Australian Government Department of Human Services. Centrelink Pensions and Payments for Australian Seniors - Human Services - YOURLifeChoices Australia. Age Pension. Income and assets tests for Parenting Payment. The amount of Parenting Payment you get depends on the income and assets of both you and your partner (if you have one).The following income and assets tests are updated on 20 March, 1 July and 20 September each year. Income test—single parents Your income must be no more than $180.60, plus $24.60 for each additional child, per fortnight to get the maximum payment. Income over this amount reduces your payment by 40 cents in the dollar. A part payment may be available if your income is less than $1,993.35, plus $24.60 for each additional child, per fortnight or possibly a higher figure if you are eligible for Pharmaceutical Allowance[1].
Income test—partnered parents Partner gets a pension Your combined income must be less than $200 per fortnight to get the maximum payment. Your combined income reduces your payment by 25 cents for each dollar between $200 and $500, and by 30 cents for each dollar above $500 per fortnight. Partner does not get a pension A part payment may be payable if: Assets. An asset is any property or item of value you or your partner own, or have an interest in, including those held outside Australia. When dealing with us, it is important to be aware of the different types of assets. Assessable assets Most assets are assessable and are taken into account when calculating your Australian Government income support payments.
The value of your assets is what you would get for them if you sold them. Generally, any debt secured against an asset is deducted from the value of that asset. Assets that are assessed under the assets test Assessable assets include: We may also assess your granny flat[3] interest or pre-paid funeral[4] expenses if you have them. Determining asset value The asset value is generally the amount of money you would get if you sold the asset on the open market, less any valid debts or encumbrances. Liquid assets Liquid assets are any funds, including monies owed by your employer that are readily available to either you or your partner. Gifts are: Income test for Low Income Health Care Card. Your Low Income Health Care Card is assessed on gross income for the 8 week period ending on the day you lodge your claim.
Your income must be below the limit that applies to you. This limit varies depending on whether you are single or partnered or have dependants. To qualify for a Low Income Health Care Card Your income must be below the limit that applies to you for the 8 week period to be eligible for a Health Care Card. Renewal Each time you apply for, or renew your Health Care Card, you will be required to re-qualify. To retain a Low Income Health Care Card Once you have been issued with a Health Care Card at grant or renewal, your weekly income must not exceed the limits below during the entitlement period. If your income changes, you must tell us. Income Income[1] includes: *A lump sum compensation payment is assessed as income for 12 months from the date you received it. Eligibility for Family Tax Benefit Part A. Eligibility for Family Tax Benefit Part B. Family Tax Benefit Part B gives extra help to single parents and families with one main income. An example of this may be where one parent stays at home to care for a child full-time or balances some paid work with caring for a child.
This payment is income tested. You may be eligible for Family Tax Benefit Part B if you have care of a child for at least 35 per cent of the time who is: a dependent child under 16 years of age, or a dependent full-time secondary student up until the end of the calendar year in which they turn 18 The rate of Family Tax Benefit Part B is based on an income test. You and your partner cannot receive Family Tax Benefit Part B during a Parental Leave Pay[1] period, but it may be paid after the Paid Parental Leave period ends. Eligible carers If you are a parent, guardian, foster carer, grandparent, or other carer, you may be eligible for Family Tax Benefit Part B. http:/ / www.humanservices.gov.au/ customer/ services/ centrelink/ parental-leave-pay. MyCompass - Login. Parenting Payment.