The Basics of Parenting Payment and Eligibility
Being a parent is a full-time job that requires financial support. In Australia, the government provides financial assistance to eligible parents through the Parenting Payment. This payment is designed to help single parents and families raising children. In this article, we outline the basics of Parenting Payment, including how much you can receive and who is eligible.
Parenting Payment Amounts
The amount of Parenting Payment you may be eligible for varies depending on your income, the number of children you are raising and their age. As of July 2021, the payment is approximately $763.50 per fortnight for a single parent with one child under eight years old, while a family with two children and both parents earning less than $52,620 per year can receive up to $1,325.40 per fortnight.
Eligibility Criteria
To be eligible for Parenting Payment, you must meet certain criteria. Firstly, you or your partner must be the primary caregiver of your child or children. Additionally, you must meet the income and asset test requirements, which are used to ensure that payments go to those who need it most.
The income test requires that you earn less than $2,009.40 per fortnight as a single parent or less than $3,040.80 per fortnight as a couple. The asset test requires that your assets not exceed certain limits, including property, cash, investments and vehicles.
Additional Requirements and Support
In addition to meeting the income and asset test requirements, you may be required to meet certain obligations to receive Parenting Payment. These obligations may include participating in activities that help you find work, such as job search or training programs.
If you are experiencing financial hardship or need assistance with managing your money, the government provides additional support through the Financial Information Service. This service provides free and confidential advice on managing your money, including budgeting and debt management.
Conclusion
Parenting Payment is an essential financial support for eligible parents in Australia. To receive this payment, you must meet certain eligibility criteria, including the income and asset test requirements. Additionally, you may be required to meet certain obligations and participate in activities that help you find work. If you need further assistance with managing your money, the government provides additional resources through the Financial Information Service.
