Age Pension Calculations - Asset Test Joseph (age 69) and Klarina (age 67) are Age Pensioners. Their
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Question:
Age Pension Calculations - Asset Test
Joseph (age 69) and Klarina (age 67) are Age Pensioners.
Their assets & liabilities are:
Asset - owner | Value $ | $ Liability |
Home - joint | 800,000 | 20,000 |
Savings - Joint | 30,000 | |
House contents - joint | 10,000 | Nil |
Car - Joseph | 25,000 | Nil |
Car - Klarina | 15,000 | Nil |
Account-based pension* - Joseph | 250,000 | N/A |
Account-based pension* -Klarina | 200,000 | N/A |
* pays 5% pa and both commenced in July 2019
Required:
Showing your workings:
2.Calculate their Age Pension under the Income Test (show workings)
3. Explain what will be their actual entitlement given the results under the Assets and Income Tests.
Related Book For
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
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