• The pension taper rate was halved from $3.00 to $1.50 for every $1000 of assets above the assets test free areas. This means the maximum amount of assets you can have and still get a pension has increased.
• If you are currently on a reduced rate pension because of the value of your assets you will receive an automatic payment increase.
• Many people who were previously ineligible for a payment because of the value of their assets may now be eligible for a pension. This will include some Commonwealth Seniors Health Card holders.
• The 50 per cent assets test exemption has been removed for complying income streams purchased from 20 September 2007. The assets test treatment of income streams purchased before 20 September 2007 has not changed.
• If you make a claim up to the 20th December 2007, Centrelink may backdate your claim to 20th September 2007
  

Note: The income test for pension payments has not changed.

Getting Centrelink payments depends on a number of things. Most pensions are subject to two tests, called income and assets tests.

The income test

The income test has not changed. To qualify for a pension your income will need to meet the current income test.

The assets test

The pension assets test changed on 20 September 2007.
Under the new rules, the value of assets you can have and still get a payment has increased. This means you can have a higher amount of assets than before and still be eligible for a Centrelink payment. You might be eligible if the value of your assets is below the following amounts.
Note: The value of your primary residence is not included in the assets test.

What is an asset?

An asset is any property or item of value you (or your partner) own or have an interest in, including those held outside Australia. The value of your primary residence is not included in the assets test. To claim for a payment, you need to estimate the current value of your assessable assets.