Need to Know

Changes to Assets Test for Centrelink Aged Pensions

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Effective from 1 January 2017, there are important changes to the Assets Test for the Aged Pension.

People aged over 65 and in receipt of a full or part Aged Pension need to be aware that for every $1,000 owned above the assets test free amount, their pension will be reduced by $3 (this was previously reduced by $1.50 for every $1,000).

The thresholds that apply are dependent on whether your clients are single or a couple, own their own home or not, and are either in receipt of a full or part pension.

Given the various thresholds and other factors taken into account in assessing whether your clients may be impacted, the changes represent an opportunity for advisers to contact their clients to discuss their specific circumstances.

Source: SMSF Association

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