As part of the 2015-16 Budget, the Government announced a simpler means test for Youth Allowance and ABSTUDY Living Allowance, that aligns more closely with the Family Tax Benefit Part A (FTB Part A) family income test. From 1 January 2016, around 200,000 families who are subject to the Family Assets Test and around 30,000 families who are subject to the Family Actual Means Test will benefit when the two tests are removed. Young people moving from FTB Part A to an individual income support payment will no longer receive inconsistent levels of support. In addition, simpler requirements mean that families will no longer need to seek financial advice to complete the required paperwork. The Department of Social Services has estimated that this will lead to an annual saving of $26.6 million in compliance costs. Treasury Accelerated depreciation for small business entities
As part of the 2015-16 Budget, the Government announced a simpler means test for Youth Allowance and ABSTUDY Living Allowance, that aligns more closely with the Family Tax Benefit Part A (FTB Part A) family income test. From 1 January 2016, around 200,000 families who are subject to the Family Assets Test and around 30,000 families who are subject to the Family Actual Means Test will benefit when the two tests are removed. Young people moving from FTB Part A to an individual income support payment will no longer receive inconsistent levels of support. In addition, simpler requirements mean that families will no longer need to seek financial advice to complete the required paperwork. The Department of Social Services has estimated that this will lead to an annual saving of $26.6 million in compliance costs. Treasury Accelerated depreciation for small business entities
2015-spring-repeal-day-consolidated.docx