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Before you can receive the Age Pension, you need to reach whatsknown as your qualifying age. This is set by the government and determines theearliest age you can get the Age Pension. Your qualifying age depends on theyear you were born. If you were born: your qualifying age is: Before 1 July 1952 65 From 1 July 1952 to 31 December 1953 65.5 From 1 January 1954 to 30 June 1955 66 From 1 July 1955 to 31 December 1956 66.5 On, or after 1 January 1957 67 For more information please visit the Services Australia website. 2. Residential statusIn most cases, being eligible for the AgePension means youre an Australian resident who has lived in Australia for atleast 10 years, with at least 5 of those years consecutively. You also need to be in Australia on the day you apply for the pension.If you havent been an Australian resident for 10 years, there are some circumstances in which you could still be eligible for the Age Pension. For example, you could be eligible if youve livedor worked in a country with a social security agreement with Australia, or ifyoure a refugee.If you meet the age and residentialrequirements, your eligibility then depends on 2 tests: An assets test and anincome test. The test producing the lower amount of pension paid is the one used.For more details on residency rules for the Age Pension, visit the Services Australia website. 3. The assets test: The value of your assetsAlong with your income, the value of your assets determines your eligibility for the Age Pension, as well as the payment rate you receive. To have the value of your assets determined, theyre subject to whats called an assets test.If the value of your assets is under a certain limit (which is different for singles, couples, and homeowners), you could get a full pension.For most people, the asset limits (listed below) determine how much your assets can be worth before your pension may be reduced. For every $1,000 your assets are over the limit, your pension payment reduces $3 a fortnight – this is called the taper rate.Full Age Pension asset limits If youre: A homeowner Not a homeowner Single $280,000 $504,500 A couple, combined (including where only one partner is eligible) $419,000 $643,500 Source: Services Australia. Applicable from 1 July2022 to 19 September 2022. Forthe most up to date asset test limits, please visit the Services Australia website.What assets are included in the test?The assets test takes into account the value of assets you own. This could include: A car Business assets Property (not including your primary residence) Super and retirement income accounts (yours and your partners) Investments, such as cash, shares, term deposits and bonds Private trusts and private companies.The test also considers assets that mightnt seem obvious. This could include: Any deposits you mightve paid to live in a granny flat or retirement village for the rest of your life Any cash gifts or assets you mightve given to family members or friends. For more details on these assets and their impact, including a complete list of the assets considered under the test, visit the Services Australia website.What assets are exempt from the test?There are a number of assets exempt from the test. Someof these include: Your primary residence and surrounding land (up to 2 hectares on the same title); Some rural customers and primary producer properties larger than 2 hectares (on the same title); Accommodation bonds paid if you move into a residential aged care facility; Any property or money left to you in an estate that youre unable to access for up to 12 months from the date of the test, and; Money youre paid from the National Disability Insurance Scheme.For more details on each of these, as well as a complete list of all the assets exempt under the test, visit the Services Australia website.FIND OUT MORE: SUPER AND THE AGE PENSION Is your home included in the assets test?If you own the home you live in (providing its on less than 2 hectares of land), it wont be counted as an asset in the assets test. However, owning your home could still affect the rate of your fortnightly pension payment. Thats because the asset limits set by the Government are different for homeowners and non-homeowners – as shown in the table above.For example, the difference in asset value limitbetween single homeowners ($280,000) and single non-homeowners ($504,500) is $224,500.So, if youre single and a homeowner, the amount of assets youre allowed tohave before your pensions affected is $224,500 less than if you didnt ownyour home.These limits may change over time. Please visit the Services Australia website for the most recent information.READ MORE: THE AGE PENSION AND THE ASSETS TEST 4. The income test: How much you earnYour income is the other factor considered when figuring out whether you can get the Age Pension and how much your pension payment rate might be. Youre allowed to earn a certain level of income before your pension is reduced or cancelled. To have your income assessed, you must take whats called the income test.The income test looks at all income sources. This includes employment income – wages you might earn from working – or money you might receive from businesses you own. It also looks at investment income. This includes your super and income created from financial assets, such as savings accounts, managed investments, and shares. For most pensioners, the standard income test applies when deciding the amount youll receive in your fortnightly pension.To receive the most Age Pension, your fortnightlyincome needs to be under $190 if youre single. Or, under $336 (couplecombined) a fortnight if youre in a couple that lives together, or apart dueto ill health2.For every dollar of income you earn over this limit, your pension will reduce by 50c for a single person, and 50c per couple.If you earn over a certain amount in a fortnight (known as the cut off point), you wont be eligible to receive any payments.Age Pension cut off points IF YOURE: YOUR FORTNIGHTLY INCOME CUT OFF POINT IS: Single $2,165.20 A couple, living together $3,313.60 (combined) A couple, living apart due to ill health $4,286.40 (combined) Source: Services Australia, 30 June 2022. Your Age Pension cut off point will be higher if you get the Work Bonus. This is an incentive designed to encourage those receiving the Age Pension to work. All payments may be lower if you dont live in Australia. READ MORE: UNDERSTANDING THE GOVERNMENT AGE PENSION INCOME TEST
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