The Family Assets Test does NOT apply where one or both parents are:
- in receipt of an income support payment; OR
- in receipt of Farm Help Income Support or Exceptional Circumstance Relief payments under Part 5 or 6 of the Farm Household Support Act, 1992; OR
- holders of a current Health Care Card or Low Income Health Care Card, including a HCC issues on the basis of receipt of maximum rate Family Tax Benefit Part A; OR
- in receipt of ABSTUDY Living Allowance; OR
- in receipt of a Community Development Employment Projects (CDEP) wage as a participant; OR
- taken to be receiving their income support payment during an employment income nil rate period.
A parent receiving payment under the Exceptional Circumstances Relief Payment (ECRP) provisions of the Farm Household Support Act 1992 is not subject to the Family Assets Test from the commencement of the period of receipt of ECRP until 31 December of that year.
There are no assets hardship provisions under the Family Assets Test.
The Family Assets Test is based on the assets of the student’s or Australian Apprentice's parent/s.
ALL of the family's assets are included, EXCEPT:
- the assets of independent children, AND
- the assets of the partner of dependent YA or dependent ABSTUDY recipients, AND
- farm assets, if a current drought relief exceptional circumstances certificate has been issued.
Where there is a change in parent, the ABSTUDY is assets tested in respect of the new parent from the date of change.
Seventy-five per cent of a customer's interest in the value of a business, including farms, is disregarded if the customer owns the business and is wholly or mainly engaged in that business. Wholly or mainly means more than 50% of their work time.