Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)
Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test) is a compliance framework from Australia (Commonwealth) with 5 domains and 15 controls. The largest domains are Part 3.10: General provisions relating to the ordinary income test (ordinary income, business income, deeming of financial assets, work bonus) – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test) (4 controls), Part 3.12: General provisions relating to the assets test (disregarded assets, income streams, encumbrances, disposal of assets, financial hardship) – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test) (4 controls), Section 1064 Pension Rate Calculator A: the rate calculation and the ordinary income and assets test modules – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test) (3 controls). Every control below carries what it requires and what an assessor expects to see.
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Framework Domains (5)
Part 2.2: Qualification for and payability of age pension – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)
| Code | Title |
|---|---|
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::43 | Qualification: pension age and ten years' qualifying Australian residence (or an exemption) |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::44-47 | Payability: nil-rate rule, multiple entitlement exclusion and other payability limits |
Part 3.10: General provisions relating to the ordinary income test (ordinary income, business income, deeming of financial assets, work bonus) – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)
| Code | Title |
|---|---|
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1072-1073 | Ordinary income: gross income from all sources, with lump sums spread over 12 months |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1073AA | Work bonus for pensioners over pension age |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1074-1075 | Business income: trading stock adjustments and permissible reductions |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1076-1084 | Deeming: financial assets taken to earn the below-threshold and above-threshold rates, actual returns disregarded |
Part 3.12 Divisions 3 and 4: Home equity access scheme and retirement village residents – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)
| Code | Title |
|---|---|
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1133-1144 | Home equity access scheme: qualification, request, rate effect, charge over real assets and recovery after death |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1145-1157 | Retirement village residents: entry contribution, extra allowable amount and homeowner status |
Part 3.12: General provisions relating to the assets test (disregarded assets, income streams, encumbrances, disposal of assets, financial hardship) – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)
| Code | Title |
|---|---|
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1118-1118A | Assets disregarded: principal home and adjacent land, superannuation below pension age, funeral bonds and the other listed items |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1119-1122 | Valuation of income streams, encumbrances and loans |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1123-1128 | Disposal of assets: gifts above the free limits counted for five years |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1129-1130 | Financial hardship rules: unrealisable assets disregarded and the notional income deduction |
Section 1064 Pension Rate Calculator A: the rate calculation and the ordinary income and assets test modules – Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test)
| Code | Title |
|---|---|
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1064-A | Rate calculation method: maximum basic rate, supplements, then the greater of the income test and assets test reductions |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1064-E | Ordinary income test: free area, 50 cents in the dollar taper above it |
| australia-social-security-act-1991-age-pension-qualification-income-test-and-assets-test::1064-G | Assets test: assets value limit by family situation and home ownership, 3 dollars per fortnight per 1,000 dollars above the limit |
If I already comply with another framework, how much of Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test) do I already cover?
Australia Social Security Act 1991 (Age Pension: qualification, income test and assets test) does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
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