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Category » Centrelink

There were 15 articles found in this category:

• Q1 How much can I own in assets – and earn in income – and still get the pension?

  Thresholds as at 01/01/2011: Asset Test Homeowner Full Pension (up to) Part Pension (less than) Single $ 186,750 $ 686,000 Couple or one partner eligible $ 265,000 $ 1,018,000 Non-Homeowner Full Pension (up to) Part Pension (less than) Single $ 321,750 $ 821,000 Couple or one partner ... Read more

• Q2 If I have super will I also get the Age Pension?

  This is a frequently asked question. You have paid tax on your income and feel justified in receiving the age pension when you retire. As at 20 September 2011 the full age pension is $689 a fortnight for singles and $519.40 each for couples (pensioners may also receive a supplement in addition ... Read more

• Q3 What level should my assessable assets total in order to be eligible for a Centrelink allowance?

  You will not be eligible for a Centrelink allowance if your assessable assets exceed the levels below. If you are part of a couple, your assets are considered on a joint basis: Figures at 20 September 2011: Single Person (homeowner) - $186,750 Single Person (non-homeowner) - $321,750 Couples (h ... Read more

• Q4 What is deeming?

  Deeming is the process applied by Centrelink to assess the level of income you derive from your financial investments, regardless of the actual income being earned. Financial investments include: Bank and credit union accounts Term deposits Friendly society bonds Managed funds Shares Superannu ... Read more

• Q5 What is the work bonus scheme?

  The Work Bonus is designed as an incentive for pensioners to participate in the workforce. Under the Work Bonus scheme, the first $250 of fortnightly employment income will be disregarded from the income test for pensioners over age pension age. This is in addition to the standard income free a ... Read more

• Q6 What eligibility tests do I need to consider to receive Centrelink payments?

  There are 2 means tests that are applied to decide your eligibility for payments from Centrelink: The assets test The income test For more information on these tests, contact us. Read more

• Q7 If I am working while receiving the Age Pension, am I eligible for the Pensioner Bonus Scheme?

  The Pensioner Bonus Scheme (PBS) is now closed to new applicants, however those who were pension age prior to 20 September 2009 and who met all other eligibility conditions (eg. residency etc) may still be able to apply for the PBS. The Pensioner Work Bonus scheme commenced 20 September 2009. I ... Read more

• Q8 What is the difference between a Centrelink pension and an allowance?

  A Centrelink pension differs from an allowance for a number of reasons. Firstly, the rates of payment differ. Similarly, the income and assets tests for pensions and allowances also differ depending upon the type of payment and the age of the recipient. Generally pension payments are higher tha ... Read more

• Q9 At what age can I qualify for the age pension?

  Currently men need to be age 65 before they qualify for the age pension, whilst the earliest that women can qualify is age 64. The qualification criteria for women born between 1 January 1946 and 1 July 1952 are outlined below, as is the criteria for both men and women born on or after 1 July 1 ... Read more

• Q10 What is gifting?

  Gifting is the process of disposing or transferring your assets without receiving a fair price for those assets. Centrelink has strict rules on the level of funds that you are able to gift, and allow singles or couples to gift $10,000 in each financial year or $30,000 over a five year period. ... Read more

• Q11 How can I improve my eligibility for Centrelink/DVA Benefits?

  Your ability to improve your eligibility for Centrelink/DVA Benefits is dependent upon whether you are currently under either the income or the assets test. In deciding upon your level of entitlement, Centrelink/DVA assesses you on both the level of assets that you hold and the income that you ... Read more

• Q12 What are pensioner concession cards?

  There are a number of concession cards that become available to senior Australians. Most people approaching pensionable age are keen to qualify for the Pensioner Concession Card, which gives discounts to a number of services as well as access to the Pharmaceutical Benefits Scheme. In order to q ... Read more

• Q13 Can I spend my entire super and then get the pension?

  If you are over 60 and have permanently stopped work, you will be able to withdraw 100 per cent of your super, spend it and then apply for the age pension if you have reached the age to qualify for the pension. You do not need to spend all your money to receive the pension and in many cases you ... Read more

• Q14 What assets are assessable in the assets test?

  Cash, investments such as shares, unit trusts (investment/managed funds), insurance and friendly society bonds (less any debts against these assets, e.g. a loan you arranged to purchase some shares, but not if the loan is secured against your home) Investment property (less any debt against the ... Read more

• Q15 Am I able to claim for the Age Pension even though I am still working and I am over the Age Pension age?

  Yes. The Age Pension is both income tested and asset tested. If both your income and assets fall below the respective limits then you may be able to also receive the Age Pension. Read more