New Means Test Income Data

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If the debtor’s income is less than the median for the debtor’s household size, the full Means Test Effective November 1, 2018, the median family income data has changed. November 1, 2018 The median family income figures used to determine bankruptcy qualification and establish payment plan amounts have changed.

Lately, that’s been a challenge, and 20% is the new 15%. these numbers to the test and determine what percentage of a household’s income must be saved in order to provide a comfortable and.

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 · Means testing of lifetime retirement income products. Income test: 70 per cent of all pension payments will be assessed under the income test Assets test: 70 per cent of the nominal purchase price of the income stream will be assessed under the assets test until the recipient reaches life expectancy (determined as at the purchase date),

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New means testing rules for lifetime income streams rules. – Legislation for the new social security means test rules of lifetime income streams (contained within the Social Services and Other Legislation Amendment (Supporting Retirement Incomes) Bill 2018) passed parliament on 14 February 2019 and received royal assent 1 march 2019.

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