Determining Severe Financial Hardship - Readily Available Funds

Last amended: What constitutes readily available funds

Readily available funds include cash on hand, financial institution accounts, term deposits, bonds, shares etc. Real estate, the family car and household contents are not considered readily available funds. When considering long term financial hardship, readily available funds include the surrender value of a life assurance policy, value of a second car or holiday home, etc. A person's readily available funds comprise:

Further Periods of Residence Required

Overview

A Commonwealth veteran, Allied veteran or Allied mariner applying for [glossary:service pension:245] must be an [glossary:Australian resident:582] and have resided in [glossary:Australia:161] for a continuous period of at least 10 years. However, a concession to the ten year requirement may be applied where a person has multiple periods of residency. Below are details of how to calculate the further periods of residence required of a person, before they meet the period of residency required under the concession.     

3.7.3 Fulfilment of Obligation to Take Reasonable Action

Last amended: 3 August 2010

Eligibility for comparable foreign pension rejected

A person is considered to have taken reasonable action to claim a comparable foreign pension:

  • if their claim for pension has been considered by the relevant overseas authorities, and
  • they have been determined to be ineligible.
Eligibility for foreign pension confirmed

A person is considered to have taken reasonable action to claim a comparable foreign pension:

3.3 Service Pension and Income Support Supplement Payability

This chapter contains information on service pension and income support supplement payability and circumstances where pension may not be payable to an eligible person.

See Also