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  Government BenefitsAge Pension - TaxPack Q6Deeming Rates and Thresholds      Wednesday, 2 September 2015  

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Age Pension - Deeming Rates & Thresholds

   
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2014 Budget Proposal - withdrawn
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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 2012 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 or otherwise become ineligible for the pension – even for just one fortnight.

 

Pensioners who have account based pensions that are “grandfathered” under the income test should be careful if reorganising their investments or taking on casual work.  If a no DHS payment is made for a whole pay period, the person loses their “grandfathered” income test on their account based income stream.  Some people seem to be under the misconception they lose grandfathered status only if no payment has been made for 6 consecutive fortnights.

Refer to the links below for a detailed discussion.
 


   
From 20 March 2015 to 30 June 2015
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Family Situation

Assets Threshold

Rate of Deemed Income

Single

$0 - $48,000

1.75%

Above $48,000

3.25%

Allowee Couple - per person (1)

$0 - $39,800

1.75%

Above $39,800

3.25%

Pensioner Couple - combined (2)

$0 - $79,600

1.75%

Above $79,600

3.25%


(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 2014 to 19 March 2015
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Family Situation

Assets Threshold

Rate of Deemed Income

Single

$0 - $48,000

2.0%

Above $48,000

3.5%

Allowee Couple – per person (1)

$0 - $39,800

2.0%

Above $39,800

3.5%

Pensioner Couple – combined (2)

$0 - $79,600

2.0%

Above $79,600

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 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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This page was last edited on 7 July 2015

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