Students moving out of home

[disarray]

just move your money around in < $10000 lots so ASIC and the Feds don't have to get involved and it should be ok

 

[Naked shorts]

just move your money around in < $10000 lots so ASIC and the Feds don't have to get involved and it should be ok

That wont work as they also track to see if any amount that adds up to $10,000 is being transfered in a relatively small timeframe

 

[awg]

Re Centrelink

In order to get Austudy/Youth Allowance, you have to be over 25, or independant, or have parental income below threshold

PIT Threshold is obscenely low, (if your parents work, forget it)

Independance can be met by working more than the prescribed amount of time, over a certain period, and other ways, (including justified homelessness)

Shares would be counted as liquid assets, as they can be realised within 7 days (IMO)

Liquid assets like cash in bank can be spent, however Centrelink can ask you to prove expenditure if they are suss, dont know how thorough they are these days.

all the above info should be checked for accuracy.

Centrelink staff will do no favors for smart ar$e young share traders

 

[white_crane]

Another possible option is to board with a family/couple. You might pay say $100-$150 pw for all your rent, meals and electricity. You might have to do a few odd jobs as well, but it can be a much cheaper option. You're probably not going to be able to throw wild, drunken parties though.

Also, I would be looking using my wages to at least cover all my expenses (if not allowing you a small surplus). That way any money coming from trading would be a bonus.

 

[matty2.0]

I can't believe your parents would kick you out, especially in these tough times.
If anything they should let you back in, just temporarily.

 

[insider]

Just curious,

I'm considering giving away most of my liquid assets as a gift (as I know of no solid hard assets I can keep them in safely) to an overseas relative. This may just come back to me as a gift a few years down the track...

How strict is centrelink in this regard?

Extremely... I was in the same boat... If you get caught you will be forced to pay back everything... And your name probably gets stained...

This what is considered to be liquid assets...

* cash on hand
* shares and debentures
* term deposits
* other money available at short notice
* some payments made or due to be made by your last employer;
* 10 year insurance bonds
* amounts deposited or lent to banks or other financial institutions whether or not the amount can be withdrawn or repaid immediately
* amounts borrowed from the bank for a specific purpose such as international travel that may not have been used for the said purpose
* assets given to a son or daughter in some circumstances
* loans to other people
* unencumbered proceeds from sale of business
* any money in trust funds, bank accounts including mortgage offset accounts, BUT NOT balances of mortgage redraw accounts
* redundancies or eligible termination payments that are not rolled over or cannot be rolled over
* compensation payments.



You need to consider assets that aren't listed...

 

[insider]

Just curious,

I'm considering giving away most of my liquid assets as a gift (as I know of no solid hard assets I can keep them in safely) to an overseas relative. This may just come back to me as a gift a few years down the track...

How strict is centrelink in this regard?

Have you considered paying Board to your parents? Anyway if you trust them why don't you give them the money while you live out of the house and claim payments...

Evaluate and see if you make more money doing this rather than trading... Or get a job... and go part time...

 

[Julia]

How strict is centrelink in this regard?

Very. (I'm assuming you are currently receiving a Centrelink benefit.)

Suggest you do not get cute with Centrelink. They are prepared to check every cent.

 

[jono1887]

This is why I decided to stick with trading over trying to get centrelink payments with all these barriers to get over... its just not worth the effort to conceal your assets. Honestly you'd be better of getting a p/t job for like 10-15hrs a week than get centrelink, or you could do what im doing and trade to pay for rent/food ect...

 

[nunthewiser]

. Honestly you'd be better of getting a p/t job for like 10-15hrs a week than get centrelink, or you could do what im doing and trade to pay for rent/food ect...

sounds great

shame that only a small % of traders are actually constantly profitable year in year out tho

 

[nomore4s]

sounds great

shame that only a small % of traders are actually constantly profitable year in year out tho

And lets be honest trading conditions in the first 6 months of the year have been quite good, not so sure that the next 6 months will be so easy.

 

[jono1887]

sounds great

shame that only a small % of traders are actually constantly profitable year in year out tho

like i said, get a p/t job for 10-15hrs a week... that should cover rent/food. Then your trading can just be a supplement for extra income for the other stuff you may want. That way, you are not reliant on trading for your living expenses... but are not restricted from making any profits when you are able to, by centrelink.

edit: just read what i wrote previously... yeh, true not all traders will be constantly profitable.

 

[prawn_86]

Guys and gals,

While I am all for trying to find legal loopholes in the system, please note that ASF does not condone any illegal activity, and that the anonimity on the Internet is not always as anonymous as it seems. So please be careful with some of your comments

 

[nunthewiser]

Guys and gals,

While I am all for trying to find legal loopholes in the system, please note that ASF does not condone any illegal activity, and that the anonimity on the Internet is not always as anonymous as it seems. So please be careful with some of your comments

well bugga!

there goes my next idea of turning any spare rooms into a crack den to add a lil bit extra to the kitty

 

[jono1887]

Guys and gals,

While I am all for trying to find legal loopholes in the system, please note that ASF does not condone any illegal activity, and that the anonimity on the Internet is not always as anonymous as it seems. So please be careful with some of your comments

He's on to us boys... time to get rid of the evidence!!

 

[Naked shorts]

Guys and gals,

While I am all for trying to find legal loopholes in the system, please note that ASF does not condone any illegal activity, and that the anonimity on the Internet is not always as anonymous as it seems. So please be careful with some of your comments

hahahah i was waiting for someone to say that.

 

[prawn_86]

As i said, its a public forum, so your welcome to talk about it, ASF just doesnt condone it, and you have no-one to blame but yourself if you do end up getting caught for something illegal.

Now throw a few more ideas out there for all those poor students that cant live with mommy and daddy anymore

 

[JTLP]

Some things to do (recent work in a bank has taught me some nifty things!):

- If you have a CC then just keep transferring the balance every so often to take advantage of interest free periods and cheaper rates etc...

- If you are thinking of holidays use the site www.skyscanner.net to look for cheap flights

- If you have a personal loan and it is in arrears just make an arrangement with the bank so that you can pay it off in installments (they usually give you 3 months leeway)

- You can challenge and technically have reversed any overdue/late payment etc fee's on your account at least once (as a goodwill gesture).

- If you get a healthcare card I believe you can get cheaper car insurance...

- Always haggle at places like JB & Harvey Norman. Just make up lies on prices if you have to (i.e. say you got quoted $x at a rival's place (always use a nice lower figure but not too extreme)...see how close they can match it (it's how I got my camera + memory card dirtttt cheap)

- If you have a mobile plan...just pretend you want to opt out of the provider as you are unhappy...they will put you on to the retention consultant who will try and keep your business. Just say things like it is too expensive blah blah and see what they offer you (often they will give you credit towards your bills or discounted rates).

- If you go to supermarkets at night (with bakerys) often things like bread and donuts have been reduced (as well as hot Chickens from the Deli)...can snare a decent lunch for 2 - 3 days if you pick up some of this

More to come

 

[jono1887]

hmm... i might go and try that mobile thing, a few of my friends have scored new phones doing that!

 

[feltonw]

hmm... i might go and try that mobile thing, a few of my friends have scored new phones doing that!

same here