There’s good news for pensioners this month with the biggest increase in pension payments for many years starting on September 20, with the rate for singles increasing to $1026.50 a fortnight and to $1547.60 per couple
If one partner is eligible, and the other is under pensionable age, the eligible partner receives half the couple’s pension. For example, a 67-year-old with a 59-year-old partner could qualify for 50 per cent of the couple’s pension. The income test includes items such as employment income, overseas pensions and rents received – financial assets are given a deemed income. They are deemed to be earning .25 per cent for the first $93,600 , and 2.25 per cent on the balance. For example, if a couple had $493,600 of financial assets their deemed income would be $9,234 a year being .25% for the first $93,600 and 2.25% on $400,000 .Under the work bonus, an individual can earn up to $300 per fortnight from employment income.
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