ASAP Accounting & Taxation 02 4578-6088

07/10/2026

29/09/2026

👵 7 Things to Know About the Age Pension

The Age Pension can be an important part of retirement income for many Australians — but the rules can sometimes feel a little complicated.

Here are 7 useful things to know if you’re approaching retirement or already receiving the Age Pension.

1️⃣ Age Pension age is currently 67

For people born on or after 1 January 1957, Age Pension age is 67. You’ll also need to satisfy other eligibility requirements, including residency and means testing.

2️⃣ You can start your claim before you turn 67

You don’t necessarily need to wait until your birthday. An Age Pension claim can generally be lodged up to 13 weeks before reaching Age Pension age, which can help avoid unnecessary delays if you’re eligible.

3️⃣ Centrelink looks at both your income AND your assets

The Age Pension is means tested. Centrelink applies both an income test and an assets test, with the test producing the lower entitlement generally determining how much pension is payable.

Importantly, being over the threshold for a full pension doesn’t necessarily mean you receive nothing — you may still qualify for a part Age Pension.

4️⃣ Your family home is generally not counted as an asset

For Age Pension purposes, your principal home is generally exempt from the assets test, regardless of its value.

That means two retirees with the same overall net wealth can sometimes have very different Centrelink outcomes depending on how their wealth is structured.

5️⃣ Centrelink doesn’t simply use the interest your investments actually earn

Many financial investments — including cash, bank accounts, shares, managed funds and most account-based pensions — are assessed using deeming rules.

Centrelink effectively assumes those financial assets earn a prescribed rate of income, regardless of the income actually received.

This is one reason the Centrelink assessment of your retirement finances can look quite different from your tax return.

6️⃣ Continuing to work doesn’t automatically mean losing your Age Pension

The Work Bonus can reduce the amount of eligible employment income counted under the Age Pension income test.

Eligible pensioners currently accrue a $300 Work Bonus each fortnight, with unused amounts able to build up to a maximum Work Bonus balance of $11,800. New eligible pensioners can also begin with a $4,000 starting balance.

7️⃣ Be careful assuming that giving money away will automatically improve your Age Pension

You’re free to give away as much as you like, but Centrelink has specific gifting rules.

The current gifting free areas are $10,000 in one financial year and $30,000 over five financial years. Amounts above those limits can continue to be counted under the assets test and deemed under the income test for five years.

💡 The bigger picture

Centrelink is only one part of retirement planning. Your superannuation, investments, home, employment income and the position of your spouse can all interact with the Age Pension rules.

Understanding how everything fits together can make retirement feel a lot clearer.

At ASAP Financial Advising, we help people across the Hawkesbury and Western Sydney understand their retirement position and build a plan around the retirement they want.

👉 www.asapfinancialadvising.com.au

General information only. This post does not take into account your objectives, financial situation or needs. Centrelink rules, rates and thresholds can change. Consider whether the information is appropriate for your circumstances and seek personalised advice where required.

01/08/2026

📣 TAXABLE PAYMENTS ANNUAL REPORT (TPAR) – DUE 28 AUGUST

A quick reminder for all businesses in the building, cleaning, courier, road freight, IT, security, and mixed‑services industries: TPAR is due by 28 August.

15/07/2026

🔍 ATO focus areas this year

The ATO is reviewing:

Work‑related deductions

Rental property claims

GST accuracy

Contractor vs employee classification

If you’re unsure about any of these, we can help you stay compliant.

15/07/2026

🏡 Working from home?

The ATO’s fixed‑rate method requires detailed records of hours worked and running expenses.

If you’re unsure what you can claim, we can guide you through the rules.

13/07/2026

📌 6. STP Finalisation – Due 14 July

Employers: STP finalisation is due 14 July.

Please ensure payroll is reconciled, super is up to date, and all employee details are correct.

If you need assistance, contact us before the deadline.

08/07/2026

🗂️ Good records = smoother tax time
Keep track of:

Business expenses

Motor vehicle logbooks

Asset purchases

Payroll & STP reports

Super payments

A little organisation now saves a lot of stress later.

30/06/2026

💡 Payday Super is now in effect

From 1 July 2026, employers must pay super on the same day as wages.

30/06/2026

Tax Time Starts 1 July 2026

Happy New Financial Year!

From 1 July 2026, tax time officially begins. A few reminders to help things run smoothly:

Gather income statements, bank interest, dividends and rental records

Keep receipts for work‑related expenses

Ensure logbooks and home‑office records are up to date

Review super contributions for the year

Businesses: reconcile payroll, GST and bank accounts early

We’re now taking bookings for FY26 tax returns and business lodgements. Reach out if you’d like help getting organised.