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 Government BenefitsAge Pension - TaxPack Q6Deeming Rates and Thresholds      Thursday, 23 October 2014  

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Age Pension - Deeming Rates & Thresholds

   
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2014 Budget Proposal
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20 September 2017

The deeming thresholds will be reset to $30,000 for singles and $50,000 for couples from 20 September 2017 (for both pensioners and allowees).  Current thresholds are $46,600 for singles, $77,400 for couples and $38,700 for members or allowee couples.

 


   
Change to Deeming Rules from 1 January 2015
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The normal deeming rules will be extended to super account based income streams for new account based income streams assessed under the pension income test rules after 1 January 2015.  All superannuation pensions held before 1 January 2015 will be grandfathered indefinitely and will continue to be assessed under the existing rules for the life of the product – but only for superannuation pensioners in receipt of a Centrelink income support payment immediately prior to 1 January 2015 - no current pensioner will be affected unless they choose to change products. Opportunities exist by taking action between now and 1 January 2015 to secure higher age pension benefits in the future. Refer to the links below for a detailed discussion.


   
From 4 November 2013 - 30 June 2014
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Family Situation

Assets Threshold

Rate of Deemed Income

Single

$0 - $46,600

2.0%

Above $46,600

3.5%

Allowee Couple - per person (1)

$0 - $38,700

2.0%

Above $38,700

3.5%

Pensioner Couple - combined (2)

$0 - $77,400

2.0%

Above $77,400

3.5%

(1) Neither is receiving a pension.

(2) At least one person is receiving the pension.

The deeming rates apply to both Centrelink and DVA age pensions.


   
From 1 July 2013 to 3 November 2013
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Family Situation

Assets Threshold

Rate of Deemed Income

Single

$0 - $46,600

2.5%

Above $46,600

4%

Allowee Couple - per person (1)

$0 - $38,700

2.5%

Above $38,700

4%

Pensioner Couple - combined (2)

$0 - $77,400

2.5%

Above $77,400

4%

(1) Neither is receiving a pension.

(2) At least one person is receiving the pension.

The deeming rates apply to both Centrelink and DVA age pensions.


   
From 20 March 2013 to 30 June 2013
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Editor - Chris Browne
B.Comm, Dip FP
Chartered Accountant
SMSF and Financial
Planning Specialist


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This page was last edited on 28 July 2014

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