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.

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.

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 place of living, at home or away from homeB.his own assetsC.his own income bank balanceD.his parents' assetsE.his parents' income bank balanceF.his parents' incomeG.his own income from work

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.$452.3B.$562.80C.$389.40D.One cannot calculate the allowance as we do not have data for the income of her parents.E.$440.3

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