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Personal Assets Test for allowances, Austudy and independent Youth Allowance or ABSTUDY customers 108-01020030

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This document outlines the Personal Assets Test for JobSeeker Payment (JSP), Austudy and independent Youth Allowance (YA) or ABSTUDY. The value of a customer's assets must be below the allowance Assets Test limits. Once a customer's assets are over the Assets Test limit, they do not qualify for payment.

Assets Test

The Assets Test is based on assessable assets that the customer owns. An exempt asset will not be counted in the Assets Test.

There is a distinct cut off point for the allowance assets test limit, depending on the customer's relationship status and whether the customer is a home owner or not. If a customer is in severe financial hardship, hardship provisions may apply. Limits are not increased for dependent children. For the allowance assets test limit, see the Allowance (Independent) - Assets test link on the Rates and thresholds page.

There are some differences for Special Benefit (SpB) and Parenting Payment Partnered (PPP) customers.

Estimate of assets

Customers are asked to provide their own estimate of the net market value of their assessable assets. This is the amount of money they would get by selling the asset, less any debts on the assets such as registered mortgages, hire purchase debts or loans. Net market value is not the replacement value or the amount the asset is insured for - it is the marketplace/garage sale value. Customers are not asked to obtain professional valuations. If necessary, Services Australia will arrange for these to be done.

If an allowance customer (or partner) disposes of income or assets without adequate financial consideration, the income or asset amount may be maintained for 5 years. This is known as deprivation provisions.

Services Australia must be notified of any changes in asset circumstances of a customer and/or their partner within 14 days of the change. The customer may provide the notification by telephone, online channels or by attending a service centre.

The Resources page contains links to modules required for Assets Test details and details on how the Assets test was impacted by the coronavirus (COVID-19).

Valuation of real estate and other assets

Assessment of assets

Assets and liabilities of a business

Assessment of assets hardship

Exempt Assets

Assessing assets for Farm Household Allowance (FHA)

Referrals for actuarial valuations