Factors

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.