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Michael and Amanda Jamieson are new clients who come to seek your professional advice.  The Jamieson’s have 2 children, Jenny and Matthew, both of whom are financially independent.  Jenny is married to Adam and does not work as she is presently raising their 4 children.  Matthew is an executive with a large Bank and he and his wife Belinda have no children at this time. Michael and Amanda provide you with the following information about their assets. Neither Michael nor Amanda has any liabilities:

Assets

 

Michael

(67 yrs.)

Amanda

(65 yrs.)

Joint

       home

 

 

$220,000

       car

$  40,000

$25,000

 

       home contents

 

 

$  18,000

       bank account

 

 

$    7,000

       Savings Account

 

 

$  25,000

       shares - Coles Myer (acquired 1990)

$  10,000

 

 

                  - Pasminco (acquired 1992)

$    7,000

 

 

                  - ANZ (acquired 1984)

$  14,000

 

 

                  - BHP (acquired (1981)

$  21,000

 

 

     managed fund – BT Future Goals Fund

$  26,000

 

 

     Superannuation

$220,000

 

 

     investment property (acquired 1984)

$142,000

 

 

                 -  (rental income $ 6,500 per yr.)

 

 

 

Total

$480,000

$25,000

$270,000

 

Michael retired from work 2 months ago as he required a major heart operation but was earning $100,000 per annum prior. He has since recovered and his prognosis for a full recovery is excellent. Amanda does not work but spends 6 hours a week as a volunteer for Community Aid Abroad.  The Jamieson’s have been living off a payout which included both sick leave entitlements and long service leave entitlements whilst Michael has been recuperating.  At this point in time Michael has left his superannuation with his employer’s super fund. He is considering drawing an account based pension later in the year.

 

You have agreed to address some of their queries which arose at your recent interview with them. Michael and Amanda would like to access a part Age Pension if possible and want to know whether they would be eligible.  You have advised them to speak with someone from Centrelink, but they want to know some information before they attend any interview with Centrelink.

Required: 

1)     Michael is concerned that you have incorrectly assessed his age pension eligibility with respect to calculating the incomes test, because you included deemed income for his bank account, which is not an interest bearing account. Explain to Michael how deeming works?



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