Is Your Family Home Really Exempt From the Age Pension Assets Test?

Income Test

From 1 July 2026, a single Age Pension recipient can earn up to $226 per fortnight and still receive the full Age Pension of $1,200.90 per fortnight (including all supplements). For couples, the combined income limit is $396 per fortnight, with a full combined pension of $1,810.40 per fortnight.

If your assessable income exceeds these limits, your Age Pension reduces by 50 cents for every additional dollar of income.

If you earn income from employment or self-employment, you may also be eligible for the Work Bonus, which allows some of your employment income to be excluded from the income test.

Work Bonus

The Work Bonus helps eligible Age Pension recipients who continue working. Since 1 January 2024, new pensioners receive an initial $4,000 Work Bonus income bank, in addition to the ongoing $300 per fortnight Work Bonus. This means many people can earn significantly more from work before their Age Pension is reduced.

The Work Bonus only applies to employment or self-employment income. It does not apply to investment income.

Assets Test

From 1 July 2026, homeowner singles can receive the full Age Pension if their assessable assets are below $333,000, while homeowner couples can have up to $499,000 in assessable assets. For non-homeowners, the limits are $600,000 for singles and $766,000 for couples.

Once your assessable assets exceed the applicable threshold, your pension reduces by $3 per fortnight for every $1,000 above the limit.

You may still qualify for a part Age Pension until your assessable assets reach approximately $733,500 for a single homeowner, $1,000,500 for a single non-homeowner, $1,102,500 for a homeowner couple, and $1,369,500 for a non-homeowner couple.

Please note: All pension amounts shown include applicable supplements. Couple figures are shown as the combined pension, and calculations assume both members of the couple have reached Age Pension age.

Age Pension Calculator

Marital Status: Homeowner? Assessable Assets ($): Fortnightly Income ($): Work Bonus Bank ($):

Your estimated Age Pension: $0 per fortnight