Not only are there changes in store for superannuation legislation, as set out in my last super news update, there are also changes coming which may affect your Centrelink pension entitlements, as follows:

On 1 January 2017 the amount of assets above which allowances are not paid and pensions are reduced – the assets test free area - will increase to:

    $250,000 for a single homeowner
    $375,000 for a homeowner couple
    $450,000 for a single non-homeowner
    $575,000 for a non-homeowner couple

The family home is still exempt from the assets test.
 

Currently, for every $1,000 of assets you own over the assets test free area, your pension is reduced by $1.50 per fortnight. This is called the taper rate.

From 1 January 2017, your pension will reduce by $3 per fortnight for every $1,000 of assets you own over the asset free area.

For full details of the changes please consult the Centrelink website at https://www.humanservices.gov.au/customer/enablers/changes-pension-assets-test or call Centrelink to make an appointment.