Effective from 1 January 2017, there are important changes to the Assets Test for the Aged Pension.

People aged over 65 and in receipt of a full or part Aged Pension need to be aware that for every $1,000 owned above the assets test free amount, their pension will be reduced by $3 (this was previously reduced by $1.50 for every $1,000).

The thresholds that apply are dependent on whether you are single or a couple, own your own home or not, and are either in receipt of a full or part pension.

For further information visit https://www.humanservices.gov.au/customer/enablers/changes-pension-assets-test