This calculator has been designed by yourpension.com.au to assist Age Pensioners in
determining their entitlement. It should only be used as a guide,
as there can be many complex issues. For the more complex claims please feel free to contact us direct.
The calculator has a design and layout that has been been optimised for mobile and touch devices. So save this page to your devices home screen for rapid access.
Enter your income and assets to estimate your age pension entitlement
yourpension.com.au is a service that assists you through the page pension claim process. Think of it as a concierge service.
Age Pension Calculator
Version 16.09 @ www.yourpension.com.au
Ver: 16.09 September 2016Providing powerful mobile friendly solutions to assist Age Pensioners
For further information regarding current Centrelink rates and thresholdsEligibility Income test Assets test
Internet Explorer continues to fall behind industry standards and demonstates incompatibility with the latest web tools. We recommend more modern browsers such as Chrome, Safari, Firefox etc.Disclaimer The calculator is a basic guide to estimate Centrelink age pension entitlement. Centrelink determines your actual payments. The results from using this calculator are only indicative and are not a guarantee of payments. The estimate will be based on the information you provide. If any information is incorrect, the calculator will also be incorrect. For a wide range of reasons the estimate generated by the calculator may not be accurate in particular cases, for example, the calculator does not take into account if you are repaying any money to Centrelink, or have had your payment reduced etc. You should never rely on an estimate as a basis to enter obligations or incur expenses. If you use or apply an estimate you are solely responsible for that use or application. Symbotic disclaims, to the extent permitted by law any representations and warranties, express or implied, of any kind in respect of the calculator, and; shall not be liable for any loss or damage whatsoever (including loss or damage caused by human, technical or processing error or malfunction, or negligence of any kind or loss or damage that is incidental or consequential) arising out of or in connection with any use of, or reliance on the calculator.
September 2016 Update
Use the +/- buttons to expand and collapse content. Use the Font +/- button above to adjust font size.
Jul 2016 - we are trialling a new layout to allow printing and retaing the 'collapsed/uncollapsed' form. Your comments are always welcome.
Using the calculator
If you have got this far you will have already read our statements on the limitations of calculators of this type. However we will continue to improve the calculator based on your comments and suggestions.
The format has specifically been designed to suit mobile devices - hence the 'collapsible" buttons (+/-) etc.
We have provided a separate button for determining the age qualification. The gradual increase in the age qualification and from 1/7/2017 both men and women will need to be 67 means that the qualifications are best represented in a table form. So please click the Age Qualification button to check your situation.
Assumptions and Basic Use:
1. For couples please include all your partners details with yours as they will both be assessed under the assets and income tests. There are some exceptions such as if your partner is under the age pension age, then their super will be exempt. Also if your partner is under the age pension age then they will generally not be entitled to the work bonus scheme entitlements.
2. Please be careful in entering your super and pension details. If your super is in 'pension' mode then the income and assets test will be different to those funds that are not. Your super fund will be able to provide you with a report detailing how much of the income from your supers pension will be deductible. Not all income is assessable under Centrelinks income test and this area can get very complex.
Your eligibility for Age Pension depends on when you were born.
Women born before 1 January 1949 reach qualifying age at 64 and a half, and women born between 1 January 1949 and 30 June 1952 at age 65.
Qualifying age for men born before 1 July 1952 is age 65.
From 1 July 2017, the qualifying age for Age Pension will increase from 65 years to 65 and a half years. The qualifying age will then rise by six months every two years, reaching 67 by 1 July 2023. See table below.
|Date of birth||Qualifying age at|
|1 July 1952 to 31 December 1953||65 years and 6 months|
|1 January 1954 to 30 June 1955||66 years|
|1 July 1955 to 31 December 1956||66 years and 6 months|
|From 1 January 1957||67 years|
Income and Asset Values for Couples
If you selected "Couple" please ensure you enter the combined value for you and your partner for each item. i.e If you have several bank accounts, add the value of each and insert the total. This is required where both partners are qualified for the age pension. However if, for example, one partner is under the age pension age then they may not be entitled to the work bonus scheme but their super asset value may be exempt. Refer to the notes on each section if this is the case.
Couples versus Singles:
If you are in a relationship - including single sex relationships - select Couple.
In recent years this has become a more complex situation for example:
You may be considered a couple even if you don’t live together.
Equally you can be treated as a single if you live with someone.
In all cases it may be a same sex relationship. However there are some situations where a same sex relationship can be considered as single!
If a couple is ‘separated due to illness’, not only can one partner be treated as a single, but the income test level threshold increases.
If you own - or are paying off your home - your home is normally exempt from the assets tests. In some cases Centrelink may determine that a proportion of your home/land is 'of commercial value'. For example if it is a large property and a proportion is for commercial use. If you believe this may be the case for your home, please seek advice before claiming for the age pension.
If you do not own a home, your asset test thresholds are higher, and you may be entitled to rent assistance, or other accommodation assistance. The rest assistance that you may be entitled to is not covered in this calculator For more information on granny flats, selling your home etc. see the FAQ's section
Fire sale value only - usually between $5-10k. Include collections - art, books etc.
These are assets that Centrelink believe you do not receive an annual increase in value. For example, cars usually fall in value.
CARS: - You can use the 'red book' value or use one of the internet sites to show Centrelink similar values.
This can be found in the Red Book at www.redbookasiapacific.com.au
BOATS/BIKES etc:- market value - as per cars.
HOME CONTENTS:- this should be the fire sale value of the home contents, and usually falls less than $10,000 and more typically around $5,000.
COLLECTIONS: - the value you would get should you choose to sell 'today'. Include value of these in your home contents.Assets such as the following are treated as Deemed Assets so please provide details in the next section.
PROPERTY:- this should be the market value of the property less any mortgage. If you do not have a market value use your rates notice value. If you received any income from this property, complete the income section with the annual amount, less costs - e.g. mortgage, management fees etc.
ALLOCATED PENSIONS: - The asset value of these Income Streams is counted in the Asset Test,
therefore only include the asset value of the pension.
Also include in this amount any
'ORDINARY ANNUITY' - The asset value of these Income Streams is counted in the Asset Test
'COMPLYING ANNUITY' - Only include the value counted (50% or 0), not the full value.
'TAP PENSION' - Only include the value counted, not the full value.
'BONDS in F/T' - The asset value of the Bond.
Cars & Caravans:
Red book value for all cars, trucks etc.
Motorbikes and boats:
Super Pensions - pre Jan 2015:
Super Pensions / Allocated Income Streams etc. started before 1/1/2015 will continue to be treated as a non-deemed asset. This 'grandfathering' does not apply to those applying beyond 1/1/2015. The income drawn - less the deductable amount - must be entered via the Income section. Post 2015 super pensions are assessed as a deemed asset. Therefore, for these post 2015 pension accounts the balance is entered via the Invesments - deemed by Centrelink section. An overview publication covering the 2015 change was published by the Dept. and access provided by the link.
This is automatically calculated from values entered above.
Info The total current balance of all funds held in bank accounts - such as cheque or savings accounts, term deposits or cash management accounts, including those held in a Credit Union or Building Society; exclude credit cards.
These are assets that Centrelink believe you receive benefit - increase in value.
Rather than looking at each asset and determining the actual rate of return for all assets classes, ' Centrelink will only apply an published 'average'.
That is, you may be achieving a higher rate on your term deposits, but Centrelink will only use their deeming rate. Equally your standard saving account may be returning a lesser rate etc.
Your 'deeming' assets will have this standard rate of return applied to each. The calculator will display the total deemed income associated with these assets.
Some of these assets are periodically and automatically updated by Centrelink. If you feel that the assets - e.g. Shares - have fallen in value then provide Centrelink with revaluations as frequently as appropriate. The same for investment properties etc. should the valuation change, mortgage change etc.
SUPER: - only include the asset value of the super. NOTE if your partner is under the age pension age do not include his/her amount in this asset value. The logic goes something like (being very lose with the ruling) "they can not get access to the money, therefore it is not an asset"
MARGIN LOANS: -If - for example - shares have a margin loan against them, then the total share value will be used for deeming purposes, but only the net share value will be used for the assets test.
OTHER LOANS: - make sure you include any money owed to you - from family and friends, your own company etc.
Margin loan amount - refer notes - this will reduce your assets but not the deemed income.
Allocated Pensions and Annuities:
The asset value for these will be assessed under the assets test. From 1 January 2015 the asset value will now be deemed. For Complying Annuities, only include the 'value counted' not the full value. For TAP schemes, only include the value counted, not the full value. Income from these products will be entered under the income section and assessed under the income test..
Asset value (balance) of super funds - refer notes
Any money, or assets, that have been lent and our outstanding. If there is no chance of being repaid they may be ‘written off’.
Any other asset that may earn interest. This may include 'deprived' assets, collections, other overseas investments etc.
TOTAL deemed assets:
Employment Income / Wages: (not self employment)
Info Gross ANNUAL wages
All income should be shown on a gross annual basis. Salary sacrificing etc. is ignored for the income test.
WAGES: - Centrelink provide a Work Bonus Scheme for on the age pension. For example, the first $6,500 of wages will be exempt from the income test. The calculator will automatically calculate this Work Bonus Benefit entitlement.
SELF EMPLOYMENT: - NOTE: Centrelink do not provide the Work Bonus Scheme allowance for self-employment! Please record self-employment income in the OTHER INCOME cateegory. We assume Centrelink believe self employment provides additional benefits over 'wages'.
INVESTMENT PROPERTY: - please record the nett income - that is, the gross rental income, less costs etc.
PENSION INCOME: - Enter only the nett benefit from an income stream. That is, an income stream may have a 'deductible amount'. In this case deduct his amount from the total income received for the year. Please enter the annual AUD amount for overseas pensions.
Wages - partner (not self employment)
If applicable - Gross ANNUAL wages for partner. For the work bonus scheme benefits it will be assumed your partner - if applicable - is also of age pension qualified.
Investment Property Nett Income:
This is automatically calculated from values entered above (including deemed income) and is a net value - i.e. includes work bonus benefits credits etc..
Estimated Age Pension ($/pf) - estimated 20th September 2016 updates
The estimated age pension will automatically change based on the above supplied data. Note: This amount includes the Pension and Clean Energy Supplements
(As at 30th June 2015) Taking effect from January 2017 it has been estimated that the majority of age pensioners will have their age pension
cut, including more than 100,000 of those affected losing all entitlememts.
The payments rates below are are an indication of the impact of those changes.
Sept 2016 Update: Recent changes to payment rates and thresholds has meant the proposed asset 'tapering' rates of $3 per $1,000 has a greater impact than original forecast in the 2015 budget. For example, the home owning couple upper threshold has been reduce by a further $7,000 pa.
2015 Federal Budget Implications: Projected payment based on new asset test limits.
This section show what would happen to the pension if you had additional $10,000 in income, and also what would happen if you had an additional $50,000 in assets. This is to be compared to the amount shown above.
Using the Pension Calculator
The amount displayed is a per fortnight amount for each pensioner
If you have assets or income over the minimum levels the calculator will adjust the entitlement. In these cases the calculator will display if it is an Asset or Income based pension.
That is, Centrelink will apply the asset test, and the income test, and determine which will provide the least payment!
For example, if you are on an Income based pension - i.e. your income levels are above the minimum - changing your assets may not provide any increase to your entitlements; and visa a versa.
Play with the calculator to see what those thresholds are for your pension
The What If section
This section provides a very basic picture of how new increased income and assets levels will impact on your pension. Each are treated independently.
The new income level is total - including deemed income, net of any work bonus entitlement etc.
The new asset level is for non-deemed assets. The impact of deemed assets are considered in the new income levels.
If you require a more detailed impact statement, modify the calculator entries.
- The calculator is designed for ease of use and therefore does not cater for all scenarios
- The estimated rate can only be treated as indicative