I trying to understand the asset test for a part pension.
If you could spare 10 mins, please assist me as my brain is getting scrambled :-) ------------------- From:- http://www.humanservices.gov.au/customer/services/centrelink/age-pension
For pensions, assets over these amounts reduce pension by $1.50 per fortnight for every $1000 above the amount (single and couple combined). Refer to Chart B.
Chart A - assets test limits for allowances and full pensions Family situation For Homeowners Couple (combined) $273 000
Chart B - assets test limits for part pensions For part pension assets must be less than Family situation For Homeowners
Couple (combined) $1 050 000
------------------------------------------------------------ So if I have 1,000,000 in assets then 1,000,000 – 273,000 is assessed = 727,000.
This reduces my pension by 1.50 per fortnight per 1000. = 727 * 1.5 = 1090.50
Thus the reduction = 1090.50 per fortnight.
The age pension for a couple is 1073.40 per fortnight.
So the web site says if I’m under 1,050,000 I am entitled to a part pension, and the Maths says I’m not.
