Pension asset test changes imminent

ID 10044407 150x150 Pension asset test changes imminent

Currently, pensions are reduced by $1.50/fortnight for every $1,000 of assessable assets above the assets-test free amount for a full pension.

From 1 January 2017 this ‘taper rate’ increases to $3.00 per $1,000 of excess assets. Pension payments will phase out more quickly and the limit on assets up to which some pension is payable reduces.

However, the assets threshold for a full pension increases from $209,000 to $250,000 for a single home-owner, and from $296,500 to $375,000 for a couple, so some part-pensioners will receive an increase in their payments.

Contact us on (07) 3040 4840 to determine how this might affect you.


Disclaimer:

The advice on this site may not be suitable to you because it contains general information that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.  Please also refer to our general advice warning under contact us tab on our website.  The article is based on information available at the time of writing only and therefore care should be taken as to the accuracy of the content.

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