Jobseeker eligibility

Discussion in 'Accounting & Tax' started by menty, 24th Mar, 2020.

Join Australia's most dynamic and respected property investment community
Tags:
  1. menty

    menty Well-Known Member

    Joined:
    30th Jun, 2015
    Posts:
    148
    Location:
    Sydney
    Im guessing most people here wont be able to access this as they would have income from rental properties and fail the income test?

    However, this income may be deducted against mortgage repayments to fall below the $1086 threshold
    Income - Services Australia
     
    Mike A likes this.
  2. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    15,146
    Location:
    Sydney
    Yes for IPs the NET income is important. Depreciation etc is disregarded as would borrowing expenses. However Centrelink also look at adjusted taxable income which adds back rental losses before adjusting for things like depreciation etc. Things like extra super and fringe benefits may not count if your income cesaes of course.

    I just spoke to someone who had a repaymnet holiday on their IP for at least 3 months. So Centrelink rejected that as an outgoing (apparently they are asking this of all loans in the assessment since stimulus has been given to the banks for that purpose !) . They had reduced work income (but not nil), no rent on one IP but the bank has suspended interest for 3 months initially and the loan repayment so they still dont qualify as income is above the test. But they can reapply as the situation changes.
     
    JohnPropChat likes this.