Question
Jenny, a single homeowner Age Pensioner, has total assessable assets for social security purposes of $289,000, consisting of $100,000 in lifestyle assets and $189,000 of
Jenny, a single homeowner Age Pensioner, has total assessable assets for social security purposes of $289,000, consisting of $100,000 in lifestyle assets and $189,000 of financial investments.
Required:
- Determine her Age Pension entitlement and gross income from all sources, assuming the financial investments earn $10,000 per annum. Use the rates from 20 March 2022 to 30 June 2022.
(10 marks)
- How does the ageing population impact on Services Australia (Centrelink) entitlement, and what action can be taken now to mitigate against problems likely to be encountered over the next two decades? (10 marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Part 1 Determining Jennys Age Pension Entitlement and Gross Income A Assets Test Jennys assessable assets are 289000As of June 302022the upper asset l...
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
