Income
Income means an 'income amount' you earn, derive or receive for your own use or benefit; or a periodical payment or benefit you receive as a gift or allowance. It includes income from outside Australia.
'Income amount' means:
- personal earnings; (i.e. earnings for work performed including wages, salaries, bonuses, penalty rates, overtime, commission or honoraria, and stipends)
- monies (i.e legal tender, cash)
- valuable consideration (i.e. you receive goods, services or some other benefit in exchange for some item, action or promise); or
- profits (i.e. the amount of earnings in excess of its expenses, whether of a capital nature or not).
If you have a partner, his or her income and assets are taken into account when working out your payment rate.
- Assessable income - income which is assessed when claiming a payment from Centrelink.
Note: As of July 1 2009, changes to the definition of income mean that your assessable income for Centrelink and the Family Assistance Office will also include:
- reportable superannuation contributions, and
- total net losses from rental property or investment income.
You may need to provide additional information about your income to Centrelink or the Family Assistance Office.
- Exempt income - income which is not assessed when claiming a payment from Centrelink.
- Financial Investments - includes available money, deposit money, managed investments, listed security, loan not yet repaid in full, unlisted public security, gold, silver or platinum bullion and asset-tested income streams (short term).
- Income streams - an investment product which allows you to receive regular payments, generally as a pension or an annuity.
- Taxable income - some payments use your taxable income to work out your payment rate.
- Non-Australian income - income you get from outside Australia.
- Child support/spousal maintenance - payments of cash (including lump sums) and non-cash amounts you receive for spousal support or child support.
More information
The Income and Assets Tests Table provides information regarding the income or assets tests for payments from Centrelink.
