Centrelink offers financial support to eligible Australian citizens through various pension schemes, including the Age Pension and Disability Support Pension (DSP). The 2024 payment schedule has already been shared by the authorities on the official Centrelink portal, allowing beneficiaries to plan their finances accordingly. Pensioners can view the detailed month-by-month payment schedule below.
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Payment Details
The two primary pensions, Age Pension and Disability Support Pension, are given to eligible older Australians and people with disabilities. Recipients must link their myGov account to Centrelink to access payments, update their details, and manage any changes to their circumstances. This ensures that the correct payment amount is calculated and paid on time.
For February 2024, for instance, direct deposit payments were made on 14th February, while those receiving checks had to wait until 28th February. Below is the full list of payment dates for the rest of the year.
Monthly Schedule
Centrelink payments for 2024 are provided through direct deposit and paychecks. Here are the dates:
| Month | Direct Deposit Date | Paycheck Date |
|---|---|---|
| March | 7th March | 13th March |
| April | 4th April | 10th April |
| May | 2nd May | 8th May |
| June | 30th May | 5th June |
| July | 27th June | 3rd July |
| August | 22nd August | 28th August |
| September | 19th September | 25th September |
| October | 17th October | 23rd October |
Keep in mind, payments may be delayed if public holidays or other events coincide with these dates. It’s always a good idea to check your myGov account regularly for updates or possible changes to the schedule.
Centrelink Pension
The current Centrelink pension rates depend on your marital status. As of 2024:
- Single pensioners receive $1,002.50 per fortnight.
- Couples receive $1,511.40 per fortnight combined.
Additionally, pensioners may be eligible for other benefits like the Work Bonus, a Pensioner Concession Card, and Centrepay to help cover essential living expenses.
Pension Eligibility
Eligibility for the Age Pension in Australia is determined based on several factors. Here’s what you need to qualify:
- Age Requirement: Applicants must be at least 67 years old.
- Residency Requirement: You must have been a resident of Australia for at least 10 years, although some exceptions apply.
- Income and Asset Tests: Centrelink conducts tests on your income and assets to determine if you qualify for a full or partial pension. These tests assess your employment income, property, savings, and any other investments.
Additionally, pensioners must keep their tax records up to date to ensure proper calculation of their pension.
Payments Outside Australia
Retirees who move abroad can still receive their pension payments. The amount they receive is calculated based on the number of years they were Australian residents. Here’s an overview of the payments for individuals living overseas:
| Particulars | For Singles (Per Year) | For Couples (Per Year) |
|---|---|---|
| Basic Rate | $26,065.00 | $39,296.40 |
| Basic Supplement Rate | $722.80 | $1,190.80 |
| Allowable Income (Full Pension) | Up to $5,304 | Up to $9,360 |
| Allowable Income (Part Pension) | Less than $58,879.60 | Less than $90,334.40 |
| Allowable Assets (Full Pension – Homeowner) | Up to $301,750 | Up to $451,500 |
| Allowable Assets (Part Pension – Homeowner) | Less than $645,250 | Less than $971,000 |
| Allowable Assets (Full Pension – Non-homeowner) | Up to $543,750 | Up to $693,500 |
| Allowable Assets (Part Pension – Non-homeowner) | Less than $887,250 | Less than $1,213,000 |
| Threshold | $60,400 | $100,200 |
| Rate below threshold | 0.25% | 0.25% |
| Rate above threshold | 2.25% | 2.25% |
If you plan to move abroad, make sure to inform Centrelink and confirm your eligibility for payments under international conditions.
Calculation
Centrelink calculates pension payments based on various factors, including:
- Reduced Rate: This is adjusted based on the number of years you’ve been a resident in Australia.
- Work Bonus: Additional earnings from work are partially exempt from income tests, allowing you to earn more without reducing your pension.
- Transitional Rate: For individuals who were receiving payments before certain legislative changes, their pension is calculated using older tax rules.
These factors help determine the final pension amount and ensure that individuals receive the correct support.
It’s essential to stay on top of your Centrelink account and provide updated information whenever necessary. This way, the payment amount is always accurate, and delays are avoided.
FAQs
What is the age requirement for the Age Pension?
You must be 67 or older.
How often are Centrelink pension payments made?
Payments are made fortnightly.
Can I receive my pension if I live overseas?
Yes, payments continue abroad based on eligibility.
How much does a single pensioner get in 2024?
A single pensioner receives $1,002.50 fortnightly.
How are pension amounts calculated?
They are based on residency, income, and assets.
