In this edition:
Age Pension reforms
Qualifying Pension age increase
The Age Pension qualifying age will continue to increase by six months every two years, such that it will reach a qualifying age of 70 by 1 July 2035. The following table sets out the Age Pension eligibility age by date of birth:
Date of birth between | Age at which eligible for age pension |
---|---|
1 July 1952 and 31 December 1953 | 65½ |
1 January 1954 and 30 June 1955 | 66 |
1 July 1955 and 31 December 1956 | 66½ |
1 January 1957 and 30 June 1958 | 67 |
1 July 1958 and 3 December 1959 | 67½ |
1 January 1960 and 30 June 1961 | 68 |
1 July 1961 and 31 December 1962 | 68½ |
1 January 1963 and 30 June 1965 | 69½ |
1 July 1964 and 31 December 1965 | 70 |
This measure will not affect those born before 1 July 1958.
Income Test
The government will change how it deems the return from a person's financial assets for the purposes of the pension income test. The deeming thresholds will be reset from $46,600 to $30,000 for single pensioners and from $77,400 to $50,000 for pensioner couples from 1 September 2017.
Indexation Changes
From 1 September 2017, pension increases will be linked only to the Consumer Price Index (CPI).
Commonwealth Seniors Health Card Changes
From 20 September 2014 the income thresholds for the Commonwealth Seniors Health Card will be indexed annually to the CPI. Payments of the Senior Supplement will also cease after the June 2014 payment.
Suite 401 29-31 Solent Circuit
Norwest Business Park
Baulkham Hills, NSW 2153 Australia
View location map
P:
(02) 9899 3044
F: (02) 9899 1524
Our Team Members are the heart and soul of our business. Our team's guiding principles are integrity, respect, teamwork, achievement and innovation. Our guiding principles are the keys to our culture and to achieving our vision.
We offer a range of free and easy to use
online resources and tools including...