Income Test and Assets Test
When assessing eligibility for the aged pension, applicants are subject to both an income test and an assets test. The test that results in the lower pension amount is the one applied.
Certain assets are exempt from the assets test. These include: the family home, superannuation for individuals below pension age, funeral bonds up to $15,000 for a single bond, accommodation bonds paid to aged care facilities, and gifts within the allowable limits.
Assessable financial assets—such as superannuation, bank savings, shares, and managed funds—are considered at face value for the assets test. For the income test, these assets are assigned a deemed income. A separate deeming calculator is available on this website. Note that deeming does not apply for pensioners who are asset-tested.
Home contents, vehicles, and boats are valued at market value rather than replacement cost.
The assets test has different thresholds depending on whether the applicant owns a home.
Income Test
From 20 September 2025:
A single pensioner can earn up to $218 per fortnight and still qualify for the full single pension of $1,178.70 per fortnight, including all supplements. They may also earn up to $460 per fortnight from personal exertion, which is excluded from the income test (refer to Work Bonus below). Once income exceeds $218 per fortnight, the pension reduces by $0.50 for every additional dollar earned.
A pensioner couple can earn up to $380 per fortnight combined to receive the full pension of $1,777 per fortnight, including all supplements. Each partner may earn up to $460 per fortnight from personal exertion, excluded from the income test. Once combined income exceeds $380 per fortnight, the pension reduces by $0.50 for every extra dollar earned.
Work Bonus
From 1 January 2024, new pensioners automatically received $4,000 in their income bank, in addition to the standard $300 per fortnight exemption. This does not apply to existing pensioners prior to 1 January 2024.
For new pensioners, if they earn $460 per fortnight for 12 months, all earnings may be excluded as it would first use the $300 per fortnight exemption and then the $4,000 income bank.
Assets Test
From 20 September 2025:
Homeowner singles can have assessable assets up to $321,500 and still receive the full pension.
Homeowner couples can have assessable assets up to $481,500 for the full pension.
Non-homeowner singles can have assessable assets up to $579,500.
Non-homeowner couples can have assessable assets up to $739,500.
Once assessable assets exceed these lower thresholds, the pension reduces by $3 per fortnight for every $1,000 above the threshold.
The maximum assessable assets for a part pension are:
Single homeowner: $714,500
Single non-homeowner: $972,500
Homeowner couple: $1,074,000
Non-homeowner couple: $1,332,000
Note: All amounts include supplements. For couples, the amounts reflect the joint pension, assuming both parties are of pensionable age.