On a pension? Here's why you might be getting some extra cash come July 1

The amount you can earn and still receive a full pension rate will be lifted by $8 to $212 p/f for singles and by $12 to $372 p/f for couples.

The maximum amount of income you can earn before your Age Pension ceases has also increased to $2,444.60 p/f for singles and $3,737.60 p/f for couples.

Cut off points may be different if you get work bonus.

Asset free areas for maximum payment will go up (single homeowner) $12,250 to $314,000 - disqualifying amount $686.250; (single non homeowner) up $22,250 to $566,000 - disqualifying amount $938,250; (couple combined homeowner) up $18,500 to $470,000 - disqualifying amount $1031,000; (couple combined non homeowner) up $28,500 to $722,000 - disqualifying amount $1,283,000. Above disqualifying amounts apply to residents.

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The retirement village and granny flat residents extra allowable amount will increase by $10,000 to $252,000.

Deeming thresholds will also be indexed meaning more deemed income will attract the lower rate of 0.25 per cent. This comes in addition to the freezing of the deeming rates for a further twelve months to June 30, 2025.

The government uses deeming to estimate the income earned from assets, which is then used to determine how much pension a person gets under the income test.

The first $60,400 (single), $100,200 (couple combined) of financial assets are deemed at 0.25 per cent with financial assets over these amounts deemed at 2.25 per cent. From July 1 these amounts will rise to $60,600 (single) and $103,800 (couple combined). This will affect 876,000 income support recipients, including 450,000 age pensioners.

The complete list of July 1 payment increasing can be found on the Department of Social Services website. dss.gov.au (search for indexation rates July 2024)