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Just curious to know does having savings affect payments and if so what amount?
I don't have much but will get some money from the house and I wanted to put this away to either save for deposit for a place one day and hopefully take the girls to Disneyland one day.
And what about kids accounts? Do they affect or is it just the interest earnt on them I have to claim?
TIA.
kids accounts depend on how it's set up - if it's an account you may have access to and it's deemed you may be "hiding" money, then it may be deemed an asset - always best to show the details and have it up front so the person assessing can see what's going on. money in kids accounts is normally theirs, so doesn't count - but if it's an every day access account with a large sum in it that you have access to, it might be questioned. if you invested money from the sale of the house and put it in trust for the kids when they are 18 or something, it would generally be deemed to not be your asset
money from sale of house - if you intend to purchase again within 12 months, it may be treated differently, but essentially any money sitting in a bank account is deemed an asset and can count towards the asset test for a payment. if there is money in an account, interest from it will also be deemed an income
money like this impacts any income support payment (parenting, newstart, carers, disability etc) and is assessed by c'link
the impact it has on ftb is determined by how the ATO treats the money.
Thanks BG.
So theres no real set amount? Its all dependant on everything together?
The girls accounts won't have much money, was going to be a $10/week money put away.
Was more concerned about the money from the house, unsure if I will be able to buy within next 12 months, was wanting to put it away and try to add to it.
if your intention is to buy again, let the person assessing your claim know that
sounds like your kids accounts are going to be normal kids accounts so don't fret too much there - just be upfront about them
it's hard to say with absolutes because there are so many other factors that come into it - assets test takes into account all your assets - jewellery, car, household goods etc. the income that is deemed from a financial asset depends on what the amount is.