A dependent student's youth allowance value is affected by  _______________________.You can select more than one answer.A.his parents' assetsB.his parents' incomeC.his parents' income bank balanceD.his own income from workE.his place of living, at home or away from homeF.his own assetsG.his own income bank balance

Students with high income parents have a chance to be eligible to receive Youth allowance if _______________________.A.they remain single B.they live away from homeC.they have a childD.they are less than 22 years old E.they decide not to get a job while studying

Which of the following describe what a "dependent" is for tax purposes?*2 pointsSomeone under the age of 19 who you financially supportSomeone who is temporarily disabledSomeone who financially supports youSomeone who is a full-time student under the age of 30

An income bank is ____________________. A.a record of all past youth allowances received during this fiscal year.B.a balance at centrelink that increases when the income from work is above $575.C.a balance at centrelink that decreases when the income from work is below $575.D.a balance at centrelink that decreases when the income from work is below $480.E.a balance at centrelink that decreases when the income from work is above $480.F.a type of saving account.

Which of the following statements about the ‘Social Security’ section of the lecture material are TRUE:If you are a full-time student below the age of 24 and have moved out of home, you should be able to qualify for Youth Allowance if you are working a casual job and receiving some income support from your parents even though your parents have high income and assets.An individual must satisfy both the ‘asset’ and ‘income’ test to qualify for the Age Pension. There are limits on giving children an ‘early inheritance’ by gifting assets to them to satisfy the asset test.Question 5AnswerNeither of the statements are true (both are false)Only statement 1 is trueOnly statement 2 is trueBoth statements are true (neither are false)

Aude is independent, with no kids or partners, living away from home. She earns $700 this fortnight on a casual work at a supermarket. Her income bank is $20.Her youth allowance, given her personal circumstances is _____________________. The result is rounded up to two decimal places.   A.One cannot calculate the allowance as we do not have data for the income of her parents.B.$440.3C.$452.3D.$562.80E.$389.40