Centrelink Advice
Centrelink provides many forms of assistance. With changes to rules and thresholds you may now be entitled to some form of payment or concession card. We encourage you to contact us to help determine or review existing payments to ensure you are maximising your entitlements. We can also help you with all the application or review paperwork!
Age Pension
Eligibility firstly depends on age. For males, eligibility is at 65 years old if born before 30.06.1952, for Females age 65 if born after 01.01.1949. Secondly, an Asset and Income test applies. Centrelink will look at both your Assets and Income and determine your entitlement. The test that results in the lower rate will apply.
The Centrelink definition of assessable assets does not include your home, a prepaid funeral or superannuation accounts if you are under Age Pension age. Generally all other assets are assessable. Income assessed by Centrelink includes taxable income, Income streams, employment income and deemed income on financial investments.
On top of receiving a fortnightly payment you will also be entitled the pensioner concession card. This will help reduce some of your medical, energy and electricity costs. Not to mention a cheap coffee around town!
Work Bonus
For Age Pensioners who continue to work a ‘Work Bonus’ now applies to your fortnightly income. Half of the first $500 will be exempt for the income test eg; a maximum of $250 can be disregarded per fortnight. The Work Bonus has replaced the Pension Bonus scheme. However if you had previously applied for the Pension Bonus scheme this will remain.
Commonwealth Seniors Health Card
If you are of Age Pension age but your Assets and Income are above the thresholds you may still be entitled to the Commonwealth Seniors Health Card. Providing you have taxable income of less than $50,000 (singles) or $80,000 (couples combined) you would be entitled to the concession card. This will provide you with discount on medicine providing it is on the Pharmaceutical Benefits Scheme. As well as the Seniors Supplement paid quarterly to help with living costs.
An important point to remember is most Superannuation income over age 60 is now tax free therefore not counting towards you income limits.
Concerned about “gifting” rules?