From 20 March 2015, the social security deeming rates will reduce. Deeming assumes that bank accounts and other financial investments are earning a certain amount of income regardless of the income they are actually earning.
Changes to deeming rates:
- Lower deeming rate will reduce from 2% to 1.75%
- Upper deeming rate will reduce from 3.5% to 3.25%
The deeming thresholds are unchanged at:
- $48,000 for single pensioners and allowees
- $79,600 for pensioner couples
- $39,800 for each member of an allowee couple
If you would like more information, please contact me for more information.
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