The Disability Support Pension (DSP) payment in Australia is calculated using a combination of income and assets tests. The key factors considered in the calculation are:
Income Test: The income test assesses the amount of income the applicant receives from various sources, such as employment, investments, and other government benefits. The income test includes both assessable income and deemed income from financial assets. The higher the individual’s income, the lower the DSP payment may be.
Assets Test: The assets test takes into account the value of the applicant’s assets, such as property, savings, investments, and other assets. The assets test considers both the individual’s and their partner’s assets, if applicable. The higher the value of assets, the lower the DSP payment may be.
Maximum Payment Rate: The maximum basic rate of DSP serves as the starting point for the calculation. The individual’s actual DSP payment may be reduced based on their income and assets, subject to the income and assets test thresholds.
The income and assets test thresholds and rates can change over time and are subject to periodic adjustments by the government. It’s important to note that other factors, such as age, relationship status, and additional supplements or allowances, may also impact the final DSP payment calculation.
To get an accurate calculation of your specific DSP entitlement, it is recommended to contact the Department of Human Services or visit their official website and use their online calculators or speak to a representative who can provide personalized guidance based on your individual circumstances.