How superannuation affects your payment from us
13 July 2020
Your age determines if we assess your superannuation in our income and assets tests.
Superannuation (super) is a long term savings structure to help fund your retirement. How we assess your super depends on your age and whether you’re drawing an income stream from your fund.
If you’re under Age Pension age
We’ll only count your super in the income and assets tests if your fund is paying you:
- a super pension
- an income stream.
If you withdraw your super
Taking money out of super doesn’t affect payments from us. But what you do with the money may affect your payment. For instance, we’ll count it in your income and assets tests if you:
- use it to buy an income stream
- put it in the bank
- buy another financial investment.
If you’re Age Pension age
When you reach Age Pension age, we count your super in both the income and assets tests.
The income test assesses your super as part of your financial assets. We also use deeming rules to work out a deemed income amount.
The assets test considers:
- the balance on your latest statement, if it’s invested in an account based fund
- the number of units multiplied by the latest unit price, if it’s invested in a unitised fund.
The same rules apply to your partner and their super if they’re Age Pension age. The rules apply even if they’re not getting a payment from us.
- learn about types of super and how it works
- learn about super and what you’re entitled to from the Australian Taxation Office.
Watch our video to learn more about super at Age Pension age.
Read more news for Individuals.
If you get an income support payment from us, we’ll assess your income and assets differently after 25 September 2020.
On 1 July 2020, our income and assets tests for Age Pension will increase.
Page last updated: 16 July 2020
This information was printed 18 September 2020 from https://www.servicesaustralia.gov.au/individuals/news/how-superannuation-affects-your-payment-from-us. It may not include all of the relevant information on this topic. Please consider any relevant site notices at https://www.servicesaustralia.gov.au/individuals/site-notices when using this material.