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  Government BenefitsAge Pension - TaxPack Q6Deeming Rates and Thresholds      Monday, 18 January 2021  

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Age Pension - Deeming Rates and Thresholds


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Change to Deeming Rules from 1 January 2015
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The normal deeming rules will be extended to super account based income streams for new account based income streams assessed under the pension income test rules after 1 January 2015.  All superannuation pensions held before 1 January 2015 will be grandfathered indefinitely and will continue to be assessed under the existing rules for the life of the product – no current pensioner will be affected unless they choose to change products or otherwise become ineligible for the pension – even for just one fortnight.

 

Pensioners who have account based pensions that are “grandfathered” under the income test should be careful if reorganising their investments or taking on casual work.  If a no DHS payment is made for a whole pay period, the person loses their “grandfathered” income test on their account based income stream.  Some people seem to be under the misconception they lose grandfathered status only if no payment has been made for 6 consecutive fortnights.

Refer to the links below for a detailed discussion.
 


   
Theshold if only assets subject to deeming
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Deeming - From 1 July 2020
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Deeming - From 1 May 2020 to 30 June 2020
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Deeming - From 1 July 2019 to 30 April 2020
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Deeming - From 1 July 2018 to 30 June 2019
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Family Situation

Assets Threshold

Rate of Deemed Income

Single

$0 - $51,200

1.75%

Above $51,200

3.25%

Allowee Couple - per person (1)

$0 - $42,500

1.75%

Above $42,500

3.25%

Pensioner Couple - combined (2)

$0 - $85,000

1.75%

Above $85,000

3.25%


(1) Neither is receiving a pension.

(2) At least one person is receiving the pension.

The deeming rates apply to both Centrelink and DVA age pensions.


   
Deeming - From 1 July 2017 to 30 June 2018
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Family Situation

Assets Threshold

Rate of Deemed Income

Single

$0 - $50,200

1.75%

Above $50,200

3.25%

Allowee Couple - per person (1)

$0 - $41,700

1.75%

Above $41,700

3.25%

Pensioner Couple - combined (2)

$0 - $83,400

1.75%

Above $83,400

3.25%


(1) Neither is receiving a pension.

(2) At least one person is receiving the pension.

The deeming rates apply to both Centrelink and DVA age pensions.


   
Deeming - From 1 July 2016 to 30 June 2017
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Deeming - From 1 July 2004 to 30 June 2016
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Historical Rates & Thresholds
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This page was last edited on 4 January 2021

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