Increasing the social security asset test thresholds – thresholds have increased for most social security benefits:

Benefit recipient

Full Pension

Pension Cut Out

Single home owner

$205,500

$779,000

Home owner couple

$291,500

$1,156,000

Single non-home owner

$354,500

$928,000

Non-home owner couple

$440,500

$1,305,000

 

The changes apply to thresholds for many social security benefits, such as the parenting payment and any allowances (e.g. youth allowance, newstart allowance).

Resuming indexation of asset test thresholds – part of last year’s Budget measures was to pause indexation of the asset-test free areas. As part of these changes to the threshold, indexation of the asset test thresholds will resume.

Increasing the taper rate – the taper rate for those on the asset test will increase from $1.50 per $1000 to $3.00 per $1000 over the threshold.

Retaining concession cards – those who would lose their senior’s health care card as a result of the changes will retain access to the card.

Seniors supplement – the seniors supplement is being abolished for Commonwealth seniors health care card holders.