Youth Allowance is financial help for people between the ages of 16 to 24, whom are either studying full time, undertaking an apprenticeship or looking for full time work.
The idea behind Youth Allowance is to ensure that students can have a little financial support during the years they are trying to establish their careers.
To be eligible for the help you have to comply with a set of criteria created by Centrelink; the government department that handles welfare claims.
There is a basic set of criteria to be eligible for Youth Allowance. However, it will depend on a series of factors that Centrelink will test you on. The basic principals to be eligible include:
• 16 to 21 years old and looking for full-time work or undertaking approved activities
• 18 to 24 years old and studying full-time
• 16 or 17 years old and have completed year 12 or equivalent
• 16 or 17 in full-time secondary study, who need to live away from home in order to study, or are considered independent for Youth Allowance
• 16 to 24 years old and undertaking a full-time Australian Apprenticeship
Rates of Youth Allowance depends on your living and financial situations. You’ll have to complete an Income and Asset Test to see how much. You will be paid fortnightly, but there is a weekly payment option if needed.
Income and Asset Test:
How much you get from Centrelink will depend on your Income and Asset Test. This is actually a host of questions regarding your personal circumstances – and based on them, your payment rates will be sorted. These include:
• If you are dependent (living with family) or independent (living alone)
• If you are living with family, the Parental Means and Income Tests will be conducted to see if your eligible and how much you get (basically, if your parents make more than $47,000 a year, the rate will be affected)
• Personal Assets and Income Test, which counts how much your asset are worth (such as a property) and how much money you make working.
Claiming your Help:
Part of Youth Allowance is that you have to constantly notify Centrelink about your financial situation. That means providing them with updates on how much money you are making and where from. If you don’t, you can find yourself in serious trouble, as they think you have cheated them and demand their money back.
Changing Your Details:
It has to be noted that once your circumstances change, whether it will be your job title, working hours, living situation, you have to notify Centrelink. These changes will affect your payments, but failing to tell the government can result in trouble for you!
Where Can I Find More Information:
Visit This Link – http://www.humanservices.gov.au/customer/services/centrelink/youth-allowance