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)

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

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

You just inherited a lump sum of money from a relative who recently passed away. The money is now sitting in a saving account. You are currently considered as independent, needing soon Youth allowance for your study. Discuss how this inheritance may affect your youth allowance eligibility and waiting period before you receive your first payment. Using exclusively reliable and trustworthy sources (and whenever possible primary sources), provide a short 150-word report of your findings. You are not allowed to copy /paste from the website(s) and you are expected to use only the parts that are relevant for the question. Provide the website link(s) of your sources, with a format that allow to click on them to open them. You should copy paste the links for the exact webpages where the information used directly appears (the marker should not have to click further to reach the information); please mention the section/paragraph where the information is, if the link is not precise enough (add that information after the link). Use at least three different references, possibly more, if relevant. There is no need to refer to the reference in the main text due to its short size. Simply add them at the bottom of your answer.

Pension age is the age people can A.access their superannuation, if they do not work anymore.B.access the government pension, if they meet the asset tests.C.access the government pension, without any condition.D.access their superannuation, without any condition.

Q2. Fred, a single non-homeowner aged 65 has the following assets:Term deposit $200,000Debentures $57,500Shares $118,000Managed fund $20,000In addition, Fred owns the following lifestyle assets, shown at market value:Furniture $15,500Coin collection $7,500Motor vehicle $18,000Fred has a personal loan on his vehicle of $4,500.Determine Fred’s Age Pension under the Assets Test, who has recently become eligible to receive theAge Pension