Commonwealth Consolidated Acts

[Index] [Table] [Search] [Search this Act] [Notes] [Noteup] [Previous] [Next] [Download] [Help]

SOCIAL SECURITY ACT 1991 - SECT 500Q

Assets test--payment not payable if assets value limit exceeded

             (1)  Parenting payment is not payable to a person if the value of the person's assets exceeds the person's assets value limit.

             (2)  The assets value limit of a person who is not a member of a couple is worked out using the following table:

 

Table--Assets value limits for person who is not a member of a couple

Column 1

Item

Column 2

Person's situation

Column 3

Assets value limit

1

Person is a homeowner

$250,000

2

Person is not a homeowner

$450,000

Note 1:       For homeowner see section 11.

Note 2:       The assets value limit in Column 3 of Item 1 is indexed annually in line with CPI increases (see sections 1190 to 1194).

Note 3:       The assets value limit in Column 3 of Item 2 is adjusted annually (see subsection 1204(1)).

Note 4:       If parenting payment is not payable to a person because of the value of the person's assets, the person may be able to take advantage of provisions dealing with financial hardship (see sections 1130B and 1130C).

             (3)  The assets value limit of a person who is a member of a couple is worked out using the following table:

 

Table--Assets value limits for person who is a member of a couple

Column 1

Item

Column 2

Person's situation

Column 3

Assets value limit

 

 

Column 3A

Either person or partner homeowner

Column 3B

Neither person nor partner homeowner

1

Person is partnered (partner getting neither pension nor benefit)

$375,000

$575,000

2

Person is partnered (partner getting pension or benefit)

$187,500

$287,500

Note 1:       For partnered (partner getting neither pension nor benefit) and partnered (partner getting pension or benefit) see subsection 4(11).

Note 2:       For homeowner see subsection 11(4).

Note 3:       If item 1 applies to a person, the value of all the assets of the person's partner are to be taken as being included in the value of the person's assets (see subsection (4)). If item 2 applies to a person, the value of the person's assets is only half the combined value of the person's assets and the assets of the person's partner (see subsection (5)).

Note 4:       If benefit PP (partnered) is not payable to a person because of the value of the person's assets, the person may be able to take advantage of provisions dealing with financial hardship (see sections 1131 and 1132).

Note 5:       The assets value limits of item 2 are indexed annually in line with CPI increases (see sections 1191 to 1194).

Note 6:       The item 1 assets value limits are adjusted annually so that they are twice the corresponding item 2 limits (see subsections 1204(2) and (3)).

             (4)  For the purposes of subsection (3), if the person is partnered (partner getting neither pension nor benefit):

                     (a)  the value of the person's assets includes the value of the partner's assets; and

                     (b)  the value of assets of a particular kind of the person includes the assets of that kind of the partner.

Note:          For partnered (partner getting neither pension nor benefit) see subsection 4(11).

             (5)  For the purposes of subsection (3), if the person is partnered (partner getting pension or benefit):

                     (a)  the value of the person's assets is taken to be 50% of the sum of the value of the assets of the person and the value of the assets of the person's partner; and

                     (b)  the value of the person's assets of a particular kind are taken to be 50% of the sum of the value of the assets of that kind of the person and the value of the assets of that kind of the person's partner.

Note:          For partnered (partner getting pension or benefit) see subsection 4(11).



AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback