imagine a couple named Jack and Jill. They own their own home and have a total of $600,000 in assets that can be assessed. Out of this amount, $550,000 consists of financial assets, which are subject to deeming. Since they fall under the assets test, their pension will increase from $530 per fortnight to $580 per fortnight for each individual after June 30.

As per the assets test, Jack and Jill can earn up to $36,000 annually without any negative impact on their pension. Under the proposed adjusted deeming rules, their $550,000 in financial assets would be considered as earning $10,000 per year. This means they have the flexibility to earn an additional $26,000 per year without affecting their pension.

If you click on this link, you'll have the option to download the new pension charts. Noel Whittaker, one of Australia's foremost financial commentators, also has a website where you can use the age pension calculator and the deeming calculator, both of which have been updated with the latest figures. Feel free to experiment with these tools and gain a better understanding of how the changes may affect you.

Key Takeaways

• Changes to the pension are coming in Australia from July 1, adjusting thresholds for inflation.
• Many part-pensioners will now move to a full pension, and some previously ineligible people will be eligible to start claiming a part pension.
• The new numbers also increase the amount pensioners can earn before their pension starts to reduce under the income test.
• As the rules change, it's advised to review your position and see if any small changes could potentially increase your cash flow.

Now, we know we've thrown a lot of numbers and changes your way, but the bottom line is that these adjustments should mean more money and flexibility for many SDC members. As the rules change, it's essential to review your situation and consider whether making small adjustments could increase your cash flow.

Remember, knowledge is power. Remain informed of these crucial pension changes, and ensure that you make the most out of the increased benefits. Don't forget to share this news with your friends and loved ones so everyone is aware of these important changes coming from July 1.

Your figures are way off and will lead to expectations from pensioners that will not be met. If, for example, the single pensioner's income test is changing from $190 pfn to $204 pfn before the pension is reduced this will result in a $7 pfn increase NOT a $35 one! You lose 50c in the dollar for every dollar you are over the income limit and similarly, you gain 50c in the dollar for every dollar the point at which income affects your pension is increased. There has been a $14 increase in the threshold (from $190 to $204) so a gain of $7 is what they will receive.