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More than 3,000 millionaires will be kicked off JobSeeker

Over 3,000 Millionaires Caught Claiming a Job Seeker, But Will Be Kicked Off When Strict New Rules Go Into Enact

  • More than 3,000 millionaires claim that JobSeeker will be kicked off Friday
  • Asset testing was dropped when the coronavirus crisis engulfed Australia six months ago
  • Power limits are in place from Friday and will affect approximately 30,000 Australians

More than 3,000 millionaires who claim the JobSeeker will be paid will be kicked off payment as strict new rules go into effect this week.

Thousands of millionaires were able to legally receive the biweekly payment of $ 1,115 because the asset test was waived when the coronavirus crisis engulfed Australia six months ago.

This meant that Australians who had $ 1 million in assets, including cars, boats, and vacation homes, had access to the payment.

But the asset restrictions will be put in place starting Friday and 3,600 millionaires claiming the benefit no longer qualifies for the cash injection, news.com.au reported.

More than 3,000 millionaires claiming JobSeeker will be kicked off if asset limits are put in place on Friday. Pictured: Australians are queuing for a Centrelink office at the start of the pandemic

More than 3,000 millionaires claiming JobSeeker will be kicked off if asset limits are put in place on Friday. Pictured: Australians are queuing for a Centrelink office at the start of the pandemic

‘The exemption from the asset test expires in September. This will affect you if you receive a job seeker’s allowance, youth allowance or parental allowance, ”says the Services Australia website.

Use your Centrelink online account to update your assets by September 25, 2020 so that we can pay you the correct amount.

“Payments will expire from September 25, 2020 if your asset value is above the limits.”

A single person cannot access JobSeeker if their net worth is more than $ 268,000 on top of their home.

The wealth limit for single non-home owners is $ 482,500.

An estimated 37,000 Australians – of the 800,000 who have applied for Job Seekers since March – are no longer eligible for payment under the new limits.

A single person cannot access JobSeeker if their net worth is more than $ 268,000 on top of their home (stock image)

A single person cannot access JobSeeker if their net worth is more than $ 268,000 on top of their home (stock image)

A single person cannot access JobSeeker if their net worth is more than $ 268,000 on top of their home (stock image)

ASSETS LIMITS

Your payment will be canceled when your assets exceed the following amounts:

Single

Homeowners: $ 268,000

Non-Home Owners: $ 482,500

Set combined

Homeowners: $ 401,500

Non-Homeowners: $ 616,000

One eligible partner, combined assets

Homeowners: $ 401,500

Non-Homeowners: $ 616,000

SOURCE: Services Australia

Home Secretary Anne Ruston explained that the asset test will ensure that government payments go to those who need them most.

“ The wealth test is designed so that people of working age with significant assets (in addition to their main home and pension) use their own resources to support themselves before turning to taxpayers for support, ” she told news.com .au.

“Testing resources is a long-standing principle of the income support system because it ensures that payments are targeted to those who need them most and ensures that the taxpayer-funded system is sustainable in the future.”

The minister estimates that the changes will affect more than 30,000 Australians.

‘We are currently still in contact with people. But I understand that there will be somewhere in the neighborhood of 30,000 people who currently have assets that exceed the threshold, ”she told the ABC.

“Some of them … have assets significantly above the thresholds that existed before we entered the pandemic.”

As of Friday, the job seeker’s allowance drops to $ 815 as the $ 550 coronavirus supplement is cut in half.

The coronavirus supplement is expected to be dropped altogether by the end of December.

As of Friday, the job seeker's allowance drops to $ 815 as the $ 550 coronavirus supplement is cut in half. The coronavirus supplement is expected to be dropped altogether by the end of December. Pictured: Sydneysiders are seen at Circular Quay on Sept. 13

As of Friday, the job seeker benefit drops to $ 815 as the $ 550 coronavirus supplement is cut in half. The coronavirus supplement is expected to be dropped altogether by the end of December. Pictured: Sydneysiders are seen at Circular Quay on Sept. 13

As of Friday, the job seeker benefit drops to $ 815 as the $ 550 coronavirus supplement is cut in half. The coronavirus supplement is expected to be dropped altogether by the end of December. Pictured: Sydneysiders are seen at Circular Quay on Sept. 13

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