Government support for those in need Flashcards
What are the social security benefits relevant to financial planners?
Age pension and the service pension.
How are social security benefits paid out?
Through the Services Australia offices of Centrelink or through the DVA.
Do rates of payment depend on whether the recipient is single or a member of a couple?
Yes.
How are couple provisions assessed?
All income received and assets held are aggregated for means-testing purposes.
How is an individiual;s eligibility to receive payments determined?
The test that provides the lowest rate of payment.
What does gifting refer to?
Disposal of assets or income for less than their fair market value.
What is the gifting limit?
$10,000 or $30,000 over any rolling five-year
period for either a single person or a couple.
What happens if an individual goes over their gifting limit?
Will be counted as a financial assets.
What is Family Tax Benefit Part A?
Family Tax Benefit Part A helps families with the cost of raising children and may be paid for each dependent child under age 19.
How is eligibility decided for Family Tax Benefit A?
Family Income Test.
What is Family Tax benefits B?
Family Tax Benefit Part B gives extra assistance to families with one main earner, including single-parent families, and is paid for one child until the youngest child reaches age 16, or the end of the calendar year in which the youngest child reaches age 18 if the child is studying full time.
