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 |
Note
This note relates 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.