Who is eligible
- Be 67 or older. This has applied to everyone born on or after 1 January 1957 since 1 July 2023.
- Meet the residency rules. Usually 10 years of Australian residence, with at least 5 in a row.
- Pass the income test. Income from work and investments, plus deemed income on financial assets.
- Pass the assets test. What you own, excluding your home.
You are paid under whichever test gives the lower pension.
How your Super affects it
Before Age Pension age, Super in accumulation phase is not counted. From 67, it counts under both tests, whether or not you have retired. Super held by a younger partner below Age Pension age is not counted, which can make a real difference for couples with an age gap.
A small part pension still gives you a Pensioner Concession Card, which can reduce costs for medicines, energy bills, council rates and car registration. If you don't qualify, the Commonwealth Seniors Health Card has an income limit of $105,048 a year for singles and $168,076 for couples.
Where people get caught out
- Gifting money to the children. Only $10,000 a year, or $30,000 over five years, can be given away without still counting as your asset for five years.
- Not using the age gap between partners.
- Not applying early. You can lodge your claim up to 13 weeks before reaching Age Pension age.
Find out what you could receive →
Fill in this short form and I'll give you a call.