Asset test tables

Is the value of the family home included in the amount for the asset test?

No That is not assessed..

The home you live in is not included (even if it is bigger/better than average), but any second home e.g. holiday home, would be considered an asset. Also, a certain amount of land is allowed (not assessed) around the home, but any land outside that area e.g. surrounding farm land, will be valued and included in the assessment. Check with CentreLink for how many hectares are currently allowed.

Is there too many zeros on the allowable fortnightly income rates? Or is it per annum?
David.

David - this page is only talking about the (gross) assets figures - not the income test. To qualify for a pension, you have to qualify under BOTH an income test AND the assets test.

What if the land outside the defined asset free amount (I believe it to be two hectares) cannot be sold seperately from the defined asset free area or the assessable area is unable to realise any value on its own ?

Hi Ductape. If the extra land over the 2 hectares was on the one title (but was usable - or sub-dividable) the land would have to be given a value. I guess that if the land was unusable e.g. solid rock, that would have to be clearly explained in the valuation you would have to get.You should check with CentreLink to see what they require as proof. The rules do change - so check it out with them when the need arises.

Is superanuation assessed when applying for aged pension?

Yes.

The original idea of pensions and benefits in Australia was to make sure we did not have our citizens being forced into begging and dying in the streets (as happens in some countries). The pension was intended to be sufficient to provide a basic standard of living for people who (for various reasons) could not support themselves. It was not dependent on having contributed financially toward a future pension. Nor were pensions to be dependent upon the person having worked or paid taxes. Nor were pensions to be handed out to every person willy nilly - they had to prove their need. If a person was a citizen and had resided in Australia for a certain period of time, they might qualify for assistance. The eligibility rules have changed over the years since, but the idea of a basic support system still applies.