New Social Security Deeming Rates Released

From 20 March 2009 the Social Security Deeming Rates are 2% and 3%.

The previous deeming rates were 3% and 4%.

The deeming rates are used for the Centrelink Incomes test to determine the income which arises from financial investments.

From 20 March 2009 the 2% rate will apply to the first $41,000 of financial assets and the 3% rate will apply to financial assets in excess of $41,000.

For pensioner couples the same deeming rates apply but the threshold at which the higher rate applies is $68,200 rather than $41,000 (which is the threshold for single pensioners).