Calculate Disability And Aged Pensions

The below calculator is for people on the Disability or Aged Pensions with no dependent children. Tip: to save your details just copy or bookmark the page URL.

Description:

Data	Description
Relationship status: Single Member of a couple	If you are a member of a couple, type in your combined deemed, non-deemed assets, other income, and rent.
Deemed Assets: $ Deemed assets means what you are deemed to earn income on.	Bank accounts (even if the interest rate is 0%), savings accounts, term deposits, shares, Super (if you are over retirement age), etc. Write the account balance not how much interest you make.
Non-Deemed Assets: $	Vehicles, artwork, property* (not your principal home), other assets, etc. * = If you are a home owner (and live in your home) the value of your home is not counted as an asset.
Home Owner	Check the box if you are a home owner and it is your principal residence.
Other Income: $ week fortnight month year	Work, real estate income, etc.
Rent: $ week fortnight month year	If you are a tenant renting a house, unit, etc.
Working Credits: $	Login to Centrelink and look for the part where is says how many working credits you have.

Pension Calculated
Label	Per Fortnight	Notes
Basic Rate + supplements	$1,178.70	For single people on the DSP and aged pension. See pension - how much gov.au.
Income Penalty	$-0.00	You do not receive any penalty for interest/income earned. The first $64,200 of your deemed assets has the deemed rate of 0.25% applied, anything over $64,200 is deemed to earn 2.25% (see deemed income gov.au) however not all of this is penalised. Only over $218 a fortnight is penalised where you lose $0.25 for every dollar (see income test gov.au).
Assets Penalty	$-0.00	Your assets are $120,000 (deemed assets + non-deemed assets). You can increase your assets by $459,500 without penalty. See the "assets test limits" under the table or gov.au.
Rent Assistance	$215.25	You pay $800 a fortnight in rent. You do not get rent assistance for the last $360.80 of your fortnightly rent... see "penalty/rent tip" under the table. For every dollar over $152.00 and under $439.20 a fortnight you get $0.75. See rent assistance gov.au.
Pension Calculated	$1,393.95	$696.98 a week, or $36,243 a year.

Penalty/rent tip: If you have an income penalty, or assets penalty, then consider selling assets/investments and putting the money into Super*, or buying property**. This also applies if you are paying too much rent (if you are paying $500 a week in rent then maybe you would be better off buying a property and paying a small mortgage. * = only for people under retirement age. ** = and living in it as your principal residence (any age). Assets test limits note 1 of 2: pensions reduce when your assets are more the limit for your situation (home owner: $321,500, non-home owner: $579,500). The amount reduced is $3 every 1,000 dollars over the limit. Assets test limits note 2 of 2: If your assets go more than the limit for your situation (home owner: $714,500, non-home owner: $972,500) your pension will be cancelled.