More than 3.4 million Australians will receive an increase in their pensions and other income support payments and allowances from 20 March 2009.
Indexation will deliver an increase of $7.70 a fortnight in the maximum single pension and $6.40 in the maximum partnered rate for each member of a pensioner couple.
The maximum single pension rate will now be $569.80 and the maximum partnered pension rate will be $475.90 a fortnight for each member of a pensioner couple.
Adult rates of allowances and some family and supplementary payments are also indexed on 20 March each year, based on the Consumer Price Index (CPI) percentage increase for the previous six months.
Allowance rates for single people, (21 or over, without children) have increased, to $453.30 per fortnight up from $449.30.
People eligible for the Aged Pension (including those eligible for Rent Assistance), Special Benefit , Wife Pension, Widow B Pension, Carers Payment, Maternity Immunisation Allowance, Disability Support Pension, Bereavement Allowance and Rent Assistance (FTB recipients), will all benefit from the increases.
These increases in income support payments will be accompanied by an increase in the income and assets cut out amounts for these entitlements.
I’ve thrown a full Summary of Changes together for anyone interested. The table provides an overview of all payment rate, threshold and limit changes effective from 20 march 2009. It is based on the latest information available from the Minister for Families, Housing, Community Services and Indigenous Affairs.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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