Assume: You are a financial adviser and are approached by a married couple, Tom and Rita Brown. Both are 71 years old and Australian citizens by birth. While they live in Melbourne, their only son who is financially independent lives in Canberra. The following information is an extract of data you gathered as part of the fact-finding exercise during an initial client consultation with them:
The couple has approached you to find out if they are eligible for age pension.
list of assets for the current financial year

Assets	Amounts	Income ($)
Home (Principal Residence)	$700,000.00
Home Contents and Cars	$57,000.00
Investment property — net rental income of $17,000	$255,000.00	$17,000.00
Bank account —interest rate of 2%	$50,000.00	$1,000.00
Share portfolio	$341,000.00	$11,935.00

You are required to provide calculations for the means test (asset and the Income test) and use this to suggest old age pension eligibility.