Welcome Guest [Log In] [Register]


Reply
  • Pages:
  • 1
  • 3
  • 4
Question? Looking like being unemployed
Topic Started: 26 Aug 2014, 04:40 PM (3,097 Views)
noob
Unregistered

Hi all..
It's looking like I will be unemployed in about 6 months (mining boom winding up)..
Over my time in the mines, I've been able to save up about 500k (currently invested in shares and various things)..
The question is:
If I apply for the dole, will I be asked to sell my shares and use that money instead of receiving any benefit?

Same question, different scenario:
If my 500k was invested in NEUTRALY geared property instead of shares,
Would centerlink ask me to sell my properties, or hand over an allowance?

Cheers in advance
"REPLY WITH QUOTE" Go to top
 
Guest
Unregistered

It sounds like you're focused on getting the dole.

With 500k 'saved up', how about not planning on being a burden on the tax payer and live off your savings until you find another job?

There are many people with a whole lot less in disposable savings than you that genuinely deserve income support. It sounds like you don't need it if you're truly motivated to find employment in the short term.
"REPLY WITH QUOTE" Go to top
 
Count du Monet
Member Avatar


There's quite a limit on what ever investments you can have. Cash in the Bank has to be sub 5k. The exception is the ppor you own doesn't come into their eligibility equation. If you're happy to sit in a certain local then buying a house just ahead of time might be a good move. At the moment a health care card is tops for practically free dental treatment.

But in any case the dividend payment from your shares is going to be way more than the dole, as you stand you're not eligible. But when you move out of mining what makes you think you'll remain unemployed?
The next trick of our glorious banks will be to charge us a fee for using net bank!!!
You are no longer customer, you are property!!!

Don't be SAUCY with me Bernaisse
Profile "REPLY WITH QUOTE" Go to top
 
goldbug
Default APF Avatar


If it's an asset and your name is on it you are out. I think to get the dole you have to have less than a couple of grand in the bank and a private residence but no investment shit. There is onlyone place you could store it off the radar that I know of...
Shadow was hopelessly wrong about the Gold Bull Market.
What else is he wrong about?
Profile "REPLY WITH QUOTE" Go to top
 
herbie
Member Avatar


noob
26 Aug 2014, 04:40 PM
Hi all..
It's looking like I will be unemployed in about 6 months (mining boom winding up)..
Over my time in the mines, I've been able to save up about 500k (currently invested in shares and various things)..
The question is:
If I apply for the dole, will I be asked to sell my shares and use that money instead of receiving any benefit?

Same question, different scenario:
If my 500k was invested in NEUTRALY geared property instead of shares,
Would centerlink ask me to sell my properties, or hand over an allowance?

Cheers in advance
You're a saver and you've not purchased a home. The system DOUBLY hates you ... :) :

"The Assets Test for Newstart Allowance
Newstart Allowance is not payable if assets exceed:
Homeowners
Single $202,000
Partnered (combined) $286,500
Non-homeowners
Single $348,500
Partnered (combined) $433,000"

http://www.australianunitypfs.com.au/FactSheets/Centrelink.pdf

So yep, it sounds like you are out of luck. Though yep, it also sounds like buying a home would change that.
Edited by herbie, 26 Aug 2014, 07:25 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
Profile "REPLY WITH QUOTE" Go to top
 
Jimbo
Member Avatar


noob
26 Aug 2014, 04:40 PM
Hi all..
It's looking like I will be unemployed in about 6 months (mining boom winding up)..
Over my time in the mines, I've been able to save up about 500k (currently invested in shares and various things)..
The question is:
If I apply for the dole, will I be asked to sell my shares and use that money instead of receiving any benefit?

Same question, different scenario:
If my 500k was invested in NEUTRALY geared property instead of shares,
Would centerlink ask me to sell my properties, or hand over an allowance?

Cheers in advance
This doesn't deserve a response.

I have been unemployed in the past but I have never set foot in a dole office in my life. I have supported myself with money I have put to one side.

It's a fucking safety net for fucks set.

What a dickhead.

Matthew, 30 Jan 2016, 09:21 AM Your simplistic view is so flawed it is not worth debating. The current oversupply will be swallowed in 12 months. By the time dumb shits like you realise this prices will already be :?: rising.
Profile "REPLY WITH QUOTE" Go to top
 
herbie
Member Avatar


Jimbo
26 Aug 2014, 07:20 PM
This doesn't deserve a response.

I have been unemployed in the past but I have never set foot in a dole office in my life. I have supported myself with money I have put to one side.

It's a fucking safety net for fucks set.

What a dickhead.
We're Aussies mate - 40% of us get more in guv handouts than what we pay in tax.
We're bludgers. It's what we've become; Or more specifically, been turned into ...
Edited by herbie, 26 Aug 2014, 07:33 PM.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
Profile "REPLY WITH QUOTE" Go to top
 
GloomBoomDoom
Member Avatar


Jimbo
26 Aug 2014, 07:20 PM
This doesn't deserve a response.

I have been unemployed in the past but I have never set foot in a dole office in my life. I have supported myself with money I have put to one side.

It's a fucking safety net for fucks set.

What a dickhead.
I think it's a good question but not exactly for that circumstance.

Some people work themselves to the bone while scrimping and saving. Nekminnit they are fired because they burnt themselves out or possibly were let go due to many other reasons. They may actually have to "retire" at that point. Buying a PPOR to possibly avoid large, ongoing monthly payments for rent or mortgage could be very helpful in keeping their spirits up or offer a sense of security. That way they could easily apply for lower paid jobs to get back on their feet and still be able to pay the bills. Going backwards financially until all they are left with is a measly new start allowance wouldn't be good for anyone.

This poster has obviously been working hard and paying their fair share in tax for years. Why shouldn't they also receive the same kind of assistance as those who are "hard done by"?
MSE
Profile "REPLY WITH QUOTE" Go to top
 
miw
Member Avatar


GloomBoomDoom
26 Aug 2014, 08:06 PM
I think it's a good question but not exactly for that circumstance.

Some people work themselves to the bone while scrimping and saving. Nekminnit they are fired because they burnt themselves out or possibly were let go due to many other reasons. They may actually have to "retire" at that point. Buying a PPOR to possibly avoid large, ongoing monthly payments for rent or mortgage could be very helpful in keeping their spirits up or offer a sense of security. That way they could easily apply for lower paid jobs to get back on their feet and still be able to pay the bills. Going backwards financially until all they are left with is a measly new start allowance wouldn't be good for anyone.

This poster has obviously been working hard and paying their fair share in tax for years. Why shouldn't they also receive the same kind of assistance as those who are "hard done by"?
This ^^^^^^^^
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
Profile "REPLY WITH QUOTE" Go to top
 
herbie
Member Avatar


GloomBoomDoom
26 Aug 2014, 08:06 PM
I think it's a good question but not exactly for that circumstance.

Some people work themselves to the bone while scrimping and saving. Nekminnit they are fired because they burnt themselves out or possibly were let go due to many other reasons. They may actually have to "retire" at that point. Buying a PPOR to possibly avoid large, ongoing monthly payments for rent or mortgage could be very helpful in keeping their spirits up or offer a sense of security. That way they could easily apply for lower paid jobs to get back on their feet and still be able to pay the bills. Going backwards financially until all they are left with is a measly new start allowance wouldn't be good for anyone.

This poster has obviously been working hard and paying their fair share in tax for years. Why shouldn't they also receive the same kind of assistance as those who are "hard done by"?
+1 GBD - IMO.
A Professional Demographer to an amateur demographer: "negative natural increase will never outweigh the positive net migration"
Profile "REPLY WITH QUOTE" Go to top
 
1 user reading this topic (1 Guest and 0 Anonymous)
ZetaBoards - Free Forum Hosting
Free Forums with no limits on posts or members.
Learn More · Sign-up for Free
Go to Next Page
« Previous Topic · Australian Property Forum · Next Topic »
Reply
  • Pages:
  • 1
  • 3
  • 4



Australian Property Forum is an economics and finance forum dedicated to discussion of Australian and global real estate markets and macroeconomics, including house prices, housing affordability, and the likelihood of a property crash. Is there an Australian housing bubble? Will house prices crash, boom or stagnate? Is the Australian property market a pyramid scheme or Ponzi scheme? Can house prices really rise forever? These are the questions we address on Australian Property Forum, the premier real estate site for property bears, bulls, investors, and speculators. Members may also discuss matters related to finance, modern monetary theory (MMT), debt deflation, cryptocurrencies like Bitcoin Ethereum and Ripple, property investing, landlords, tenants, debt consolidation, reverse home equity loans, the housing shortage, negative gearing, capital gains tax, land tax and macro prudential regulation.

Forum Rules: The main forum may be used to discuss property, politics, economics and finance, precious metals, crypto currency, debt management, generational divides, climate change, sustainability, alternative energy, environmental topics, human rights or social justice issues, and other topics on a case by case basis. Topics unsuitable for the main forum may be discussed in the lounge. You agree you won't use this forum to post material that is illegal, private, defamatory, pornographic, excessively abusive or profane, threatening, or invasive of another forum member's privacy. Don't post NSFW content. Racist or ethnic slurs and homophobic comments aren't tolerated. Accusing forum members of serious crimes is not permitted. Accusations, attacks, abuse or threats, litigious or otherwise, directed against the forum or forum administrators aren't tolerated and will result in immediate suspension of your account for a number of days depending on the severity of the attack. No spamming or advertising in the main forum. Spamming includes repeating the same message over and over again within a short period of time. Don't post ALL CAPS thread titles. The Advertising and Promotion Subforum may be used to promote your Australian property related business or service. Active members of the forum who contribute regularly to main forum discussions may also include a link to their product or service in their signature block. Members are limited to one actively posting account each. A secondary account may be used solely for the purpose of maintaining a blog as long as that account no longer posts in threads. Any member who believes another member has violated these rules may report the offending post using the report button.

Australian Property Forum complies with ASIC Regulatory Guide 162 regarding Internet Discussion Sites. Australian Property Forum is not a provider of financial advice. Australian Property Forum does not in any way endorse the views and opinions of its members, nor does it vouch for for the accuracy or authenticity of their posts. It is not permitted for any Australian Property Forum member to post in the role of a licensed financial advisor or to post as the representative of a financial advisor. It is not permitted for Australian Property Forum members to ask for or offer specific buy, sell or hold recommendations on particular stocks, as a response to a request of this nature may be considered the provision of financial advice.

Views expressed on this forum are not representative of the forum owners. The forum owners are not liable or responsible for comments posted. Information posted does not constitute financial or legal advice. The forum owners accept no liability for information posted, nor for consequences of actions taken on the basis of that information. By visiting or using this forum, members and guests agree to be bound by the Zetaboards Terms of Use.

This site may contain copyright material (i.e. attributed snippets from online news reports), the use of which has not always been specifically authorized by the copyright owner. Such content is posted to advance understanding of environmental, political, human rights, economic, democratic, scientific, and social justice issues. This constitutes 'fair use' of such copyright material as provided for in section 107 of US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed for research and educational purposes only. If you wish to use this material for purposes that go beyond 'fair use', you must obtain permission from the copyright owner. Such material is credited to the true owner or licensee. We will remove from the forum any such material upon the request of the owners of the copyright of said material, as we claim no credit for such material.

For more information go to Limitations on Exclusive Rights: Fair Use

Privacy Policy: Australian Property Forum uses third party advertising companies to serve ads when you visit our site. These third party advertising companies may collect and use information about your visits to Australian Property Forum as well as other web sites in order to provide advertisements about goods and services of interest to you. If you would like more information about this practice and to know your choices about not having this information used by these companies, click here: Google Advertising Privacy FAQ

Australian Property Forum is hosted by Zetaboards. Please refer also to the Zetaboards Privacy Policy