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Expert Opinion2018-12-07T04:01:39+00:00

Expert Opinion

Change In Assets Test Affects Account Based Pensions


CHANGE IN ASSETS TEST AFFECTS ACCOUNT BASED PENSIONS

There will be two results from the new rules that apply to the assets test from January 1, 2017. As a result of the pension reduction factor increasing from $1.50 up to $3.00 for every $1000 over the lower asset limit, a couple’s entitlement to the age pension ceases once their assets exceed approximately $816,000.

Currently anyone who is not in receipt of an age pension is entitled to a Commonwealth Seniors Health Card if they pass the income test. Under that test a couple receive the CSHC if their annual income is less than $84,472.

As the health care card is one of the most prized possessions of anyone receiving the age pension the government announced anyone that loses this card, as a result of the change to the assets test, will effectively receive a CSHC without any income test applying in the future.

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