This article provides the most recent updates on the $987.70 payment and $28.30 pension supplement available in Australia. It covers the eligibility requirements, how to apply, and the impact of income and asset tests on these payments.
Updates on the $987.70 Payment + $28.30 Pension Supplement
Centrelink’s Parenting Payments offer essential financial support to Australian families, helping cover the costs of raising children. These payments can assist with everyday expenses like food, clothing, education, and other basic needs crucial for child development.
Parenting is a demanding responsibility, and balancing work with caregiving can be challenging. To ease this burden, Centrelink provides Parenting Payments to help families ensure their children’s needs are met. As of July 2024, this financial assistance continues to be a vital resource for many households across Australia.
Eligibility for the $987.70 Payment + $28.30 Pension Supplement
To qualify for the Parenting Payment, applicants must meet certain criteria set by Centrelink:
- Primary Caregiver: The applicant must be the primary carer of a child meeting the age requirements. Single parents must have a child under 8, while partnered parents are eligible if their child is under 6.
- Residency: Applicants must be Australian residents and physically present in the country when submitting their claim.
- Income and Asset Tests: These tests ensure the payments are directed to families who need them most. For example, single parents who own a home must have assets valued at less than $314,000. The income thresholds vary depending on the family’s situation.
- Other Benefits: Applicants cannot receive certain other benefits, such as Newstart Allowance, Youth Allowance, or Austudy, while claiming the Parenting Payment.
- Residency Requirement: To remain eligible, the applicant must continue living in Australia as an Australian resident.
How to Claim the Parenting Payment
To apply for the $987.70 Parenting Payment and the $28.30 Pension Supplement, follow these steps:
- Log in to myGov: Create or sign in to your myGov account, and link it to Centrelink.
- Verify Your Identity: Use documents like your passport or driver’s license to confirm your identity through myGov.
- Submit Your Claim: Log in to your Centrelink account via myGov, select “Make a claim or view claim status,” and choose “Apply for Parenting Payment.”
- Follow the Instructions: Complete the application form as directed, and be prepared to provide any additional documents that Centrelink might request to support your claim.
- Track Your Claim: After you submit your application, Centrelink will notify you of its status and inform you of any further steps needed.
Payment Dates for the $987.70 Payment + $28.30 Pension Supplement
The amount paid under Centrelink’s Parenting Payment varies depending on the applicant’s status as single or partnered. As of July 2024:
- Single Parents: The maximum fortnightly payment is $987.70, which includes a pension supplement of $28.30.
- Partnered Parents: The maximum payment is $698.30 per fortnight.
- Separated Parents: If partners are separated due to illness or incarceration, the maximum payment increases to $816.90.
Parenting payments are usually disbursed fortnightly, and the payment rates are reviewed twice a year, with potential adjustments in March and September 2024.
Key Insights
Income and asset tests significantly determine the amount of Parenting Payment a family can receive. For single parents, once their income surpasses a certain threshold, their payment is reduced by 40 cents for every dollar earned over the limit. Partnered parents have a different set of income thresholds based on their combined earnings.
Additionally, the value of assets owned by applicants, such as their home, affects their eligibility. For single homeowners, the asset limit is $314,000.
To stay informed, regularly check Service Australia’s official portal or consult with a financial advisor for more personalized guidance.
Click here to know more.
