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Age Pension Assets Test

How much can you own and still receive the age pension?

What is the assets test?

The assets test is one of the ways the government decides if you¡¯re able to get the age pension, and whether it¡¯s the full 100% or a reduced pension payment. It takes into account assets such as vehicles, personal items, jewellery, managed funds, as well as investment property, share portfolios, savings, and superannuation balance.

The other test the government uses is the income test, which looks at what you will potentially earn each year.

What counts as an asset?

The list of assets is long, but the most common assets include:

  • Investment properties
  • Home contents and personal effects
  • Motor vehicles, boats, caravans and motorbikes
  • Superannuation
  • Financial investments, managed funds, shares and bonds
  • Savings and term deposits, interests in trusts, companies, partnerships and sole trading
  • Gifts and loans to others
  • Deceased estates

What is the asset test threshold?

The assets test threshold starts at around $314,000 for a single person who owns their own home and receives the full pension. If the value of your assets go above that, then your pension allowance will be reduced. The limits are higher if you¡¯re a couple, non-homeowner, transitional pensioner or receiving a part pension.

How much can I have in assets and still receive the age pension?

To find out, use the Age Pension Calculator

Try our Age Pension Calculator

Or read this table

Single Homeowner Non-homeowner
Full pension limit $314,000 $566,000
Transitional pension limit $621,750 $873,750
Part pension limit $686,250 $938,250
Couple ¨C one or both eligible    
Full pension limit $470,000 $722,000
Transitional pension limit $966,500 $1,218,500
Part pension limit $1,031,000 $1,283,000
Couple living apart due to ill health    
Full pension limit $470,000 $722,000
Transitional pension limit $1,085,500 $1,337,500
Part pension limit $1,214,500 $1,466,500

July 2024 rates

Transitional pensioners

A transitional pensioner is someone who started receiving the aged pension before September 2009. At that time there were different rules and tests, and so transition rules were put in place to make sure that those pensioners would not be negatively affected by the new rules. This is why there are different thresholds for transitional pensioners in the table.

Couples and the assets test

As with the income test, even if only one partner is eligible for the age pension, the assets of both will be counted in the Centrelink test.

Assets test calculations

Our age pension calculator can give you an idea about your eligibility for the age pension, and if so, how much. The calculator uses the assets test and the income test to make an estimate of your age pension entitlement and super income.

Try our Age Pension Calculator

How to value assets for Centrelink

When valuing your assets for the assets test, the general rule is to work out what you¡¯d get if you sold them at market value. You may be able to find some resources online such as vehicle valuations and calculators on home contents insurance sites, but if in doubt, chat to a retirement planning professional.

If you are a member of an How to invest in stocksFund, they can point you in the right direction for financial advice.

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