Australian Pension Assets Test
When you’re looking into applying for the age pension for the first time, our consultants here at Pension & Aged Care Services can assist with helping you apply for the right pension rates, based on your current circumstances and accumulated assets. With over 20 years of experience dealing with various government departments, we guarantee our team will be able to sort out your age pension application quickly and efficiently.
As one of the most important legal aspects for an age pension application, the Australian Age Pension assets test is vital in determining if you’re eligible for a full or part age pension, and what rate you will receive.
The assets test is also different from an age pension income test, as this will separately assess your income from all sources, including financial assets such as your super. If you’re married, in a registered relationship or in a de-facto relationship, the assets of your partner will also be counted towards your own.
So, what gets assessed under the Australian Age Pension assets test? Any items or physical property you or your partner own, both in part and in full, are assessed. These include the following:
Any investments you have made
The contents of your home
Other personal effects and assets
All streams of income
Pensions from superannuation
Any private trusts or partnerships you’re connected to
Private companies or sole trader businesses you are part of
Assets are then valued under their current market value.
For more information on the Australian Age Pension assets test and how our team can help properly prepare your age pension application, please get in touch with us today.
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