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Assets test

This assets test is effective from 1 July 2009 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 $178,000 less than $562,000
Partnered (combined) up to $252,500 less than $891,500
A couple but separated due to illness (combined income) up to $252,500 less than $1,020,500
One partner eligible up to $252,500 less than $891,500


Chart B - assets test for non-homeowners

If you are For full pension/allowance* For part pension#+
Single** up to $307,000 less than $691,000
Partnered (combined) up to $381,500 less than $1,020,500
A couple but separated due to illness (combined income) up to $381,500 less than $1,149,500
One partner eligible up to $381,500 less than $1,020,500

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 are not payable if assets exceed these amounts.

+ Pharmaceutical Allowance included.

** For Disability Support Pension, these limits apply if you are over 21. For under 21 assets/income limits visit your nearest Centrelink Customer Service Centre.

Your principal family home is excluded from the assets test.

For more information about which assets are assessed by Centrelink refer 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 $129,000.

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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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