Joice, a 70 year old widowed retiree wants to apply for a Centrelink payment. Over the...

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Joice, a 70 year old widowed retiree wants to apply for a Centrelink payment. Over the past 12 months, she has gifted $80,000 of her savings to her grandchildren. She has an investment apartment, with a mortgage of $40,000 outstanding, which earns $12,000 per year in rental income. She owns her own residential house worth $1.3 Million with a home loan of $10,000 outstanding. Joice works casually as a babysitter and earns $6,000 per year. She has an account-based super fund balance of $150,000, and has the following assets: Asset Managed Fund Investment property Total Asset Value $20,000 $320,000 Share Portfolio $25,000 Bank Savings Account $4,000 Car $34,000 Pre-paid Funeral $21,000 Furniture $10,000 Gold Bullion $13,000 a. Calculate assessable income, including deemed income. 4 Marks b. Calculate the pension using the income test based on assessable income. 2 Marks c. Calculate the pension using the assets test based on assessable assets. 2 Marks Joice, a 70 year old widowed retiree wants to apply for a Centrelink payment. Over the past 12 months, she has gifted $80,000 of her savings to her grandchildren. She has an investment apartment, with a mortgage of $40,000 outstanding, which earns $12,000 per year in rental income. She owns her own residential house worth $1.3 Million with a home loan of $10,000 outstanding. Joice works casually as a babysitter and earns $6,000 per year. She has an account-based super fund balance of $150,000, and has the following assets: Asset Managed Fund Investment property Total Asset Value $20,000 $320,000 Share Portfolio $25,000 Bank Savings Account $4,000 Car $34,000 Pre-paid Funeral $21,000 Furniture $10,000 Gold Bullion $13,000 a. Calculate assessable income, including deemed income. 4 Marks b. Calculate the pension using the income test based on assessable income. 2 Marks c. Calculate the pension using the assets test based on assessable assets. 2 Marks

Answer rating: 100% (QA)

Solution a Calculate assessable income including deemed income Joices assessable income includes her ... View the full answer