An elderly couple receive some of the Age Pension. They live in a home in Sydney that they own together. It is currently valued at $2 million. Which of the following is the MOST likely reason why they are able to receive the Age Pension?

Question

Answer

The value of the property increased above the asset test threshold after they first applied for the Age Pension.

Answer

The individual has likely understated the value of their home to the government when applying for the Age Pension.

Answer

The individual has breached the asset test but still receives the Age Pension because they are under the thresholds for the income test.

Answer

The value of an individual’s dwelling is not included in the asset test for the Age Pension.

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An elderly couple receive some of the Age Pension. They live in a home in Sydney...

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