Youth Allowance and parental income (1 Viewer)

[treelovinhippie]

Yeah looking back on it now I would have deferred for a year, lived at home, got a job and done the $16,000 over 18 months thing. A lot of people seem to be doing this.

But again, that process of having to defer to be eligible for centrelink is just a major disadvantage to the "middle-class" students. If the government just immediately gave you centrelink (or some similar support system) as soon as you started uni, it wouldn't cost them anymore than it would by forcing people to defer.

 

[jb_nc]

What's the threshold for parental income to be eligible for YA?

 

[treelovinhippie]

What's the threshold for parental income to be eligible for YA?

If your parent's taxable income for the 2005 - 2006 financial year is $30 750 or less (plus additional amounts for each dependent child other than yourself), your payment will not be affected by the income test.

If your parent/s have other dependent children, their taxable income can increase by the following amounts before it affects your payment:

* $1230 for the first other dependent child aged under 16
* $2562 for each additional dependent child aged under 16
* $3792 for each dependent child:
o aged between 16-24 in full-time study or
o aged between 16-20 and seeking employment or
o who receives a boarding allowance or second home allowance under the Assistance for Isolated Children scheme
* $7585 for a tertiary student getting living away from home rate of Youth Allowance where there are two such children in the family.

The rate of payment payable is reduced by $1 for every $4 of income over these amounts.

http://www.centrelink.gov.au/internet/internet.nsf/ea3b9a1335df87bcca2569890008040e/c88655f9565759bcca257236007ddcdc!OpenDocument

 

[jb_nc]

http://www.centrelink.gov.au/internet/internet.nsf/ea3b9a1335df87bcca2569890008040e/c88655f9565759bcca257236007ddcdc!OpenDocument

Is that combined parental income or each parent? (says parent's not parents')

 

[Dumsum]

What's the threshold for parental income to be eligible for YA?

$30,750 iirc.

I get YA because my parents split and I lived with mum... so only her income counts (normally it's both). She earns < $20k, so yeah it was a fairly easy process for me.

I do think, though, that living away from home without parental support should be one of the criterion for independence.

 

[ybnormal]

k, only slightly related,. but i dont want to even bother with centrelink until i have some idea where i stand, so, yeah.
i live with my mother and stepfather, who until the forth of january this year worked in a family operated business and earned well over the threshold amount. i have very little contact with my father.
as they are both now unemployed, and probably not getting a job any time soon, where does this put me?
does the sale of the business count as income? (it'll probably be quite a large amount)

so, yeah =\ where do i stand? any ideas?

 

[jb_nc]

k, only slightly related,. but i dont want to even bother with centrelink until i have some idea where i stand, so, yeah.
i live with my mother and stepfather, who until the forth of january this year worked in a family operated business and earned well over the threshold amount. i have very little contact with my father.
as they are both now unemployed, and probably not getting a job any time soon, where does this put me?
does the sale of the business count as income? (it'll probably be quite a large amount)

so, yeah =\ where do i stand? any ideas?

Yeah, I'm pretty sure it does. I remember a question like that in the means/income test.

 

[lil_georgie_gal]

Yes any form of income will count, unless both your parents are unemployed and theres drastic situations it'll probably be hard for you to gain anything...

 

[treelovinhippie]

You would need to be living out of home for starters.

But if your parents have a good accountant you could probably quite easily slide the "business income" down to a level where you would be eligible. One of the joys of running a business is the tax deductions and diferent things you can do.

Ring up and ask them if the sale of the business counts as parental income. I'm thinking it probably will if they sold it in the last year.