Pension Asset Test to hit Australian’s in the pocket
The official cut off thresholds have now been determined.
In order to retain a part age pension and keep the concessions that go with it (i.e pensioner concession card) you will need to be under the following limits as at 01 January 2017.
|Client Situation||Cut-off thresholds at 1 January 2017||Client Situation||Cut-off thresholds at 1 January 2017|
|Couple, homeowner||$816,000||Single, homeowner||$542,500|
|Couple, non-homeowners||$1,016,000||Single, non-homeowner||$742,500|
With the cut out thresholds reducing, the taper rate change will also mean some people on a part pension will see a reduction in their entitlement.
We have identified those people with assets in the following ranges will see a REDUCTION or FULL LOSS of Age Pension income:
- couple homeowners with assets between $450,000-$1,200,000
- single homeowners with assets between $250,000-$800,000.
If you have any questions, please do not hesitate to contact our office on 07 4151 8898.
Financial Planning | The Money Edge