The Government has a range of subsidies, rebates, payments and pensions available to help out those of us that need a helping hand.
Types of payments
A payment made to help cover essential items when you are looking for paid work or are studying.
Paid Parental Leave:
A payment made to a primary care giver at the minimum wage for 18 months if you are not working following the birth of your baby.
A payment made to your partner for taking a few weeks off work following the birth of your baby at the minimum wage.
Childcare Benefits and Rebate:
A payment made when your child/children attend childcare and you return to work. The Rebate covers up to 50% of the cost of childcare and the benefit bumps this up even further for low and middle income earners.
So you have hung the boots up and made it through to 65. Basic and essential living costs will be met by the Government Age Pension for eligible pensioners. Don’t expect to live like a king, but you can bump up your retirement’s income above the Age Pension by accessing part of your Superannuation or other investment income.
A big part of the cost of care is met by the Government. These payments and assistance is paid directly to the Aged Care Provider and are not seen by the residents. But for those residents of an Aged Care Facility who are eligible for a part/full Age Pension Benefit, the majority of the Age Pension payment will be redirected to the Aged Care Provider as they are paying for the resident’s food, utilities, accommodation etc.
For each type of Government assistance, there are a set of eligibility criteria which must be satisfied in order to receive Government assistance.
Some payments have age requirements – like being over 65 for the Age Pension, others such as payments to families and for childcare require a work/study test being satisfied, income tests and age of your children being met too.
Because all governments like to change Centrelink rules frequently, it always pays to check out the Centrelink website itself for all current rules and eligibility criteria www.centrelink.com.au.
Here you will find out the latest thresholds for the Asset Test – how much you can own before it impacts your entitlement, or the Income Test – how much other income you can receive (or are deemed to receive) before your entitlements reduce.
If you require further assistance in maximising your Centrelink Assistance and benefits, or you are just unsure what could be available to you, just remember that your GNS Group Financial Adviser is only a phone call away – (03) 9499 7444.