4.10.5.60 FP Historical Assets Limits

Historical assets (1.1.A.290) limits for family payment (FP)

FP was subject to an assets test. If the total net market value of the family assets was less than or equal to the allowable assets figure, then qualification for FP was assessed under the income test.

FP income and assets test limits were indexed every year in January.

The following table shows the assets limits for the 2 components of FP:

  • basic family payment (BFP), and
  • additional family payment (AFP).

The amounts are shown in dollars.

From date Limit for payment
BFP AFP
01/01/1993 607,250 363,500
01/01/1994 Note A 550,000 370,500
01/01/1995 559,250 376,750
 

FP

(minimum rate)

FP

(standard rate)

01/01/1996 584,500 393,750
01/01/1997 602,500 406,000
01/01/1998 604,250 407,250
01/01/1999 608,500 410,000
01/01/2000 615,250 414,500

Notes

These notes relate to the historical assets limits for FP:

Note Explanation
A In January 1994, assets limits were changed by government decision.

The FP assets test hardship provisions applied when assets were above the allowable limits for FP. If the value of the family assets was above the allowable limit for FP and the individual did not qualify under the hardship provisions, then payment was not payable.

Last reviewed: 13 August 2018