Minister for Families and Social Services Senator Anne Ruston has announced cuts to deeming rates, backdated to 1 July 2019.
The lower deeming rate will decrease to 1.0% from 1.75% for financial investments up to $51,800 for single pensioners and $86,200 for pensioner couples. The upper deeming rate will be cut to 3.0% from 3.25% for balances over these amounts.
The Government stated that under the new rates, age pensioners whose income is assessed using deeming will receive up to $40.50 a fortnight extra for couples, and $31 a fortnight extra for singles.
The Government also stated recipients will start to see the additional payments in their bank accounts from the end of September in line with the regular indexation of the pension and will be backdated to 1 July 2019.
For any queries in relation to this, please give us a call on 1300 735 232 or contact Pete via email (email@example.com)
Wealth Collective trading as Pekada (ABN 95 624 612 684), corporate authorised representative (CAR), number 1263725, is authorised to provide financial services on behalf of Communitas Wealth Pty Ltd.
The information provided on this website is general in nature and does not constitute advice. You need to consider with your financial situation and your particular needs prior to making any strategy or products decision. Pekada will endeavour to update the website as needed. However, information can change without notice and Pekada does not guarantee the accuracy of information on the website, including information provided by third parties, at any particular time Unless otherwise specified, copyright or information provided on this website is owned by Communitas. You may not alter or modify this information in any way, including the removal of this copyright notice.