Check out the latest update on the Huge Centrelink Age Pension Changes July 2024 Seniors Must Be Aware: Detailed Report Here. If you are granted an Age Pension via Centrelink, then we have brilliant news for you. Starting from 1 July, there has been a considerable increase in the Centrelink Age Pension. To collect more information on the change in the Age Pension, continue browsing the article.
Huge Centrelink Age Pension Changes July 2024
As the new fiscal year starts in Australia, various significant changes are set to influence senior citizens. Thousands of senior Australians receive financial aid from the Age Pension. The administrative shift mirrors a wide range of changes aiming to boost older Aussies’ economic reliability. While the basic pension rates remain unchanged, adjustments to income and asset thresholds mean that some pensioners could receive higher payments or qualify for pensions they previously did not.
Even though the number of Aussies participating in superannuation has increased over the past few years, the Age Pension is still the primary source of income for millions of seniors. As stated by Rice Warner, nearly 39 percent of Australians rely on age pensions, of which 24% currently receive a partial pension. Keep reading to know more about the Centrelink Age Pension Changes.
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Seniors Must Be Aware of Centrelink Age Pension Changes
To be eligible for the Age Pension, you must be aged 67 years or older and must qualify for the asset and income test. From Monday, the thresholds for both tests will be hiked with inflation. This means that individuals will be allowed to bring in more and have more assests, which will not affect their payments. Some previously disapproved citizens could be now eligible for the Age Pension, whereas those on partial pension payment will qualify for the full pension payment.
You need to know about some of the crucial shifts in the Superannuation Pension starting in July. The Employer’s contribution to the Superannuation Scheme has been changed from 11% to 11.5% to boost retirement funds for the workers. Additionally, contribution limits for the before-tax are raised to $30,000, whereas after-tax contributions to the Superannuation are changed to $120,000.
Detailed Report On Age Pension Assests Changes
From now on, a single homeowner can have assets of $314,000 and obtain a full pension, whereas a single non-homeowner can hold up to $566,000. Previously, the asset caps for single homeowners and non-homeowners were $301,750 and $543,750 respectively. Those legally married can now have merged assets of $470,000 to receive the total pension amount. On the other hand, a couple of non-homeowners are permitted to hold $722,000. That is up from $451,500 and $693,500.
Kindly look at the shared table to understand the changes in assests rates for those receiving full-age pensions.
| Circumstances | Homeowner | Non-homeowner |
|---|---|---|
| Single | $314,000 | $566,000 |
| A couple, combined | $470,000 | $722,000 |
Talking about the partial pension, a single homeowner can have assets of around $686,250, whereas single non-homeowners are allowed to have $938,250. That is a rise from $674,000 and $916,000. Kindly look at the shared table to understand the new changes in assests rates for those receiving partial-age pensions.
| Circumstances | Homeowner | Non-homeowner |
|---|---|---|
| Single | $686,250 | $938,250 |
| A couple combined | $1,031,000 | $1,283,000 |
Starting from July 1, these key changes to the Age Pension in Australia will hit thousands of older citizens. It is important to note that the introductory pension rate will remain unchanged, and only adjustments to the assets and income thresholds mean that some retirees will receive a higher payout.
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Report On Centrelink Age Pension Income Changes
For single pensioners, the threshold for income has increased to $212 per fortnight, up from $2024. This means a single pensioner can earn up to $212 per fortnight and still receive the total single pension amount. For couples, the income threshold has increased to $372 per fortnight, up from $360. Couples can earn up to $372 per fortnight and still receive the full pension.
Beyond these thresholds, the pension amount is reduced by 50 cents for every dollar earned over these limits. The maximum income that singles and couples can earn before their pension is completely cut off has also increased. Singles can now get up to $2,444.60 per fortnight, while couples can earn up to $3,737.60 per fortnight before their pension payment dates. Click here to collect the most relevant information on the new changes and increases for the fiscal year 2024/25.
