Unit 11 Social Security - 1/24/2012 Learning Outcomes List...

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1 Unit 11 Social Security Learning Outcomes • List the key social security payment available in Australia and their eligibility criteria. • Explain the mechanics of asset and income tests as well as the deeming rule. • Suggests planning opportunities for a client to gain more social security payment. Social Security • Social security programs in Australia operate on the principle of pay-as-you-go and provide – safety net retirement – unemployment and – disability payments through taxation collected from the current working population. 3 Criteria of Eligibility • Qualifying criteria vary from one pension or benefit type to another but typically require applicants to meet certain age and residency requirements • Most social security payments are means tested in order to provide benefits to people most in need 4 Administration • Centrelink is charged with the responsibility of assessing and making social security payments 5 Types of Pensions Age Pension – The Age Pension represents approximately 25 per cent of average weekly earnings. Disability Support Pension – For people with disabilities, illness or injury preventing them from working full-time. Carer Allowance – income supplement for someone who provides daily care for a person with an illness or a disability. 6
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This note was uploaded on 01/25/2012 for the course FINS 5510 taught by Professor Kingsleyfong during the Three '11 term at University of New South Wales.

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Unit 11 Social Security - 1/24/2012 Learning Outcomes List...

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