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AUSTRALIAN RED CROSS

 Government BenefitsAge Pension - TaxPack Q6Deeming Rates      Thursday, 17 April 2014  

 
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Age Pension - Deeming Rates & Thresholds

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Change to Deeming Rules
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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 – no current pensioner will be affected unless they choose to change products.


   
From 4 November 2013 - current
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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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Historical Rates & Thresholds
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Editor - Chris Browne
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Chartered Accountant
SMSF and Financial
Planning Specialist


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This page was last edited on 7 April 2014

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