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September’s Age Pension Adjustment Comes Into Play— by Noel Whittaker

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By April Bradford
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Noel Whittaker is the author of Wills, Death & Taxes Made Simple and numerous other books on personal finance. Email: [email protected]​

The quarterly age pension adjustments came into play on 20 September, and thanks to inflation, all pensioners got an income boost. The pension rates are somewhat confusing because there are four changes a year: in July and January each year, they adjust the thresholds, and in September and March, they adjust the amount of pension paid. These changes can sometimes produce anomalous outcomes, and savvy pensioners should keep an eye on the changes, to see if they can tweak their situation to achieve better financial outcomes.



Go to my website, www.noelwhittaker.com.au, to download the new pension charts and play with the age pension calculator and the deeming calculator, both of which have been updated with the new numbers.


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Image Credit: Shutterstock




The previous pension changes took effect from 1 July. Because they raised the thresholds but not the amount of the pension itself, only part-pensioners got an increase in their pension. This meant the most in-need pensioners – those under the asset and income thresholds – got no pension increase at all, despite record inflation. In fact, they went backwards. But part-pensioners who were just over the bottom threshold ended up with a full pension because of the threshold increase.

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the pension system could not be more complicated if they tried, I ran 2 companies and im not stupid ,but ill be dammed if I can handle the complication and hair splitting angles of the rules, Even the expensive experts cant agree with each other my expert s cost the entire dividends. to account to the govt, I get full refund and give it to the accountant...nil for me, im just paying to do paperwork for the govt and get nothing for my investing
 
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