There are a number of rules around eligibility for the age pension these are detailed below.
What age can your receive the age pension?
If you were born after the 01/01/1957 you will need to be 67 before you will qualify for the age pension. If you were born prior to 01/01/1957 the age of qualification will depend on the date you were born. See below table.
How much is the age pension?
For singles the age pension is $19,643 per annum or $755.50 per fortnight. For couples it is a combined amount of $29.614 per annum or $1,139 per fortnight.
The amount of age pension you receive will be reduced based on the result of the Asset test and the Income Test. The test, which reduces your age pension the most, will be the one that will be applied to you.
What is the asset test?
The amount of the age pension you receive will reduced based on the value of the assets you hold. The value of the assets you can hold differ depending on whether or not you own your own home.
If you are a single homeowner, you can hold between $192,500 and $696,250 plus your home and still receive a part pension. If single with no home you can hold between $332,00 and $835,750 in assets.
If you are a couple and own your own home, you can hold between $273,000 and $1,032,500 plus your home and still receive a part pension. If a couple with no home you can hold between $412,500 and $1,172,000 in assets.
What is the income test?
The value of the age pension you receive will reduce based on the income you receive.
If you are a single you can earn between $3,952 and $42,238 and still receive a part pension.
If you are a couple you can earn a combined income between $6,968 and $66,196 and still receive a part pension.