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Assets Test

This assets test is effective from 1 July 2008 and this information applies to all pensions, allowances and to Austudy Payment.

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Chart A - Assets Test for Homeowners:

If you are For full pension/allowance* For part pension#+
Single** up to $171,750 less than $540,250
Partnered (combined) up to $243,500 less than $856,500
A couple but separated due to illness (combined income) up to $243,500 less than $980,500
One partner eligible up to $243,500 less than $856,500

Chart B - Assets Test for Non-homeowners:

If you are For full pension/allowance* For part pension#+
Single** up to $296,250 less than $664,750
Partnered (combined) up to $368,000 less than $981,000
A couple but separated due to illness (combined income) up to $368,000 less than $1,105,000
One partner eligible up to $368,000 less than $981,000

Please Note: The rate of payment is calculated under both the income and assets tests. The test that results in the lower rate (or nil rate) will apply.

# Limits will increase if Rent Assistance is paid with your pension.

* Assets over these amounts reduce pension by $1.50 per fortnight for every $1,000 above the limit (single and couple combined). Newstart Allowance/Widow Allowance/Partner Allowance/Sickness Allowance/Special Benefit/Parenting Payment/Youth Allowance/ABSTUDY and Austudy Payments and Mature Age Allowance are not payable if assets exceed these amounts.

+ Pharmaceutical Allowance included.

** For Disability Support Pension, applies if over 21 only - for under 21 assets/income limits see your nearest Centrelink Customer Service Centre.

For more information about which assets are assessed by Centrelink go to the assets section.

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Extra Allowable Amount for Retirement Village and Granny Flat Residents

If your Entry Contribution is equal to or less than the Extra Allowable Amount, you are assessed as a non-home owner. Your Entry Contribution will count as an asset. You may qualify for Rent Assistance. The Extra Allowable Amount is the difference between the non-homeowner and the homeowner asset test limits, currently $124,500.

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Hardship provisions

If you have assets but little or no income you are expected to rearrange your affairs to provide for yourself. In some cases that is not possible. If you are in 'severe financial hardship' you may be able to get a payment from Centrelink. In these cases, you will be assessed under different income and/or assets tests.

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