In November last year, the government announced a couple of changes to the way family assets and income affect assessments for Youth Allowance.
From 1 January 2016, the Family Assets Test and Family Actual Means Test have been removed from the Youth Allowance Personal Test.
So what does this mean?
Generally speaking, this is good news.
The changes are complex but in particular, family farms will no longer be included as an asset affecting Youth Allowance payments.
Human Services estimates that more than 5,000 students will be able to receive Youth Allowance for the first time as the result of these changes.
Could this be you?
If you’re classed as dependent on your parents and have previously found yourself unable to access Youth Allowance due to family assets or income, it might be worth doing some research to find out if you’re now eligible.
In fact, if your family circumstances have changed in general over the past 12 months, you might want to check if your eligibility has changed.
One easy way to do this is to arm yourself with information and complete the Human Services online rate estimator.
You will need to know details of your own and your parents’ incomes (if you are classified as dependent).
The estimator does come with a note that it doesn’t work out if you are eligible for a payment, so do make sure you also meet all eligibility criteria.
You can also simply go right ahead and make an online claim using your Centrelink or MyGov account.
More info is available at:
Confused? Got questions? Contact finance.slo@csu.edu.au to chat about your individual circumstances, or visit the Looking After Your Bottom Line blog.
