How much is the old age pension for a married couple aged 66 yrs old in Australia?
The maximum age pension rate for couples is $427.70 per person, per fortnight, plus a pharmaceutical allowance of $5.80 per fortnight. You have to remember, though, that this maximum pension will be reduced depending on the outcome of: 1) An Assets Test 2) An Income Test The Assets Test ============= The pension amount will be reduced by $3.00 per fortnight for each $1,000 that the assets of the married couple exceed: – For a home owner couple, $229,000 – For a non home owner couple, $346,000 The pension would cut out completely if the couples assets exceeded: – For a home owner couple, $516,500 – For a non home owner couple, $633,500 The Income Test ============= The age pension amount will also be reduced by 20 cents for every dollar that the couples income exceeds $228 per fortnight. If the couples income exceeds $2,381.00 per fortnight, there will be no pension payable. Income can be either actual income or deemed income depending on the source of the income. Under deeming rules, i
