Do You Qualify For $372 Per Fortnight Couples in Australia: Know Payment Dates & Form

Significant changes to the Centrelink Age Pension have been implemented since August 2024, directly impacting many senior Australians.

These changes primarily involve adjustments to income and asset limits, which may increase payments for some retirees or allow more individuals to qualify for the Age Pension.

These updates are particularly relevant for couples who now have the opportunity to earn more without losing their pension benefits.

$372 Per Fortnight Couples Eligibility

To qualify for the Centrelink Age Pension, you must meet specific criteria:

• Age Requirement: You must be at least 67 years old.
• Income Limits: For couples, the income limit has been increased, allowing them to earn up to $372 every two weeks without affecting their pension. Previously, the limit was $360. This change provides couples with greater financial flexibility, especially if they have additional sources of income.
• Asset Limits: While not explicitly mentioned, the updated income limits suggest that there may also be adjustments to the asset thresholds, enabling more people to qualify or receive a higher pension amount.
• Partial Pensioners: Couples or individuals already receiving a partial pension might now be eligible for the full pension, thanks to these income limit adjustments.

These updates aim to support older Australians by allowing them to have more income and assets without reducing their pension payments.

Form

If a couple’s income exceeds the $372 limit, their Age Pension will be reduced by 50 cents for every dollar earned above the limit. To apply for the Age Pension, individuals can choose between an online application or an in-person visit to a Centrelink Service Centre.

• Online Application: The easiest way to apply is through your MyGov account, where you can submit all necessary information.
• In-Person Application: Alternatively, you can visit a Centrelink Service Centre to complete your application.

It is advisable to start the application process early, as you can apply up to 13 weeks before reaching the eligible age. Here’s what you need:

1. Personal Information: Age, identity verification, tax file number, and bank account details.
2. Residency Proof: If you have lived outside Australia, provide proof of Australian residency.
3. Partner Information: If applying as part of a couple, you will need to provide details about your partner.
4. Income and Assets: Detailed information about your income and assets is required to determine your eligibility and payment amount.

Payment Dates

Age Pension payments are made fortnightly, generally on the following schedule:

• First Payment: Around the first Monday or Tuesday of the month.
• Second Payment: Around the third Monday or Tuesday of the month.

If a payment date coincides with a public holiday, payments are usually processed on the business day before the holiday, ensuring there is no disruption in receiving the funds.

All We Know

As of August 2024, income and asset thresholds for the Age Pension have been updated, allowing for more generous allowances.

These changes reflect the government’s efforts to ease financial pressures on retirees, enabling them to maintain a higher standard of living. Alongside these updates, superannuation contributions have also seen adjustments. Starting in July 2024:

• Superannuation Contribution Rate: Increased from 11% to 11.5%, providing more savings for retirement.
• Pre-Tax Contribution Cap: Now set at $30,000, up from $27,500.
• After-Tax Contribution Cap: Increased to $120,000, up from $110,000.

These updates collectively aim to bolster financial security for older Australians, ensuring that they have sufficient income during their retirement years.

FAQs