Age Pension Assets Test - Calculator and information on assets test.

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Assets Test Calculator
(Updated rates on 18 April 2024)

The Assets page provides a calculator to help determine the age pension based on assets. The age pension is the lower amount determined by the assets or income test. Note: The family home is excluded from the assets test.

Status:	Single Couple
Home owner:	Yes No
Savings / Term Deposits:
Managed Investments / Loans / Debentures:
Shares / Securities:
Other assets:
Gifts Given:
Superannuation:
Total Assets	$0
Age Pension Amount	$0.00
Age Pension Amount per year	$0.00
Age Pension Amount / person	$0.00
Age Pension Amount / year / person	$0.00

Background
I've found it increadily difficult to determine how the age pension is calculated so I've included the information I've found for my needs in case it helps others.

Assets Calculator instructions

Fill in the above form and click Submit to determine the age pension amount based on assets. Keep in mind the age pension is the lower result of the assets test or income test. Complete both tests to determine the lower amount.

Status
Select either single or couple.

Pension
For couples select Yes if either or both are on a pension. For singles this selection doesn't impact the result.

Financial investment fields
For the financial investment fields enter the amount. For couples with one or both on a pension, enter the total amount for both people. For singles enter the amount for each financial investment field.

Other Assets
Enter the current value of all assets not already covered, such as cars, caravan, boat and everything in your home.

NOTE: Do not include the family home. The family home is exempt from the assets test.

Gifts
There are rules about gifting which is basically you can gift up to $10,000 a year, over five years, totalling $30,000. Above that amount and any money or asset gifted is still considered your asset and may reduce your pension.

Superannuation
Only include superannuation as an asset if the person has reached retirement age and can access their superannuation.

Age Pension Amount
The result returned is the age pension amount based on the information provided on the Human Services site from the 18th April 2024. Note the age pension amount you receive is the lower of the age pension amount from the assets test or the income test.

NOTES
As at the 18th of April the following rates used have been obtained from the Services Australia site.

Normal Rates

Per fortnight	Single	Couple combined
Maximum basic rate	$1,047	$1,579
Maximum Pension Supplement	$83	$125
Energy Supplement	$14	$21
Total	$1,144	$1,725

Limits for full pension

Your situation	Homeowner	Non-homeowner
Single	$301,750	$543,750
A couple, combined	$451,500	$693,500

Cut-off limits for part pension

Your situation	Homeowner	Non-homeowner
Single	$674,000	$916,000
A couple, combined	$1,012,500	$1,254,500

For each $1,000 in assets above the full pension limit, the total pension is reduced by $3. For a single pension the pension is reduced by $3 per $1,000. For a couple with a combined pension, the total combined pension is reduced by $3 per $1,000, which is $1.50 per $1,000 for each pension. If only one person in the couple is pension age, since they're the only one getting the pension, only their pension is reduced by $1.50 per $1,000, since the other person is not getting the pension.

This calculator only covers the basic situation. For example it does not cover couples separate by illness rental assistance. Hopefully I've included enough detail so you can calculate the pension for your situation.

Superannuation as an asset

If your or your partner have not reached retirement age, superannuation for the person who has not reached retirement age is not considered an asset. Once a person reaches retirement age their pension becomes an asset.

More calculators and web apps can be found at www.JustLocal.com.au.

Disclaimer

The Pension Age Calculator comes with no warranty expressed or implied. The Pension Age Calculator is only for informational purposes and is not guaranteed to be error free. The information on this page is not intended to be advice.