Annual increases to threshold amounts relating to Centrelink benefit eligibility will apply from 1 July 2022.
The changes mean that people eligible for less than the maximum amount of payment will receive increased payments and some who were not previously eligible for a payment may become eligible. The increases are not huge, but every bit helps.
Below are details of how the changes may affect pension payments.
If your pension is reduced due to the income test, there are two threshold changes that can result in increased payments.
- The standard income test thresholds
|Threshold increase per fortnight (F/N)||$10||$16|
|Maximum F/N income for full pension||$190||$336|
|Maximum F/N income for part pension||$2,165.20||$3,313.60|
|Maximum F/N pension increase||$5.00||$8.00|
- The lower deeming rate threshold. This change is minor and only affects those with financial assets, subject to deeming provisions, greater than the current low-rate threshold ($53,600 for singles or $89,000 for couples).
|Threshold until 30 June 2022||$53,600||$89,000|
|Maximum F/N pension increase||$1.08||$1.77|
If your pension is reduced due to the assets test, the below changes apply.
|Maximum Assets for full pension||$280,000||$504,500||$419,000||$643,500|
|Maximum Assets for part pension||$609,250||$833,750||$915,000||$1,140,000|
|Maximum F/N pension increase||$28.50||$52.50||$42.00||$66.00|
Given the drop in some asset values in the past year e.g. shares and superannuation, part-pensioners may also benefit by ensuring that Centrelink has up to date values for assets held.