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How much Age Pension can I get?

Working out your Age Pension is more complicated than it sounds. Centrelink runs your situation through two completely separate tests — the income test and the assets test — and pays you whichever gives the lower amount. The calculator below does both calculations for you, so you can see exactly where you stand under the rules currently in force from 20 March 2026.

Three things to understand before you start

You don't need to be a Centrelink expert to use this calculator — but it helps to understand three concepts before you begin. They explain why the results look the way they do.

1. Two tests, one answer

Centrelink calculates your pension under both the income test and the assets test, then pays whichever is lower. The lower one is called the "binding" test — that's the one actually determining your payment. The calculator shows you both, side by side, with the binding test highlighted.

2. Deeming on financial assets

Centrelink doesn't ask what your savings or investments actually earn. Instead they apply a deemed rate of return: the first $64,200 (single) at 1.25%, and anything above that at 3.25%. So just enter your balances — the calculator handles the deeming maths.

3. Work Bonus exemption

If you're still doing some paid work, the Work Bonus can shelter up to $11,800/year per person from the income test. The calculator assumes you have the maximum balance accrued. New pensioners may have less — we explain this further down.

What you'll need before you start

Have a rough idea of these handy — you can skip anything that doesn't apply to you, and you don't need exact figures to get a useful estimate:

Your bank, term deposit, share, and managed fund balances
Your account-based pension or super balance (if you've reached Age Pension age)
Any defined benefit pension you receive (gross, before tax)
Any overseas pension — except NZ pension, which Centrelink offsets directly
Net rental income (after expenses)
The current value of investment property, vehicles, household contents

About your home

Your principal home is not counted in the assets test — with one important exception. If your home sits on a single title larger than 5 acres, the value of the land beyond 5 acres is assessable. The calculator has a field for this if it applies to you. Read more about the 5-acre rule.

Age Pension Calculator

Takes about 5 minutes. Your answers stay on your device — nothing is sent anywhere.

1. About you

Status: Single Couple (combined)

Home: Homeowner Non-homeowner

2. Income from work

Up to $11,800/year per person can be exempt under the Work Bonus (combining the $300/fn ongoing exemption with the maximum accrued Work Bonus balance). So a single retiree earning $11,800/year — or a couple earning $23,600/year combined — will typically have no employment income counted. Note: new pensioners who haven't yet accrued a Work Bonus balance may have a lower effective exemption.

Expected employment income this financial year Total gross from any work — paid employment, self-employment, etc.

You

Your partner

Each member of a couple gets their own $11,800/year Work Bonus exemption.

3. Financial assets (deemed)

Centrelink doesn't count what these earn — instead they assume a deemed rate of return. Just enter the current balances. For couples, enter combined balances.

Bank accounts and cash Savings, transaction accounts, cash on hand.

Term deposits

Shares and ETFs Listed shares, exchange-traded funds.

Managed funds

Account-based pension(s) Including super in pension phase / income stream.

Super over Age Pension age Only account balances belonging to a person aged 67+. Accumulation super of someone under 67 is not assessed.

Other financial investments Bonds, debentures, friendly society bonds, etc.

4. Other income (counted at actual rate)

These are income sources Centrelink counts at their actual amount, not via deeming.

Defined benefit pension i Gross amount before any deductions. The estimated 10% deductible amount is applied automatically.

Your DB pension (gross)

Partner's DB pension (gross)

Estimated 10% deductible amount applied automatically to each.

Overseas pension (in AUD equivalent) UK State Pension, foreign government pensions, etc. Convert to Australian dollars at the current exchange rate. Combined for couples. Do NOT include any NZ pension — NZ pension is offset dollar-for-dollar against the Australian Age Pension by Centrelink directly.

Net rental income From investment property, after deductible expenses (interest, rates, repairs).

Trust or partnership distributions

Other non-investment income Anything else regular not covered above. Do NOT include dividends or interest — those are already covered by deeming on the financial assets above.

5. Other assets (non-financial)

Assets other than cash and investments. Your principal home is not counted*.
* Principal home is exempt up to 5 acres on a single title. If your home sits on a larger block, the value of the land above 5 acres is assessable. More on the 5-acre rule →

Estimated value of land above 5 acres on the same title as your home If your home is on a single title larger than 5 acres, enter the estimated value of the land beyond 5 acres. Leave at $0 if your block is 5 acres or less, or if your home and surrounding land are on separate titles.

Other property — gross value Includes rental properties, holiday homes, second homes, vacant land, and any other real estate you own apart from your principal home. Enter the current market value (not the purchase price). If you own multiple properties, add the values together.

Mortgage owing on the property above If there's a loan against the property, enter the current balance. It will be subtracted from the gross value above.

Vehicles Cars, caravan, boat — current market value (not insured value).

Household contents Use second-hand value, not insured value. Most homes value around $5,000–$10,000.

Lifestyle assets Jewellery, art, collectibles individually worth more than $10,000.

Other assets Anything else Centrelink counts that doesn't fit above — e.g. business assets, your interest in a private trust or company, livestock, foreign assets, or other valuables. If you're not sure whether something counts, leave at $0 and check with Centrelink or a financial planner.

6. Gifts in the last 5 years (deprivation)

Have you given away money or assets, donated significant amounts, or sold things below market value in the last 5 financial years? Centrelink limits gifting to $10,000 per financial year and $30,000 over any rolling 5-year period. Anything above those limits is treated as if you still owned it for 5 years — affecting both your assets test and your income test (via deeming).

Not sure if something counts as a gift? See our Is This a Gift? guide with real-world examples. For the full rules, see Gifting Rules.

Have you made any gifts above $10,000 in any year, or above $30,000 in total, in the last 5 years?

No Yes

Your fortnightly Age Pension

$0.00 / fortnight ($0 per year)

How both tests compared

Centrelink calculates your pension under both the income test and the assets test, then pays you the lower of the two. The lower one is the "binding" test — the one actually determining your pension.

Income Test

Deemed income (annual)$0

Employment (after Work Bonus)$0

Defined benefit (after 10%)$0

Other income (annual)$0

Total assessable income$0

Per fortnight$0/fn

Income free area$0/fn

Reduction (50¢ per $1 over)$0/fn

Pension under income test $0/fn

Assets Test

Financial assets$0

Other assets (net)$0

Total assessable assets$0

Asset-free threshold$0

Reduction ($3 per $1,000 over)$0/fn

Pension under assets test $0/fn

Financial year	Amount gifted	Caught by Rule 1 (annual excess)
Total over 5 years	$0	$0
Caught by Rule 2 (5-year limit excess)	$0
Total deprivation Centrelink will count	$0

📍 What could change your pension

Wondering if a different asset structure could improve your pension? A coaching session can model strategies tailored to your situation. Get in touch.

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Where to next?

Your Age Pension entitlement is just one piece of the retirement puzzle. The tools below help you plan the rest.

Next steps

Make the most of what you've learned today.

Compare old vs new rates

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Health Care Card check

Even if your pension is reduced, you may qualify for the Commonwealth Seniors Health Card.

Check eligibility

Talk it through 1:1

Book a coaching call to discuss strategies for your specific situation.

Book a call

Accuracy Note: Whilst every effort has been made to provide current and accurate information, I am only one person and there's a very good chance I'll miss something. If you spot a factual error, or if a calculator breaks or gives incorrect answers, I'd be really grateful if you could let me know via the Contact Us page so I can fix it ASAP.

Disclaimer: This calculator provides an estimate only based on Centrelink Age Pension rates and thresholds effective from 20 March 2026. It assumes both members of a couple have reached Age Pension age (currently 67) and that you meet Australian residency requirements. The Work Bonus exemption modelled ($11,800/year per person) assumes a maximum accrued Work Bonus balance — new pensioners who haven't yet accrued a balance may have a lower effective exemption. Actual entitlement may also vary depending on Rent Assistance, transitional pension provisions, illness-separated couples, complex defined benefit schemes, and other factors not modelled here. This is general information only and does not constitute personal financial advice.

Centrelink data current as of 20 March 2026. Page last reviewed: 8 May 2026.