
The assets test is one half of the means test for the Age Pension. Applicants must pass both parts of the means test, i.e. both the income and the assets test. Centrelink uses different thresholds to assess assets for single homeowners, single non-homeowners, couple homeowners, and couple non-homeowners as well as those separated by illness or certain other reasons.
What are assets?
Put simply, an asset is something that you own. This might be land, a house, a car, a painting or some shares. Some assets are tangible, whilst financial assets including bank deposits, superannuation and shares are less so.
Under the assets test, how much assets can I have before I start to lose my pension entitlement?
You are entitled to a full pension when your assets are equal to or less than* | |
Homeowner (Single) | Non-Homeowner (Single) |
$314,000 | $566,000 |
Homeowner (Couple) | Non-Homeowner (Couple) |
$470,000 | $722,000 |
*Your pension amount starts reducing by $3.00 for every $1,000 your assets exceeds above amount.
You are not entitled to a pension when your assets exceed | |
Homeowner (Single) | Non-Homeowner (Single) |
$695,500 | $947,500 |
Homeowner (Couple) | Non-Homeowner (Couple) |
$1,045,500 | $1,297,500 |
Full Age Pension Rates
Single | |
$1,144 per fortnight | $29,754 per year |
Couple | |
$1,725 per fortnight | $44,855 per year |
IMPORTANT NOTE: all information is accurate from September 2024
How are assets deemed by Centrelink?
Centrelink applies a deeming rate to your assets, depending upon whether you are single or a couple.
The current deeming rates (until 1 July 2025) are:
Thresholds (1 July) | Current rates (frozen until 30 June 2025) | |
Singles up to | $62,600 | 0.25% |
Singles Above | $62,600 | 2.25% |
Couples up to | $103,800 | 0.25% |
Couples Above | $103,800 | 2.25% |
Is this deemed amount of income on financial assets included in the means test alongside other income you earn from wages, or overseas pensions etc?
In short, yes.
But it is important to understand that any financial asset which is deemed need not be listed again as income if you apply for an Age Pension. So you do not need to list any share dividends – by listing your shares as assets, Centrelink will have accounted for this income as well. It’s also worth noting that the current deeming rates have been very low for a long time and that most Age Pensioners with cash accounts or share income will be receiving more income than that which is deemed by Centrelink.
Your free Age Pension eligibility test
Our team can guide you through your retirement journey step-by-step. Start by filling in your free eligibility test to determine if you are eligible for the Age Pension or Commonwealth Seniors Health Card.
Additional Information about the Assets Test
James Coyle recently answered your most common questions about the Assets Test. If you still have more questions, gain a deeper understanding by reading our Assets Test explained article.