New Centrelink Rates for September 2024 August 20th, 2024

As you may remember from Netplan Session 4, September is the other month (March being the first) where pensions are indexed. It’s also the month when the annual income test limit for the Commonwealth Seniors Health Card is increased.

While those already on a full or part Centrelink Age Pension will see an increase in their fortnightly payment (About $28 for singles and a combined $40 for couples), the most significant issue is that it shifts the upper cut-off threshold.

In simple terms, many of you who may currently miss out, might now qualify. Even if you’re a whisker under, it’s worth lodging a claim because the minimum you can receive under the rules is a single payment rate of $58.90 and for couples, a combined $88.40 a fortnight when both are eligible. Also included is the valuable Pension Concession Card.

While each State varies, you’ll generally get discounts on a range of State government services and utilities. The Association of Independent Retirees has previously valued the discounts at up to $7,000 per household.

Here are the new rates, effective from September 20.

Pension Rates and means test Thresholds

Effective 20th September, 2024

Pensions Single Couples Each Couples Combined
Per Fortnight $1,444.40 $862.60 $1,725.20
Annual Total $29,754.40 $22,427.60 $44,855.20

Note: Couple's separated by illness (eg, one partner living in aged care) each receives the single rate: $2,288.80

Means Test

Home owners limits

Asset test Home Owner Lower Limit Home Owner Upper Cut-off Limit
Single $ 314,000 $ 695,500
Couples Combined $ 470,000 $ 1,045,500

Non-home owners limits

Asset test Lower Limit Upper Cut-off Limit
Single $ 566,000 $ 947,500
Couples Combined $ 722,000 $ 1,297,500

Income Test

Income Test Income Per Fortnight before reduction Annual Income before reduction Upper Cut-off Limit per fortnight Upper Cut-off limit annual With Working Credit Bonus Including "Special" $4,000
Single $ 212.00 $ 5,512.00 $ 2,500.80 $ 65,020.80 $ 76,820.80
Couples combined $ 372.00 $ 9,672.00 $ 3,822.40 $ 99,382.40 $ 122,982.40

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