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Ask Deborah Awyzio Your Own Question
Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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At how much capital is the pension cut off

Customer Question

at how much capital is the pension cut off
Submitted: 2 years ago.
Category: Australia Law
Expert:  Leon replied 2 years ago.
Good Afternoon, My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.Are you asking about the assets test?
Customer: replied 2 years ago.
ASSETS AND MONEY CAPITAL
Customer: replied 2 years ago.
I AM IN AUSTRALIA N.S.W.
Expert:  Leon replied 2 years ago.
Good AfternoonI am unable to call you at this time. Assets and money in the bank are the same. The following link is the limits for assetshttp://www.humanservices.gov.au/customer/enablers/assets/#a15This includes all money in bank accounts, property excluding your home, all furniture, motor vehicles, shares, insurance policies etc. Depending on your relationship status the levels vary. As I said your home is not part of the assets.
Customer: replied 2 years ago.
WHAT TIME WILL YOU RING AND HOW MUCH WILL THE CALL COST FOR A QUICK ANSWER
Expert:  Leon replied 2 years ago.
Good Afternoon, I can call in the morning sydney time 830am
Customer: replied 2 years ago.
I AM WAITING ON YOUR LANDLINE PHONE CALL
Customer: replied 2 years ago.
HOW LONG WIIL THIS BE
Expert:  Leon replied 2 years ago.
I will call you tomorrow mooring at 830amYou will have to provide your number for me. RegardsLeon
Customer: replied 2 years ago.
I AM IN N.S/.W. AUSTRALIA I ONLY WANT THE AMOUNT OF MONEY THI IS TAKING A LONG TIME
Customer: replied 2 years ago.
I WILL HAVE TO CANCELL
Expert:  Leon replied 2 years ago.
I am in NSW as well. Have you read the link I provide you with the amounts in it?here it is again,http://www.humanservices.gov.au/customer/enablers/assets/#a15The table is pated here as wellAsset test limitsMost pensions, allowances and concession cards have asset limits. These limits determine if your assets will affect your payment rate.The asset test limits are updated in January, March, July and September each year.Assets test limits for allowances and Parenting Payment SingleFamily situationFor homeownersassets must be less thanFor non-homeownersassets must be less thanSingle$202,000$348,500Couple combined$286,500$433,000One partner eligible, combined assets$286,500$433,000Assets test threshold for full pensionFamily situationFor homeownersfull pension assets must be less thanFor non-homeownersfull pension assets must be less thanSingle$205,500$354,500Couple combined$291,500$440,500Illness separated couple combined$291,500$440,500One partner eligible, combined assets$291,500$440,500Assets test limits for part pensionsFamily situationFor homeownerspart pension assets must be less thanFor non-homeownerspart pension assets must be less thanSingle$779,000$928,000Couple combined$1,156,500$1,305,500Illness separated couple combined$1,438,500$1,587,500One partner eligible, combined assets$1,156,500$1,305,500Transitional Family situationFor homeownerspart pension assets must be less thanFor non-homeownerspart pension assets must be less thanSingle$689,500$838,500Couple combined$1,072,500$1,221,500Illness separated couple combined$1,259,500$1,408,500One partner eligible, combined assets$1,072,500$1,221,500Assets test for Disability Support Pension under 21 with no childrenFamily situationFor homeownerspart pension assets must be less thanFor non-homeownerspart pension assets must be less than16 to 17 years, single dependent$450,500$599,50018 to 20 years, single dependent$482,500$631,50016 to 20 years, single independent$581,500$730,50016 to20 years, couple combined$1,039,500$1,188,500The rate of payment is calculated under both the income and assets tests. The results with the lowest rate, or nil rate, will apply.Limits will increase if Rent Assistance is paid with your allowance or pension.
Expert:  Leon replied 2 years ago.
But go to the link. It is very detailed and will answer all your questions.
Expert:  Leon replied 2 years ago.
Do you still need me to call you?