James and Rosy Barson are both aged 66. The couple has retired and owned the following...

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James and Rosy Barson are both aged 66. The couple has retired and owned the following assets jointly. They have approached you to determine their eligibility for the age pension, and their monetary entitlement under the age pension from you. Value $5,000 $16,000 $84,000 $39,000 $27,000 $48,000 $660,000 $471,000 Savings account Term deposit Exchange-traded Treasury Bonds Managed fund (equity) Car House contents House (principal residence) Holiday rental apartment REQUIRED: (a) Test. (b) Test. Income $95 $455 $6,450 $1,375 (rental income) $14,100 Calculate and assess the Barson's eligibility to the age pension under the Assets Calculate and assess the Barson's eligibility to the age pension under the Income (c) Under which test would the Barson's receive a Centrelink Age Pension? (d) Provide strategies you can suggest that may assist the Barson's in maximizing their age pension entitlement. James and Rosy Barson are both aged 66. The couple has retired and owned the following assets jointly. They have approached you to determine their eligibility for the age pension, and their monetary entitlement under the age pension from you. Value $5,000 $16,000 $84,000 $39,000 $27,000 $48,000 $660,000 $471,000 Savings account Term deposit Exchange-traded Treasury Bonds Managed fund (equity) Car House contents House (principal residence) Holiday rental apartment REQUIRED: (a) Test. (b) Test. Income $95 $455 $6,450 $1,375 (rental income) $14,100 Calculate and assess the Barson's eligibility to the age pension under the Assets Calculate and assess the Barson's eligibility to the age pension under the Income (c) Under which test would the Barson's receive a Centrelink Age Pension? (d) Provide strategies you can suggest that may assist the Barson's in maximizing their age pension entitlement.

Answer rating: 100% (QA)

To determine James and Rosy Barsons eligibility for the Age Pension and their entitlement under both the Assets Test and the Income Test we need to calculate their total assets and income a Assets Tes... View the full answer