The Australia Age Pension Payment 2024 will help a lot of older Australians by giving them more money and bettering their quality of life. A lot of seniors will get bigger pensions even though base rates aren’t going up because the income and asset test limits have been changed.
Australia Age Pension Payment 2024: Changes In Income Test
When it comes to the income test, the following changes will be made:
- Pensioners who are single: Every two weeks, the income-free zone will go up from $204 to $212. This means that they can make a certain amount of money without losing their benefits. After this point, the salary amount goes down by 50 cents for every dollar over the cap.
- Pensioners in a couple: The total income-free area for couples will go up from $360 to $372 every two weeks. If your income goes over this limit, it is cut by fifty cents for every dollar over the limit, just like for single seniors.
The highest levels of income that people must hit before they can stop getting pensions are also going up:
- Pensioners who are single: From $2,436.60, the cap will go up every two weeks to $2,444.60.
- Pensioners who are couples: The joint cap will go up from $3,725.60 per two weeks to $3,737.60.
Australia Age Pension Payment 2024: Asset Test Threshold
There will also be changes made to the asset test levels that will allow seniors to have more assets without having their benefits cut:
Homeowners
- Pensioners who are single: $301,750 to $314,000 will be the new asset threshold for obtaining the full pension.
- Pensioners who are couples: The total amount of assets required to qualify for the full pension will increase from $451,500 to $470,000.
Non- Homeowner
- Pensioners who are single: The maximum amount of assets required to receive the full pension will rise to $566,000.
- Couple Pensioners: From $693,500 to $722,000, the combined asset limit will be required to get the full pension.
Australia Age Pension Payment 2024: Deeming Rates
The government uses deeming rates to figure out how much money it can get from financial assets. These rates will stay the same until June 30, 2025. But higher asset values can be deemed at a lower rate because the factors for deeming will be indexed:
- Pensioners who are single: Starting at $60,400, the first $62,600 in financial assets will be considered to earn 0.25%.
- Couple Pensioners: Up from $100,200, the first $103,800 in combined financial assets will be considered to receive 0.25%. Amounts over these caps will still be considered as earning 2.25%.
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