The article has been updated successfully.This is a frequently asked question. You have paid tax on your income and feel justified in receiving the age pension when you retire.
As at 20 September 2011 the full age pension is $689 a fortnight for singles and $519.40 each for couples (pensioners may also receive a supplement in addition to these amounts).
An income and asset test is used by Centrelink to determine your level of age pension entitlements, the test that gives you the lower entitlement is the one that will be applied.
Asset test
The most important feature of this test is that the family home is excluded from the definition of asset, regardless of how much it is worth.
Assets included in the test are shares, investment property, cash and fixed-interest securities.
Lump sum super amounts are also included.
If you own valuable art, vintage cars or antiques these too are included in the asset test.
Income test
An income test also applies. However, income from any superannuation income stream is treated concessionally. Visit www.centrelink.gov.au for more information.
