The assets test and liquid assets like $5,500 for single’s savings and $11,000 for family will be reintroduced for income support payments. It applies from 25 September 2020.
Moreover, the partner income test had a higher threshold before COVID.
Please note that you may not be eligible if you are not earning an assessable income but your partner earns $80,238.89 per annum. By ATO guidelines the partner income test will increase from 25 cents for every dollar of partner income earned over $996 per fortnight which increased to 27 cents of partner income earned over $1,165 per fortnight.
Reintroduction of job seeking requirements and some changes by ATO
There are some changes of Job seeking requirements and their criteria reintroduced by ATO.
From 24 March 2020, Job seeking from ATO was suspended and they reintroduced from 9 June 2020.
The requirement by ATO includes:
- Voluntary job searches from website
- At least one phone or online appointment with a jobseeker’s employment services provider or with registered tax agent
- Voluntary participation in activities, either online or in person, and
- No payment suspensions or penalties for failure to comply.
We are registered tax agents here, we are ready to help you to get jobseeker payments and many more but it depends on case to case. You can contact us on 1300 768 284.
Book an appointment with our experts and get best consultation for any solution about tax.
For more information on online tax return 2020, Tax Return 2020, myGov 2020, myTax 2020 or any other tax related matter, please call our professional accountant on 1300 768 284 or you can email us at enquiry@taxrefundonspot.com.au