More cost of living relief is on the way
From 1 July 2024, veterans can earn more, and the value of their assets can be higher before their pension payments are affected. This is due to changes in the income free areas and asset value limits that are used to calculate rates of income support pensions, which will see these amount rise in line with the annual indexation process.
Different limits may apply for veterans who are assessed under transitional rules. Disability compensation payments and war widow(er)'s pensions are not subject to the income and assets tests.
Related to these thresholds increasing, some recipients of the service pension, income support supplement, veteran payment and social security age pension may see an increase to their payments. Pensioners don’t need to do anything to receive the increase.
The table below outlines the new limits and thresholds. For more information, including a summary of the new income and asset thresholds, pension rates and allowances please visit the DVA payment rates page.
| Single rate (fortnightly) | Couples rate - combined (fortnightly) | |
| Amount of income an income support recipient may receive before their pension is reduced | ||
| Service or Age Pension | $212.00 | $372.00 |
| Income Support Supplement (War Widow(er)'s Pension is included in these amounts) * | $1,741.60 | $2,345.60 |
| Maximum value of assets a person can have before their pension or supplement is affected | ||
| Service or Age Pension | ||
| Homeowner | $314,000.00 | $470,000.00 |
| Non-homeowner | $566,000.00 | $722,000.00 |
| Income Support Supplement* | ||
| Homeowner | $569,000.00 | $799,000.00 |
| Non-homeowner | $821,000.00 | $1,051,000.00 |
| Deeming threshold | $62,600.00 | $103,800.00 |
| MRCA rates** | New rate (fortnightly) | |
| Maximum Permanent Impairment amount | $843.44 | |
| Maximum rate of Household Services | $1,194.26 | |
| Maximum rate of Attendant Care | $1,194.26 | |
| Dependent eligible young person | $361.14 | |
*different limits apply if assessed under transitional rules
**rates in this table are fortnightly, not weekly rates