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.
Ver: 03.15 March 2015Providing powerful mobile solutions to assist Age Pensioners
Before you go ahead, please confirm that you have read and understood the limitations of this calculator. Please refer to our About page and qualifications indicated below. Please contact us should you require assistance.
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.
Each of the following 4 sections provide more information and assistance.
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.
We have constant queries regrading the qualifying age for the Age Pension.
We have also found that the information is best provided in the form below, rather than entering birth dates via
calendar 'boxes' etc. 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
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.
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 - 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 in your home contents.
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.
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 loose with the ruling) "they can not get access to the money, therefore it is not an asset"
Red book value for all cars, trucks etc.
Not your residence - Investment, holiday etc. - Only the value, net of the mortgage, need be entered here.
Alocated Income Stream:
As at 1 January 2015 the asset value (balance) of the allocated income stream will be used to calculate deemed income. Hence this value has been 'moved' to the deemed assets section - refer our blog for more details.
This is automatically calculated from values entered above.
All bank account balances, term deposits, debentures, managed funds etc. that earn an interest - i.e. 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 loose 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.
Current value of all shares held - refer notes.
Margin loan amount - refer notes - this will reduce your assets but not the deemed income.
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' (50% or 0) 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 of super funds - refer notes
Any money that has been lent by you and is still owed.
Any other asset that may earn interest..
This is automatically calculated from values entered above.
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 $6,500 of wages will be exempt from the income test. The calculator will automatically calculate this Work Bonus Benefit entitlement.
INVESTMENT PROPERTY: - please record the nett income - that is, the gross rental income, less costs etc.
PENSION INCOME: - Enter only the nett benefit from an income stream. That is, an income stream may have a 'deductible amount'. In this case deduct his amount from the total income received for the year. Please enter the annual AUD amount for overseas pensions.
If applicable - Gross ANNUAL wages for partner. For the work bonus scheme benefits it will be assumed your partner is also of age pension qualified.
Income derived from any non-Centrelink pension.
Any nett income obtained from investment property.
Any other income source?
This is automatically calculated from values entered above (including deemed income) and is a net value - i.e. includes work bonus benefits etc..
Estimated Age Pension ($/pf)
The estimated age pension will automatically change based on the above supplied data.
This amount includes the Clean Energy Supplement
Using the Pension Calculator
To determine the current level of pension that you should be receiving, simply enter the required information into each 'box'. Your estimated fortnightly pension will automatically displayed at the bottom of the page, as each amount is entered.
In each category - Income, Assets etc. - follow the links to get more information and FAQ's.
If your current pension amount is different to the result displayed by our Calculator, please be sure to contact us to discuss so we can assist you in ensuring you get your full entitlement.
The factors used in this calculator are limited and should only be a guide, and designed for the more common situations. For example, this calculator does not cover the 'illness separated' situation where income tests are extended etc.
However we will continue to modify the coverage and criteria to ensure they cover the more common requests.
Please feel free to contact us should you have suggestions on this calculator
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.