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.

 

[siameezer]

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

Lies. I am an ex-Centrelink employee and they do NOT have access to your bank balances at all. They rely on you to keep them updated with any significant changes to your balances. The ATO is informed by the banks of how much interest you earn and that is passed on to Centrelink but they have no access to your accounts to obtain balances.

 

[Petra]

So, as I understand it, wealthy seniors will now get money from the Govt as well. I know very wealthy seniors who go 4 x a year on very expensive cruises !

 

[Mitsubishi 380]

This is so unbalanced. As a single pensioner I pay the same amount of rates, insurances, etc etc as a couple yet each person within a couple relationship earns $50-$80 more than a single pensioner! We need a significant rise in the age pension. We worked for this all our Lives!!!

Tot

 

[Mitsubishi 380]

Totally agree. It is difficult to live on a single pension & maintain one’s own home. Costs are still the same.

 

[Jenelle Maree]

I'm not happy. I'm on a full pension, DSP, Where is the increase for me & for everyelse in the same situation.Medicare Bulk Billing is Dying in Canberra. To visit a GP, $100 cost for 15minutes. Your get $39 back.$61 out of my pension. I'm going to see my GP next week, She was the only GP looking after the low pensions. She bulk billed through Medicare. I know my GP is resigning from that Medical Centre. I'm hoping to find out where she is going. Shoudn't there be a system where you get a set number of bulk Billing. If you then have to pay , concession prices. So Government now you see why I need an increase, only way to aford the GP. why can't we get an increase in our pension, inflation is a four letter dirty word. Now medical costs, shame shame. People who make these decisions in Goverment should try living on what I get.
.

 

[Cool Bat]

Won't help myself and probably others living in private rentals... Will be likely my rent will be increasing $50= p/w as of Oct (to coincide with median rental prices in my area and help the landlord out with their rising mortgages). So the increase will probably make me homeless as with many others that are scraping by these days.

 

[Scribbles]

Yes single pensioners pay the same bills as married pensioners. But married pensioners pay for medications for 2 people, or which some are more than the $7:30 per script. More water as two people are showering, going to the toilet etc. More for food, perhaps more for petrol as they won't need to go to a Doctor at the same time. Two for a hair cut and not one, and there are lots of other expenses because there are two that if we sat down and thought about it we can see why the pension is higher for two people. Is it fair where the bills are concerned because it's the bills that eat up so much of a pension? Not it's not fair cos the bills are the killer. But the other extras I assume are taken into consideration and that's why the pension is higher for a married couple. Hubby and I are thankful that there is an aged pension, and there are concessions for certain bills and medication. There are countries where there is no pension. Could it be better? Yes for sure. Could more be done? Yes for sure.

 

[Mickie Stoner]

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.

What about the Disability Support Pension for a single person?

 

[darylfoxcroft]

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.

So basically those who already have lots of assets will get more and those who don't will get nothing. Another example of looking after the well off over those who aren't.

 

[Trudi]

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

Nothing stopping you from running for election in the same manner as any other parliamentarian, including Aboriginals.

 

[Cheezil]

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.

So I'm not on a pension (yet) & this means as a single i could have up to $4

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!

So what you mean is it's barely worth working or may not be worth working if you take into account all the concessions on a pension, unless you wanna work 45 or 50hrs wk (incmwhich case lose more in tax)?

 

[Milica]

I'm not happy. I'm on a full pension, DSP, Where is the increase for me & for everyelse in the same situation.Medicare Bulk Billing is Dying in Canberra. To visit a GP, $100 cost for 15minutes. Your get $39 back.$61 out of my pension. I'm going to see my GP next week, She was the only GP looking after the low pensions. She bulk billed through Medicare. I know my GP is resigning from that Medical Centre. I'm hoping to find out where she is going. Shoudn't there be a system where you get a set number of bulk Billing. If you then have to pay , concession prices. So Government now you see why I need an increase, only way to aford the GP. why can't we get an increase in our pension, inflation is a four letter dirty word. Now medical costs, shame shame. People who make these decisions in Goverment should try living on what I get.
.

In this our land and country of "the lucky country" all Australians on a C/L payment should be able to access going to the Dr's with Medicare Bulk Billing the visit - the "people" in Canberra would not have to even think about visiting a GP - they can afford the visit - i get Robin Hoods method of taking from the rich to give to the poor!_! even back then he was trying to create a Balance, not quite in the right way, but back then things where very different! How far have we come, if pensioners have to pay to see there GP - Have some empathy & grassroots understanding Canberra - better still - be made to live on the pension for a Month & have to visit a GP twice in that month, & buy medicines and pay for the GP visit and see how you go! Wake - up to the fact that Health is the most important assest we could ever have, so access to affordable health care is a MUST, no Pensioner or C/Link recipient CAN afford to pay a GP Visit - Give the people some quality of Life!!

 

[Abentham]

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 nothing for anyone relying on the pension to survive.

 

[Mr Chips]

I am a single, aged pensioner with no assets so I get nine-tenths of nothing but I face a significant increase in December which means I will have to leave my beloved granny flat so me and my dog will be on the street as there are no homes available even though I am listed as a high-risk pensioner. That also means I will lose my rental subsidy and other benefits. As a result, I will have to live on a lower amount unless they figure out I have no fixed address which means I get absolutely zero. Dont know what to do and am stressing in a major way so probably there is no issue for them other than my dog who will end up in a pound.

 

[Gaena]

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!

So OK I know that I will get some flack for this but, my husband although still working full time at 70 years of age, is eligible for and recieves the UK pension. he worked for that pension, however it is included in his taxable income at the end of each financial year, last year with the added medicare levy he owed the ATO money. He will proably owe more this year. Why is our taxation system so backwards that it penalises every one who works hard by eating away at the money that they earn through their hard work but fails to charge big corporations a fair amount for the profits that they earn in Australia. End of Rant.

 

[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.

And the well off get more. What ever happens to those who have nothing except the pension?

 

[mitchellowe]

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.

well thats not good news for pensioners who cannot work
THE ELDERLY AND DISABLED were shaftef by thousands of dollars and as OUR PRIME MINISTER MR MORRISON STATED WHEN THE STIMULOUS PACKAGES WERE HANDED OUT ,WE DO NOT HAVE TO WORRY ABOUT THE PENSIONERS AND THE DISABLED AS THEY WILL GET BY
ON top of the 6 monthly pension increases how many times have people on the dole got extra increases for doing nothing and why should they .THEY ARE GETTING REWARDED ANY way.I THINK AN EXTRA 3/to 4 PAYMENT INCREASES SINCE COVERT STARTED .MANY DO NOT LOOK FOR WORK ANYWAY Singlr parents are in the same boat WHY.
ALL SINGLE PARENTS SHOULD NOT HAVE CHILDFREN IF THEY CANNOT AFFORD THEM AND LETS FACE IT MOST CHILDERN TODAY AND FOR YEARS HAVE BEEN CREATED WITH NO FORETHOUGHT THAT IF YOUHAVE A CHILD, THEN IF YOU CANNOT SUPPORT THEM ,THEN TAXPAYERS CAN AND THEY ALSO RECEIVE EXTRA BENEFITS .
WHEN IS THE LAST TIME PENSIONERS RECEIVED ANY TYPE OF CATCH UP PAYMENT
NOT ALL PENSIONERS ARE WELL OFF AND FINDING IT HARD TO LIVE .AND GENERALY DO NOT HAVE 2 OR THREE OR MORE PEOPLE LIVING TOGETRHER LIKE MANY SINGLE PEOPLE ? AND THE UNEMPLOYED ITS ABOUT TIME THE GOVT GIVES SOME THOUGHT TO THOSE FORGOTTEN PEOPLE WHO BUILT THIS COUNTRY .Paid there dues and now still getting shafted.
THE
ELDERLY AND DISABLED DO NOT LIVE SHARING COSTS AMD NOT ALL DISABLED AND AGED PEOPLE OWN THEIR HOMES I SIT IN A COLD HOUSEIN WITER AND A HOT HOUSE IN SUMMER AND YET SEE NO HELP IN UNCREASING COST OF LIVING
THE WAY PENSION INCREASES ON INFLATION IS A JOKE AND EVERYONE KNOWS INFATION IS AND WILL ALWAYS BE HIGHER THAN INCREASES IN PENSIONS

 

[M@ddie2549]

The rich will get richer and the poor will get poorer. I have a $180.00 fees increase coming up in July and no Pension increase to support it … definitely not good especially in light of the huge cost of living increase. Every Pensioner should be getting a substantial increase. Come on Government show yourselves strong and give us $100.00 per week increase.

I don't think they want to know about us, full stop!

 

[biribo]

Well, whoop-de-doo! Increase limits so that people who already have more than full pensioners get an increase! This government has absolutely no f......g idea! Food and power costs are going through the roof along with rents to keep that roof over our heads so the cost of living is climbing rapidly while our lifestyle is deteriorating. The Pension increases in March and September are less than useless because they don't even scratch the surface of rising costs. And this government must be spending a fortune on the useless referendum coming up.

and once the Rental Allowance kicks in, for full Age Pensioners, that will be the time the Landlords up the rent.
They should change the name of it to something less erroneous.

 

[biribo]

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

Why do they send all the FAILED POM COMEDIANS to Australia.
.
.
.
.
.
.
We'll have a laugh at anything ...