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When determining a clients’ eligibility for the Age Pension, Centrelink, among other criteria, assesses their income and assets. Clients’ assessable income and assets are applied against the relevant income and assets thresholds and income and assets above these thresholds reduce Age Pension at the relevant rate. The means test producing the lower Age Pension entitlement determines the rate of Age Pension payable.
43728 Age Pension Campaign Icons R1 7 Does your client have assessable assets of:
a. $0 - $250,000
b. $250,001 - $270,000
c. $270,001 - $580,000
d. $580,001+

Numbers are rounded for illustrative purposes and based on rates and thresholds of 20 September 2020. For exact figures please view the Strategy Zones chart. Assumes all assets are financial assets and there is no other income.   


What is an assessable asset?

Property or items clients and their partner own, in full or part, or have an interest in are assessable assets. These can affect their Age Pension payment.

Centrelink looks at the type and value of any assets in and outside of Australia. The value of your client’s assets is generally what they can get if they sold them at market value. Centrelink generally deduct from the market value, any debt that is secured against an assessable asset. Most real estate is included in the assets test. However, the principal home and the first two hectares of land it’s on are generally exempt.

How are assets assessed?

The level of assessable assets clients own are assessed against their assets test thresholds which vary depending on their home ownership and relationship status. For every $1,000 of assets in excess of the lower threshold, their rate of Age Pension reduces by $3.00 per fortnight, reducing to zero once their assets reach the upper threshold.