How much is the Age Pension in Australia?

As of September 2025 indexation, the maximum Age Pension is approximately $1,212.00 per fortnight for singles (including pension supplement and energy supplement) and $913.50 per fortnight for each member of a couple. These rates are indexed twice yearly (March and September) in line with CPI and wage growth.

How does the income test work for Age Pension?

Singles can earn up to $204 per fortnight before their pension is reduced. Above that, the pension reduces by 50 cents for every dollar of income. Couples (combined) can earn $360 per fortnight before reduction, then 25 cents per dollar each. The Work Bonus allows pensioners to earn an extra $300/fortnight from employment without it counting as income.

What are the assets test thresholds?

For full pension: single homeowner $301,750, couple homeowner $451,500, single non-homeowner $543,750, couple non-homeowner $693,500. Above these thresholds, the pension reduces by $3 per fortnight for every $1,000 in assets. Pension cuts out at approximately $674,000 (single homeowner) to $1,254,500 (couple non-homeowner).

What is the Work Bonus?

The Work Bonus allows Age Pension and DSP recipients to earn up to $300 per fortnight from employment income without it being counted in the income test. Unused Work Bonus amounts can be banked, up to a maximum of $11,800. This only applies to employment income, not investment income or rental income.

Centrelink Payment Calculator Australia — Age Pension, JobSeeker & DSP

Q: How does deeming work?

Deeming assumes your financial assets earn a set rate of return, regardless of actual earnings. For singles, the first $60,400 is deemed at 0.25% and the rest at 2.25%. For couples, the first $100,200 is deemed at 0.25% and above at 2.25%. This deemed income is used in the income test, not your actual investment returns.

Estimate your Centrelink payment, plan for Age Pension eligibility, and see how working affects your benefit. Income test, assets test, and deeming rates included.

Centrelink payments are means-tested on both income and assets. Your payment is determined by whichever test gives the lower amount. Rates indexed September 2025.

Payment type

Select your payment type

Relationship status

Age

years

Age Pension from 67, JobSeeker 55+ has higher rate

Homeowner

Affects assets test thresholds

Assessable assets

Investments, super (if pension age), shares, etc. Excludes your home.

Fortnightly income

Assessable income per fortnight (employment, investments, etc.)

—

Try another scenario

Found an issue? Send feedback

How to Use This Calculator

Tab "Payment Estimate"

Select your payment type (Age Pension, JobSeeker, or DSP), relationship status, age, homeowner status, assessable assets, and fortnightly income. The calculator applies both the income test and assets test and shows you the estimated payment based on whichever test gives the lower result.

Tab "Age Pension Planner"

Enter your age, super balance, other investments, rental income, and homeowner status. The calculator uses deeming rates to estimate your income from financial assets, then applies both tests to determine if you qualify for full or part pension, and shows what you would need to reduce to qualify for full pension.

Tab "Work While Receiving"

Already receiving a payment? Enter your payment type, current payment, and proposed work income. See how much your payment would reduce, the net benefit of working (you almost always come out ahead), and at what income level your payment would be fully cut off.

The Formulas

Income test (Age Pension, single):
Reduction = max(0, (Fortnightly income - $204) x 50c)

Income test (Age Pension, couple combined):
Reduction = max(0, (Combined income - $360) x 25c) per person

Assets test:
Reduction = max(0, (Assets - Threshold) / $1,000 x $3) per fortnight

Deeming (single):
Deemed income = (min(Assets, $60,400) x 0.25%) + (max(0, Assets - $60,400) x 2.25%)

Deeming (couple):
Deemed income = (min(Assets, $100,200) x 0.25%) + (max(0, Assets - $100,200) x 2.25%)

Payment calculation:
Payment = Maximum rate - max(Income test reduction, Assets test reduction)
Payment is determined by whichever test gives the lower payment.

Work Bonus (pensioners only):
First $300/fortnight of employment income is excluded from income test.

All rates based on September 2025 indexation. Rates are indexed twice yearly (March and September). Check Services Australia for current rates.

Example

Margaret — Single Homeowner, Age 69, Retired

Super balance: $300,000. Bank savings: $50,000. Total assessable assets: $350,000. No employment income, deemed income from financial assets.

Maximum Age Pension (single)$1,212/fortnight

Total financial assets$350,000

Deemed income (annual)$6,667 ($256/fn)

Income test reduction$26/fn

Assets test reduction$145/fn

Margaret's payment is determined by the assets test ($145/fn reduction is greater than the $26/fn income test reduction). Her estimated payment is $1,067/fortnight. To receive full pension, she would need to reduce assets by $48,250 below the $301,750 threshold.

Payment Rates & Thresholds — Sept 2025

Item	Single	Couple (each)
Age Pension (max fortnightly)	~$1,212.00	~$913.50
JobSeeker (22+)	~$762.70	~$693.10
JobSeeker (55+ after 9 months)	~$823.20	~$693.10
Income free area	$204/fn	$360/fn combined
Income taper rate	50c/$1	25c/$1 each
Assets threshold (homeowner)	$301,750	$451,500
Assets threshold (non-homeowner)	$543,750	$693,500
Assets cut-off (homeowner)	~$674,000	~$1,012,500
Assets taper rate	$3 per $1,000 above threshold per fn
Deeming threshold	$60,400	$100,200 combined
Deeming rates	0.25% below / 2.25% above
Work Bonus	$300/fn (pensioners, employment income)

Frequently Asked Questions

What assets are included in the assets test?▼

Assessable assets include superannuation (if you are Age Pension age), bank accounts, shares, managed funds, investment properties, vehicles, boats, and personal assets above a threshold. Your principal home is exempt. Funeral bonds up to $15,000 and certain complying income streams may also be exempt or partially assessed.

When does super count as an asset for Centrelink?▼

Superannuation is only counted as an assessable asset once you reach Age Pension age (67). Before that, super held in a complying super fund is exempt from the assets test. This means if you retire early (say at 60), your super balance is not counted until you turn 67, which may help you access Centrelink payments in the interim.

How does deeming work and why does it matter?▼

Deeming assumes your financial assets earn income at set rates, regardless of what they actually earn. For singles, the first $60,400 is deemed at 0.25% and the rest at 2.25%. This means Centrelink may assess you as having more income than you actually receive (if your investments earn less than the deeming rate) or less (if they earn more). Deeming applies to bank accounts, shares, managed funds, super, and most financial investments.

Can I receive Age Pension and still work?▼

Yes. The Work Bonus allows Age Pension recipients to earn $300 per fortnight from employment without it affecting their pension. Unused amounts can be banked up to $11,800. Above the Work Bonus plus the income free area ($204/fn for singles), your pension reduces but you are still financially better off overall — you keep your work income minus the pension reduction, which always leaves you ahead.

What is the difference between the income test and the assets test?▼

Both tests calculate a pension reduction independently. Your actual payment is determined by whichever test gives the lower payment amount. The income test looks at your fortnightly income (including deemed income from financial assets). The assets test looks at the total value of your assessable assets. Many retirees with moderate super balances ($300K-$700K) find the assets test is the binding constraint.

Related Calculators

Embed This Calculator

Add the sum.money Centrelink Payment Calculator to your website. Free, responsive, always up to date.