How much income do you earn?
You may earn up to a certain level of income before your Age Pension payments start decreasing. The Income test includes all sources of income including employment income and investment income. Deeming rules are used to work out income from your financial assets. The income is added to your other income before the income test is applied.
| Family situation | To receive the maximum Age Pension, your income must be below: | You won’t receive the Age Pension if your income exceeds: |
|---|---|---|
| Single | $190 a fortnight | $2,318.00 a fortnight |
| Couple | $336 a fortnight | $3,554.00 a fortnight |
* Different limits apply for couples separated due to illness.
-
Social security deeming rates reduced (COVID-19 legislation)
As of 1 May 2020, the Government has reduced the upper social security deeming rate to 2.25 per cent and the lower deeming rate to 0.25 per cent.
The reductions are part of the Government’s economic response to COVID-19, and reflect the low interest rate environment and its impact on the income from savings. This may benefit members who receive the Government Age Pension.
For details visit the Treasury website.
-
What is the Work Bonus?
The Work Bonus lets you keep working and earn up to $300 a fortnight of employment income, without your Age Pension payments being reduced. This is on top of the $174 you may earn each fortnight if you are single or $308 if you are a couple, before the income test reduces your payments. Your Age Pension cut-off point will be higher if you get the Work Bonus.