AGED PENSIONERS will bear the brunt of assets test changes to become law on January 1st, 2017, impacting some seniors in Byron Shire.
Lobby group National Seniors Australia has released figures showing new cuts in assets which will affect many senior citizens whose assets are determined by the high value of real estate in Byron Bay and surrounding areas.
A recent update on the NSA website announces “Changes to the pension assets test take effect 1 January 2017” and asks the question “Will you be affected?”
“On 1 January 2017, the pension assets test used to calculate pensions will change. The assets test thresholds and cut out limits will change. These changes may affect you if you get the Age Pension, Carer Payment, Disability Support Pension, Widow B Pension or Wife Pension.”
To receive the full pension, your assets must be less than:
|
|
Homeowner |
Non-homeowner |
|
Single |
$250,000 |
$450,000 |
|
Couple |
$375,000 |
$575,000 |
National Seniors members can access free independent financial information from the National Seniors Financial Information Desk by phoning 1300 020 110.