Assignment help needed - Centrelink aged pension

[daddy_4_eyes]

I've got an assignment and need to work out the amount of aged pension from centrelink that person X is entitled to. I'm having trouble understanding the formula for working it out, as the formula stated in the lecture notes gives a different result to those in my textbook.

Given the information below, can anyone please work out person X's aged pension entitlements under both the assets test and the income test?

Pension from superannuation: $14,568
Property value: $300,000
Superannuation fund: $236,000
Cash savings: $8,000
Shares: $14,400


Thanks in advance for any help you may provide.

 

[Qsaint]

Go to

http://www.centrelink.gov.au/internet/internet.nsf/payments/pay_how_agepens.htm

I assume the property is not an investment but the home they live in(If it is an investment then they get $0) ? Is it an individual or a couple? There are 2 tests, which ever results in the lower rate goes, Assets v Income.

These are assets, but don't forget they are income as well (savings accounts are deemed to earn a certain %)
Cash savings: $8,000
Shares: $14,400

This is income
Pension from superannuation: $14,568


This is an asset (most people would change this to an annuity)
Superannuation fund: $236,000

 

[daddy_4_eyes]

Visited the centrelink website and figured out that the lecture notes were outdated. Using old rates.