Age Pension Calculator

Centrelink Age Pension Calculator

Welcome. This calculator has been designed by yourpension.com.au to assist Age Pensioners in determining their entitlement. It should only be used as a guide, as there can be many complex issues. For the more complex claims please feel free to contact us direct.
The calculator has a design and layout that has been been optimised for mobile and touch devices. So save this page to your devices home screen for rapid access.

yourpension.com.au is a service that assists you through the age pension claim process. Think of it as a concierge service.

© 2011-23 Symbotic Pty Ltd

About

Age Pension Calculator
Version 23.3 @ www.yourpension.com.au

Ver: 23.3 March 2023

Providing powerful mobile friendly solutions to assist Age Pensioners

This pension calculator can only be an indicator and is correct at the time it was created, and is continually monitored for accuracy.
The current version applies to the Centrelink Age Pension as at March 20 2023.

The calculator's first priority is ease of use. Therefore, there are some scenarios which can not be accommodated in such as calculator. For the more complex of cases please feel free to contact us at info@yourpension.com.au (to avoid spam we do not automatically link our email)

This calculator can be used to estimate your possible payment rates for a Centrelink payment. It does not work out whether you are eligible for a payment.

For further information regarding current Centrelink rates and thresholds

Eligibility Income test Assets test
Major changes to the way income streams are treated were introduced on 1 January 2015. For more information on these changes please refer to our blog. This calculator is designed for new applicants, hence the new deeming rules are used.

The pension rate is for new applicants only. Those who were approved for the pension prior to 20th September 2009 may be on a 'transitional' rate. This rate may be higher than the rate displayed here due to the tightening of the income test rules and other Government initiatives. Approximately 30% of pensioners were entitled to maintain their exiting rates so as not to be disadvantaged.

Age Pension rates usually change each September and March, and pension thresholds change each July.

If you have any questions or difficulty using the calculator for any reason please contact us.

Your financial advisor should always be consulted when making financial decisions.

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Disclaimer The calculator is a basic guide to estimate Centrelink age pension entitlement. Centrelink determines your actual payments. The results from using this calculator are only indicative and are not a guarantee of payments. The estimate will be based on the information you provide. If any information is incorrect, the calculator will also be incorrect. For a wide range of reasons the estimate generated by the calculator may not be accurate in particular cases, for example, the calculator does not take into account if you are repaying any money to Centrelink, or have had your payment reduced etc. You should never rely on an estimate as a basis to enter obligations or incur expenses. If you use or apply an estimate you are solely responsible for that use or application. Symbotic disclaims, to the extent permitted by law any representations and warranties, express or implied, of any kind in respect of the calculator, and; shall not be liable for any loss or damage whatsoever (including loss or damage caused by human, technical or processing error or malfunction, or negligence of any kind or loss or damage that is incidental or consequential) arising out of or in connection with any use of, or reliance on the calculator.

Age Pension Calculator

back to yourpension.com.au

Updated March 20 2023

Before you go ahead, please confirm that you have read and understood the limitations of this calculator. Also please contact us should you require assistance or provide suggestions on how we can enhance this calculator.
We have attempted to provide an easy to use calculator for the majority of cases. In doing so the calculator may not adequately accommodate the more complex scenarios. Again please refer to our About page for more details.
NOTE: As of 1/7/17 age entitlements have changed. Please refer to the Age Entitlement section of the Assumptions and General Use section.
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Assumptions and General Use

    Use the +/- buttons to expand and collapse content. Use the above Font +/- button above to adjust font size.

    After entering information, click 'out' or tab to update the calculator. Estmated payments are updated and shown below.

    Sections

    There are 5 collapsible sections below that can be expanded/collapsed to define your circumstances.
    The estimated pension will automatically be adjusted as you make these alterations. Click the the query/info buttons provided in each section to access further information.
    The default amount will be the maximum ‘couple’ rate paid to each eligible member of the relationship.

    Entering Data

    All income should be entered as annual income, in whole dollars.

    Couples with only one eligible

    Where an applicant is part of a relationship - e.g. married - and one partner is 'under' the age pension age, or ineligible for an age pension, Centrelink will treat the application as couple based and pay only the eligible age pensioner the couple rate.

    Couples - entering income and asset amounts

    All income and assets are to be entered as combined amounts – even if only one partner is eligible.
    Except- Exceptions may include for wages and super, so please note the conditions in those sections. For example, super balances for a partner who is age ineligible is exempt from the assets test. Also the Work Bonus Scheme is based on each partner’s individual wage. Hence the wage amount for each ‘partner’ require separate entries.
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General Assumptions and Use

    Using the calculator

    If you have got this far you will have already read our statements on the limitations of calculators of this type. However we will continue to improve the calculator based on your comments and suggestions.

    The format has specifically been designed to suit mobile devices - hence the 'collapsible" buttons (+/-) etc.



    We have provided a separate button for determining the age qualification. The gradual increase in the age qualification and from 1/7/2017 both men and women will need to be 67 means that the qualifications are best represented in a table form. So please click the Age Qualification button to check your situation.

    Assumptions and Basic Use:

    1. For couples please include all your partners details with yours as they will both be assessed under the assets and income tests. There are some exceptions such as if your partner is under the age pension age, then their super will be exempt. Also if your partner is under the age pension age then they will generally not be entitled to the work bonus scheme entitlements.
    2. Please be careful in entering your super and pension details. If your super is in 'pension' mode then the income and assets test will be different to those funds that are not. Your super fund will be able to provide you with a report detailing how much of the income from your supers pension will be deductible. Not all income is assessable under Centrelinks income test and this area can get very complex.

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Age Qualifications
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    Age Qualifications:

    We have frequent queries regrading the qualifying age for the Age Pension. We have also found that the information is best provided in the form below, rather than entering birth dates via calendar 'boxes' etc.

    From July 2017
    Depending on your birthdate, from July 1 2017 Age Pension age will be 65 years and 6 months.
    After that, Age Pension age will go up 6 months every 2 years until 1 July 2023.

    Date of birth Qualifying age at
    1 July 1952 to 31 December 195365 years and 6 months
    1 January 1954 to 30 June 195566 years
    1 July 1955 to 31 December 195666 years and 6 months
    From 1 January 195767 years
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General Claim Guide Eligibility Income test Assets test

Marital and Home Status

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Marital Status and Home Ownership

    Income and Asset Values for Couples

    If you selected "Couple" please ensure you enter the combined value for you and your partner for each item. i.e If you have several bank accounts, add the value of each and insert the total. This is required where both partners are qualified for the age pension. However if, for example, one partner is under the age pension age then they may not be entitled to the work bonus scheme but their super asset value may be exempt. Refer to the notes on each section if this is the case.

    Couples versus Singles:

    If you are in a relationship - including single sex relationships - select Couple.
    In recent years this has become a more complex situation for example:
    You may be considered a couple even if you don’t live together.
    Equally you can be treated as a single if you live with someone.
    In all cases it may be a same sex relationship. However there are some situations where a same sex relationship can be considered as single!
    If a couple is ‘separated due to illness’, not only can one partner be treated as a single, but the income test level threshold increases.

    Home Ownership:

    If you own - or are paying off your home - your home is normally exempt from the assets tests. In some cases Centrelink may determine that a proportion of your home/land is 'of commercial value'. For example if it is a large property and a proportion is for commercial use. If you believe this may be the case for your home, please seek advice before claiming for the age pension.
    If you do not own a home, your asset test thresholds are higher, and you may be entitled to rent assistance, or other accommodation assistance. The rest assistance that you may be entitled to is not covered in this calculator

    For more information on granny flats, selling your home etc. see the FAQ's section

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Assets - not deemed by Centrelink

Home Contents:

Cars & Caravans:

Motorbikes and boats:

Investment property:

Super Pensions - pre Jan 2015:

TOTAL non-deemed assets:

This is automatically calculated from values entered above.

Investments - deemed by Centrelink

Note: Provide the estimated market value of the asset less any amounts you owe against that asset. Amounts should be given in whole dollars (do not include cents, decimal points, spaces or commas)

Bank Accounts

Listed Investments:

Margin Loans:

Allocated Pensions and Annuities:

Super Funds:

Loans:

Other:

TOTAL deemed assets:

This is automatically calculated from values entered above.

Income

Employment Income / Wages (p.a.):

Wages - Partner (p.a.)

Pension/Income Streams (p.a.):

Investment Property Nett Income (p.a.):

Other Income (p.a.):

TOTAL Income (p.a.):

This is automatically calculated from values entered above (including deemed income) and is a net value - i.e. includes work bonus benefits credits etc..

Extras

This section allows for more 'non typical' situations:

Proceeds from the sale of a home

Estimated Age Pension ($/pf) - estimated as at March 20 2023 updates

The estimated age pension will automatically change based on the above supplied data. Note: This amount includes the Pension and Clean Energy Supplements

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PrintPrint - a summary of entries and estimated pension

What if?

This section show what would happen to the pension if you had additional $10,000 in income, and also what would happen if you had an additional $50,000 in assets. This is to be compared to the amount shown above.

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About your Pension

      Using the Pension Calculator

      The amount displayed is a per fortnight amount for each pensioner

      If you have assets or income over the minimum levels the calculator will adjust the entitlement. In these cases the calculator will display if it is an Asset or Income based pension.

      That is, Centrelink will apply the asset test, and the income test, and determine which will provide the least payment!

      For example, if you are on an Income based pension - i.e. your income levels are above the minimum - changing your assets may not provide any increase to your entitlements; and visa a versa.

      Play with the calculator to see what those thresholds are for your pension

      The What If section

      This section provides a very basic picture of how new increased income and assets levels will impact on your pension. Each are treated independently.

      The new income level is total - including deemed income, net of any work bonus entitlement etc.

      The new asset level is for non-deemed assets. The impact of deemed assets are considered in the new income levels.

      If you require a more detailed impact statement, modify the calculator entries.

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