Pensions, Allowances etc Indexation changes, effective 20 March 2016

The 20 March 2016 indexation changes have been announced and a special thank you to Debbie McTaggart, Editor, YourLifeChoices for sharing the information so promptly.

Increased, are Pensions, Allowances, Parenting Payments, Youth Allowance, Rent Assistance, Low Income Health Care Card cut offs etc. See attached for details.

“Ready reckoner” charts will be organised shortly kind courtesy of James Joseph & will be forwarded when available.

Short summary of the main areas are as follows:

PENSIONS:
Single Rate was $867 pf…. Now $873.90 pf….. Increase of $6.90
Couple EACH was $653.50 pf. ….Now $658.70….Increase of $5.20 ea

Cut off points: Pension Income test
Single was $1896 pf (49,296 pa) …. Now $1909.80 pf (49,654.80 pa)
Couple comb was $2902 pf (75,452 pa).
Now $2922.80 pf (75,992.80 pa)

Cut off points: Pension Assets Test
Single Homeowner, was $783,500; Now $788,250.
Couple Homeowners, was $1,163,000; Now $1,170,000
Single Non Homeowners, was $932,500; Now $937,250
Couple Non Homeowners, was $1,312,000; Now $1,319,000

Pension Income & Assets “thresholds” will be increased on 1 July 2016 and this obviously will increase the ‘cut off ‘ points at that time.

Low Income Health Care cards:
Average weekly income for 8 weeks previous to claiming:
Single no kids was $531 pw ($27,612 pa); Now $536 pw ($27,872 pa)
Couple comb no kids was $919 pw ($47,788 pa); Now $926 pw ($48,152 pa)

Low Income Health Care cards: CUT OFFs
Average weekly income for 8 weeks whilst holding the card
Single no kids was $663.75 pw ($34,515 pa);
Now $670 pw ($34,840 pa)
Couple comb no kids was $1148.75 pw ($59,735 pa);
Now 1157.50 pw ($60,190 pa).