Navigating Aussie pension maze? Let your parents rest! - 搞定澳养老金谜团？别让父母烦恼！
Current Pension Amount (from September 2024 to March 2025, for the latest data, please check the official website)
For a couple jointly receiving the pension: $1,538.80 - $1,725.20 per fortnight (a total of $44,855 per year)
Approximately $3,077.60 - $3,750.40 per month.
Department to Apply for Pension
Your parents need to apply for the pension from Services Australia (formerly known as Centrelink). They can apply online or visit the service center in person.
Pension Asset Test
Definition of Asset Test
The asset test is used to assess whether an applicant is eligible to receive the pension. Specifically:
Asset Free Area: If the family assets are below a certain limit, the full pension can be obtained.
A couple can receive the full pension if their fortnightly income is below $336. For every $1 over this amount, the pension is reduced by $0.5.
When the income reaches $3,568 per fortnight (about $7,717 per month), the pension will cease to be paid.
Calculation of the Excess Part: For every $1,000 of assets in excess, the pension will be reduced by $3 per fortnight.
If it exceeds $1,045,500 (partial pension upper limit), they are no longer eligible to receive.
The asset test is an important part in determining the eligibility and amount of the pension. It includes various personal assets, such as real estate (the main residence is exempt from part of the calculation under certain conditions), bank deposits, investments (stocks, funds, etc.), vehicles, etc. Different ranges of asset values will correspond to different reduction ratios of the pension. For example, if a couple's assets exceed a certain threshold, their pension will be reduced accordingly.
When calculating assets, there is usually an asset exemption amount. As of July 2023, for a couple, the main residence of the family is partially exempt (under certain conditions), and the exemption amount for other assets (such as financial assets, etc.) is approximately $394,500 (this data may change according to policy updates).
Asset Test Conditions
For a single person: The asset free area is $301,750.
For a couple jointly: The asset free area is $451,500.
Income Test
The income test also affects the receipt of the pension. It mainly includes:
Retirement pension
Investment income
Other sources of income (such as employment income)
In addition to the asset test, the income test also affects the pension amount. Income includes retirement pension, investment earnings, rental income, etc. The pension will be reduced according to the level of income.
Income Test Conditions
For a single person: If the fortnightly income exceeds $1,000, the pension will be gradually reduced.
For a couple jointly: If the fortnightly income exceeds $1,600, the pension will be gradually reduced.
Exchange Rate Calculation
According to the current exchange rate, 1 Chinese Yuan (CNY) is approximately equal to 0.2152 Australian Dollars (AUD).
Retirement Pension Conversion (remember the exchange rate)
The retirement pension of father and mother is 2,000 Chinese Yuan each:
2,000 CNY × 0.2152 AUD CNY = 430.4 AUD
2,000 CNY × 0.2152 AUD CNY = 430.4 AUD
The total monthly amount for the couple is: 860.8 AUD
This situation (for a couple jointly receiving) can definitely get the full pension because it is far below the standard – $3,077.60 - $3,750.40
If father's retirement pension becomes 4,000 Chinese Yuan and mother's becomes 6,000 Chinese Yuan:
Father: 4,000 CNY × 0.2152 = 860.8 AUD
Mother: 6,000 CNY × 0.2152 = 1,291.2 AUD
The total monthly amount for the couple is: (860.8 + 1,291.2) = 2,152 AUD
This situation (for a couple jointly receiving) can also get the full pension because it is still far below the standard – $3,077.60 - $3,750.40
Calculation of Reduced Pension
We just talked about the situation of a couple jointly receiving. Now, in order to illustrate the calculation formula of the reduced pension, let's take a single person as an example, with a limit of $1,000 per fortnight. Suppose his single monthly total income is $4,000 AUD, which exceeds the income test limit ($1,000 × 2), then:
The excess part is $4,000 - $2,000 = $2,000 → $2,000 / 2 = $1,000
The fortnightly reduced pension is:
$1,000 × 0.5 = $500 → $1,000 - $500 = $500
Therefore, the fortnightly reduced pension is about $500, and the pension he gets as a single person is $500.
Full Pension Conditions
To obtain the full pension, parents need to meet the following conditions:
Age 67 or above.
Live in Australia and meet the 10-year residency requirement.
The family assets and income are within the specified free area.
The income is below $336 per fortnight.
The assets (excluding the residence) are below $451,500.
Pass the income and asset tests.
Through the above information, you can help your parents better understand how to apply for and calculate the pension they can receive in Australia. If there are any questions, it is recommended to directly contact Services Australia for more specific information and guidance.
资产测试官网详情
Services Australia 养老官网连接
Services Australia Age Pension PDF
