The Government has announced that, through indexation, there will be an increase in pensions and other income support payments from 20 March 2010. Pension payments will increase by $29.20 a fortnight for singles on the maximum rate, and $44 a fortnight for couples combined on the maximum rate. This means total pension payments for those on the maximum rate, including the base rate and pension supplement, will be:
- $701.10 a fortnight for singles; and
- $1,057.00 a fortnight for couples combined.
Parenting Payment will also increase on 20 March, by $26.80 a fortnight for singles. Rent assistance will also increase.
DEEMING RATES: The deeming rates will also increase on 20 March. The lower deeming rate will increase from 2% to 3% for financial investments up to $42,000 for single pensioners or $70,000 for a couple. The deeming rate will increase from 3% to 4.5% for balances over these amounts.
This article appeared in Thomson Reuters Latest Tax News (8 March 2010). With tax fast-moving and ever changing – EVERY DAY, practitioners rely on Thomson Reuters daily Latest Tax News for quick, accurate, comprehensive information – no compromises. When you need to know what’s new in tax and related news every day, there’s only one place to look – Latest Tax News. To find out more, click here
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