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Assets testThis assets test is effective from 1 January 2010. This information applies to all pensions, allowances and to Austudy payment. On this page
Chart A - Assets test for homeownersAssets test for homeowners
Transitional homeowner
Assets test for DSP under 21 - homeowners
[ return to top ] Chart B - Assets test for non-homeownersAssets test for non-homeowners
Transitional non-homeowner
Asset test for DSP under 21 - non-homeowners
[ return to top ] Note: Some assets are deemed to earn income, while certain assets are not included in the assets test. Note: The rate of payment is calculated under both the income and assets tests. The test that results in the lower rate (or nil rate) will apply. # Limits will increase if Rent Assistance is paid with your pension. * Assets over these amounts reduce your pension by $1.50 per fortnight for every $1,000 above the limit (single and couple combined). Newstart Allowance/Widow Allowance/Partner Allowance/Sickness Allowance/Special Benefit/Parenting Payment/Youth Allowance/ABSTUDY and Austudy payments are not payable if assets exceed these amounts. ** For Disability Support Pension, these limits apply if you are over 21. For under 21 assets and income limits visit your nearest Centrelink Customer Service Centre. Your principal family home is excluded from the assets test. For more information about which assets we assess, refer to assets. Extra allowable amount for retirement village and granny flat residentsIf your entry contribution is equal to or less than the extra allowable amount, you are assessed as a non-home owner. Your entry contribution will count as an asset. You may qualify for Rent Assistance. The extra allowable amount is the difference between the non-homeowner and the homeowner asset test limits, currently $129,000. Hardship provisionsIf you have assets but little or no income you are expected to rearrange your affairs to provide for yourself. In some cases that is not possible. If you are in 'severe financial hardship' you may be able to get a payment from Centrelink. In these cases, you will be assessed under different income and/or assets tests. [ return to top ] Did you find what you were looking for? You can also try the A to Z list, quick links, search, site help, we speak your language or send us feedback on how to make this a better website. |
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