Understanding the Age Pension assets test

Super and investments 101 | Date Posted: 4 September 2023


Despite an increased reliance on superannuation to fund people’s retirement, the government expects more than 60% of Australians will still qualify for at least a part government Age Pension for many decades to come*. To qualify, you need to be a permanent Australian resident, be of pension age and pass an income and an assets test. In this article we unpack what’s included in the asset test.M00499_101_Article-Images_310x172_@2x_Understanding-the-Age-Pension-assets-test

Did you know? Once both the income test and assets test are assessed, whichever awards you the lower rate will be used for your Age Pension payments. Should you not pass one of the tests, then you’re not eligible to receive the Age Pension.

About the Age Pension assets test

The asset test helps the government work out if you’re eligible to receive an Age Pension, and if so, how much you’d get. If your assets are worth too much (or if you earn too much), you won’t be able to receive Age Pension payments.

Types of assets included in the assets test

Your assets include any items or financial assets you own in full, in part, or have an interest in. This also includes assets held outside Australia and debts owed to you. Think about your car, caravan or boat, any investments such as properties, shares or term deposits you may have, as well as your super and any business assets.

If you own your own home, and live it in, this is generally not counted as an asset.

What’s not included

Some assets don’t count for the assets test. These are called exempt assets and include things like:

  • Your primary residence (i.e. your home) and surrounding land (up to 2 hectares on the same title).
  • Some properties larger than 2 hectares (on the same title).
  • Accommodation bonds paid if you move into a residential aged care facility.
  • Any property or money left to you in an estate that you’re unable to access for up to 12 months from the date of the test.
  • Money you’re paid from the National Disability Insurance Scheme (NDIS).
  • Superannuation held in the accumulation phase for a person below their Centrelink Age Pension Age.
  • Funeral bonds up to $15,000 as well as the full value of pre-paid funerals.

How much you can get

How much you get depends on your income and assets tests, and whether you're single or a couple and own your own home or not. If you don’t qualify for a full Age Pension, you may still get a part Age Pension. For an overview of the current rates, visit the Services Australia website. On this website, you can also find more information about the assets limits for a full or part Age Pension.

Remember, the assets test is only one part of the Age Pension eligibility test, so make sure you also meet the income test and other eligibility criteria. 

Turn to Mine

If you have any questions about the Age Pension or your Mine Super account, you can reach us on 13 64 63, Monday to Friday, 8am to 6pm, or email We can also put you in touch with Mine Super Financial Advice for additional support to help you decide what’s right for you. Mine Super members are entitled to a complimentary appointment. And did you know? Advice on how your account is invested is at no extra cost, but there are fees associated with providing personal financial advice. During your appointment your adviser will discuss the fees and how you’d like to proceed. 
Meet the team or request an appointment with Mine Super Financial Advice.

* 2021 Intergenerational Report - Australia over the next 40 years