Elements and Performance Criteria
- Research eligibility requirements for accessing social security benefits
- Access and interpret reliable sources of current information on social security entitlements and their impact on income in retirement
- Analyse the requirements of an individual’s government aged pension entitlement
- 1.3 Determine how social security benefits impact on an individual's income in retirement or nearing retirement
- Determine current eligibility requirements for relevant social security benefits and allowances that may apply to individuals and inform individuals that they will need to confirm eligibility with Centrelink
- Apply means testing rules
- Identify the treatment of income streams in the government’s means testing process and the different treatments, if any, of account based and non-account based income streams
- Apply means testing arrangements to various work activities
- Identify the aged pension threshold rates at which government pensions reduce for the member
- Use income and assets test information to calculate annual income stream amount to be assessed for social security purposes
- Determine deemed income on retirement benefits