What counts towards the income test?
The following chart provides a guide to what counts towards the Centrelink income test for the age pension.
- Short-term asset tested income streams (eg five years or less).
- Other income streams commenced after 31 December 2014 (eg account based pensions).
- Bank, building society and credit union accounts.
- Cheque accounts.
- Term deposits.
- Loans and debentures
- Government bonds.
- Friendly society bonds.
- Listed shares and unlisted shares in public companies.
- Insurance bonds.
- Managed investments.
- Assets in super and rollover funds held by anyone of pension age.
- Gold, silver and platinum bullion.
- Deprived assets (gifting rules).
- Income streams other than short- term asset tested income streams, commenced on or before 31 December 2014 by those persons in receipt of a Centrelink age pension or allowance as at that date.
- Income from rental properties.
- Income from farms.
- Income from private companies and trusts.
- Income from businesses and partnerships.
- Plus items listed in column four.
- Principal home.
- Home contents.
- Holiday home.
- Stamp collections.
- Assets in super and rollover funds held by anyone under pension age.
- Standard life insurance (ie whole of life and endowment policies).
- Gifts (limited).
- Funeral bonds (up to $12,750 for a single bond as at 1 July 2017).
- Accommodation bond paid to an aged care facility.
- Gifts within allowable limits
- Any money, profits or valuable consideration earned, derived or received.
- Salary, wages, allowances.
- Fees, royalties.
- Periodic compensation payments.
- Foreign pensions.
- Salary sacrifice super contributions.
- Employment termination payments assessed under income maintenance rules for DSP.
- Leave payments.
Last modified: Friday, January 12, 2018