Australian Social Security
Australian Social Security Payments - Pensions
As an Australian expatriate you may be entitled to receive social security payments whilst overseas, and they also need to be considered in the context of any financial planning when considering a move back to Australia. Eligibility can be a complicated matter, dependent both on the income and asset test that may apply and on the country of residence if you remain resident overseas. The sections below provide an overview of the situations in which an old age pension is either fully, or partially, payable - you are advised to discuss your own eligibility either with your financial planner or directly with Centrelink.
Age Pension
As at 1 January 2009, the maximum payment applicable for an Age Pension is $562.10 per fortnight for an individual and for a couple $469.50 per individual (ie. $939 per fortnight). To qualify for a full or part pension you must have reached 65 years of age (may be earlier for females born prior to 1 January 1949) and satisfy the Asset and Income tests summarised in the table below.
|
Assets Test
|
Maximum Pension payable when your assets are less than:(a)
|
No Pension payable when your assets are less than:
|
|---|---|---|
| Single, Homeowner |
$171,750
|
$550,500
|
| Single, Non-Homeowner |
$296,250
|
$675,000
|
| Couple, Homeowner |
$243,500
(Combined) |
$873,500
(Combined) |
| Couple, Non-Homeowner |
$368,000 |
$998,000
(Combined) |
|
Income Test
|
Maximum Pension payable when your fortnightly income is less than: (b)
|
No Pension payable when your fortnightly income is more than:
|
|---|---|---|
| Single |
$138.00
|
$1,558.25
|
| Couple |
$240.00
|
$2,602.50
|
| For each child add |
$24.60
|
$24.60
|
a) Assets over these amounts reduce the pension by $1.50 per fortnight for every $1,000 (single or couple combined)
b) For every dollar of income over these limits the single pension is reduced 40 cents, and the pension for a couple by 20 cents.
Pension Bonus Scheme
If you are eligible for the Australian Government Age Pension, but delay taking it, you may qualify for the Pension Bonus Scheme - a tax free lump sum paid to you when you eventually claim and receive the Age Pension. The maximum amount of the bonus is currently up to $34,344 fro single persons, and $28,687 per person for a couple. Whether it is in your best interests to defer receipt of the Age Pension should be discussed with a financial advisor.
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