Chapter 5 – your income and assets great ways to make money department of veterans’ affairs

Note: if you have reached qualifying age (for those in receipt of partner service pension, veteran payment or the income support supplement) or pension age (for those receiving age service pension, veteran payment or age pension) the first $250 of your employment income in a fortnight is disregarded great ways to make money under the work bonus. For further details, refer to the information about the work bonus in wages great ways to make money and earnings later in this chapter. For qualifying age and pension age refer to chapter 3 great ways to make money – which pension do you get?

Note: if you are receiving a social security age pension (paid by DVA), any disability pension (paid under the veterans’ entitlement act 1986) or permanent impairment payment and special rate disability pension paid great ways to make money under the military rehabilitation and compensation act 2004 (MRCA) is counted as income under the income test. If your social security age pension is reduced or not great ways to make money payable because of these payments, the defence force income support allowance (DFISA) may be payable. See chapter 3 – which pension do you get? Income that does not count in the income test for great ways to make money service pension

An asset is any property or possession you partly or great ways to make money wholly own, including outside australia, and debts owing to you. The value of an asset is what you would get great ways to make money if you were to sell it on the open market great ways to make money (less any debts or encumbrances owed against the asset). It is not necessary that there be a ready or great ways to make money willing purchaser of your property. If you are the partial owner of the property, the assessed value is the same percentage of the asset’s current value as you own. What is counted as an asset?

Note: if you enter residential aged care your former home may great ways to make money continue to be exempt from the assets test under certain great ways to make money circumstances. When the exemption period ends, the home will be counted as an asset. See chapter 4 – living arrangements, changing situations which could affect your pension for more information great ways to make money or contact your nearest DVA office.

Different assets value limits apply for singles and couples and great ways to make money according to whether you own your home. A lower assets value limit is applied if you own great ways to make money your home and a higher assets value limit is applied great ways to make money if you do not own your home. Once the value of your assets exceeds the assets value great ways to make money limit, your income support pension is reduced by 75 cents a great ways to make money fortnight for every $250 above the limit. Assets limits before service pension and age pension reduce:

If you are employed seasonally or on a casual basis great ways to make money or your wages vary from week to week, we average your gross wages over the period that best great ways to make money represents your earnings situation. In these circumstances where your earnings are not earned at great ways to make money a constant or clearly recognisable rate it will be necessary great ways to make money to regularly review your earnings, over a defined period to better determine your average fortnightly great ways to make money amount of earnings. Your rate of income support pension will be adjusted according great ways to make money to your average fortnightly earnings.

If you are self-employed, we use your tax return which is supplied by you great ways to make money (or your profit and loss statement if you do not great ways to make money lodge a return) to work out your income, allowing for reasonable expenses. For self-employed people, the deductions allowed by DVA may not be the same great ways to make money as the deductions allowed by the australian taxation office (ATO). Please note that self-employed people do not have access to the work bonus great ways to make money concessions on employment income outlined below.

For the work bonus, employment income refers only to income from remunerative work engaged great ways to make money in as an employee in an employer/employee relationship and includes wages, salary, commissions and fringe benefits earned by an employee. Income from employment in the form of superannuation, compensation, and leave payments not associated with ongoing employment is not great ways to make money included in the work bonus calculation and so remains fully great ways to make money assessable.

British pensions are counted as income and assessed in a great ways to make money special way. We monitor the daily market exchange rates using the ‘on demand air mail buying rate’ as supplied by the commonwealth bank. This is the closest to the rate used to convert great ways to make money british pension to australian dollars prior to payment in australia. If the base rate varies by plus or minus 2.5%, that new rate is applied to the assessment of your great ways to make money DVA income support pension from the first day of the great ways to make money next pension period.

Other foreign (overseas) pensions – if australia is not your country of origin and if great ways to make money you have lived and worked in another country, you are required to test your pension eligibility with that great ways to make money country. There are countries that pay pensions because you have lived great ways to make money and worked in that country. You are required to test your eligibility and notify DVA great ways to make money if you are eligible for any payments. The gross amount of foreign pension you are eligible for great ways to make money is counted as income for income support pension purposes unless great ways to make money you are receiving service pension or veteran payment and the great ways to make money foreign pension is paid in respect of incapacity or death great ways to make money resulting from employment in connection with a war or war-like operation in which the crown has been engaged. If you are receiving age pension and your foreign pension great ways to make money is from a country which has an international social security great ways to make money agreement with the australian government, your australian income support pension may be reduced on a great ways to make money dollar-for-dollar basis by the foreign pension.

Note: if you intend to travel to or reside in a great ways to make money country where you may have an entitlement to a foreign great ways to make money pension you are required to make a claim for that great ways to make money pension while in that country. This includes making a claim in that country, even if you have previously applied and been rejected because great ways to make money of where you were living at the time you applied.

Income you receive from your property is counted as income great ways to make money for income support pension purposes. We use the information on your tax return and generally great ways to make money exclude reasonable expenses associated with the daily operation of the great ways to make money farm or property. The deductions allowed by DVA may not be the same great ways to make money as the deductions allowed by the australian taxation office (ATO).

Land in excess of 2 hectares, adjacent to your principal home and on the same title great ways to make money may be exempt from the assets test. To be eligible for this exemption you must have reached great ways to make money pension age and the property must have been your principal great ways to make money home for at least 20 years, or your partner must meet these requirements. A land use test must also be satisfied. If the land is viable it must be used to great ways to make money generate an income, or you must have a valid reason for not doing great ways to make money so.

If you are not eligible for this exemption, the land surrounding your principal home and on the same great ways to make money title, used primarily for domestic purposes, up to a maximum of 2 hectares only, is exempt from the assets test. Any loans secured on the property are taken into account great ways to make money when determining the market value of the property. The value of all plant and equipment and livestock are great ways to make money included as assets.

RELATED POSTS