Age Pension Assets & Income Test Calculator Australia 2026

How the Age Pension Means Test Works

The Australian Age Pension is subject to two separate means tests administered by Centrelink: the assets test and the income test. Centrelink applies whichever test produces the lower pension rate. As of 1 January 2026, the full single Age Pension is $1,149.00 per fortnight (including pension and energy supplements), and the full couple rate is $866.10 per fortnight each. Recipients must be aged 67 or over and satisfy residency requirements.

Under the assets test, single homeowners can have up to $314,000 in assets and still receive a full pension; non-homeowners have a higher threshold of $566,000. For couples (combined), the thresholds are $470,000 (homeowner) and $722,000 (non-homeowner). Above the full pension threshold, the pension reduces by $3 per fortnight for every $1,000 of assets. Assets include bank balances, super balances, shares, investment property equity, vehicles, and household contents — but not the family home or exempt assets.

Income Test Rates and Deeming Rules

The income test uses a deeming framework for financial assets. In 2026, the deeming rates are 0.25% per year on financial assets up to $62,600 (single) or $103,800 (couple), and 2.25% on amounts above those thresholds. Deemed income is added to any other income (wages, rent, business income) before applying the income test. The pension reduces by $0.50 per fortnight for every dollar of income above the free areas: $204 per fortnight for singles and $360 per fortnight combined for couples. Income from the Work Bonus scheme — up to $11,800 per year — is excluded for pensioners who work.

Assets Exempt from the Test

Several asset classes are fully exempt from the assets test: the principal family home (regardless of value), pre-paid funeral bonds up to $15,000, certain lifestyle assets below the threshold, and Australian superannuation balances below pension age. Gifting beyond $10,000 per year or $30,000 over five years is treated as a deprived asset under the deprivation rules. This calculator uses the standard 2026 thresholds and does not model all exemptions — always verify with a Centrelink financial information services officer.

Who Qualifies for the Age Pension in 2026

To receive the Age Pension you must be at least 67 years old, be an Australian resident for at least 10 years (including 5 continuous years), and satisfy both the assets test and income test simultaneously. Temporary absences from Australia for up to 26 weeks generally do not affect payments. The pension is paid every two weeks into your nominated bank account. If you are assessed as having $0 payable under either test, you may still be eligible for a Low Income Health Care Card or Commonwealth Seniors Health Card.