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Early release of super and affect to Asset test

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If you’ve receive the early release of Covid-19 super will that have an affect on your jobseeker payments after declaring liquid assets of $20,000 or more to the Centrelink asset test due on the 25/09/2020 if you haven’t spent it?
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Most helpful response

Former Community Support

Replies 0

Hi @skeatt,

 

Thanks for getting in touch.

 

You may want to contact Services Australia in relation to your question as they provide the JobSeeker payment.

 

However, the asset limits on the Services Australia website state that your payment will cancel when your assets are more than the following amounts:

Family Situation Homeowner Non-homeowner
Single. $268,000 $482,500
Couple combined. $401,500 $616,000
One partner eligible, combined assets. $401,500 $616,000

 

So depending on your situation and the amount of assets you have your JobSeeker payment may be effected. There are also income limit changes that will apply from 25 September 2020.

 

All the best,

 

JacquelineATO

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @skeatt,

 

Thanks for getting in touch.

 

You may want to contact Services Australia in relation to your question as they provide the JobSeeker payment.

 

However, the asset limits on the Services Australia website state that your payment will cancel when your assets are more than the following amounts:

Family Situation Homeowner Non-homeowner
Single. $268,000 $482,500
Couple combined. $401,500 $616,000
One partner eligible, combined assets. $401,500 $616,000

 

So depending on your situation and the amount of assets you have your JobSeeker payment may be effected. There are also income limit changes that will apply from 25 September 2020.

 

All the best,

 

JacquelineATO