Q: I have tried numerous websites for this info. and even phoned Centrelink, but I’m still unsure. My question: Is a SMSF counted as an ‘asset’ in the test for Youth Allowance and similarly is the tax free income gained from it (recipient over 60) counted as income? Love the site. Keep up the good work.
Thanks for your kind words, but I cannot comment on the assets and income test for the Youth Allowance. I have included the information booklet from Centrelink for your convenience link here.
What I can say, which may be of assistance, is that with other Centrelink benefits, such as the Age Pension, if a superannuation asset is in accumulation phase and the person owning the super hasn’t reached Age Pension age, then that super asset isn’t counted for Centrelink asset tests. If the person is taking an income stream, or as reached Age Pension age, that super account is considered an asset for the purposes of the assets test.
Again, if taking an income stream, the income is counted for Centrelink income tests. Note that there is some allowance for return of capital when counting income streams for Centrelink income tests.
With this information, you may get more assistance from Centrelink. Alternatively, you could try their Financial Information Service.
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