The federal government has announced several changes to the JobSeeker payment beginning from Friday 25 September. This includes a reduction in the coronavirus supplement from $550 to $250 as well as some changes to eligibility.
Income Free Threshold
The income-free threshold for both JobSeeker and Youth Allowance will increase to $300 per fortnight, with recipients losing 60 cents for every dollar earnt above this threshold.
Asset Limits Reinstated
Recipients will no longer be able to access JobSeeker if they have assets worth more than $482,000, or $268,000 for homeowners. The Liquid Assets Test will also be reinstated, meaning people with more than $5,499 in savings must wait a set period before receiving payments.
Recipients will face a 27 cent reduction in their payments for every dollar their partner earns above $1,165.
From Monday 28 September recipients must search for up to 8 jobs each month, however this change will not apply to Victorians.
If you need any assistance with these changes to JobSeeker, contact one of our accountants on 03 5612 1400.
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