The DVA Invalidity Service Pension is an income support payment that may be made to veterans and former members of the ADF when a number of criteria are met.
Criteria:
- Qualifying service includes service that is determined to be warlike service by the Minister for Defence.
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Former members who are deemed eligible for the Special Rate Disability Pension (SRDP) under MRCA are also taken to satisfy the permanent incapacity for work eligibility criterion for invalidity service pension.
The Invalidity service pension is also subject to an income and assets test. The amount of pension that can be paid is therefore dependent on the income that a former member, and if applicable, his or her partner receives. It is also dependent on the value of assets that the member, or the member and his or her partner own.
Any Invalidity Service Pension payable is not subject to income tax when paid to a pensioner who is under age pension age, however when an invalidity service pensioner reaches age pension age the pension becomes taxable.
MSBS Invalidity Pensions are counted towards the income test when working out the Invalidity Service Pension entitlement however there is a different treatment for MSBS pension depending on whether you are on Incapacity Payments or SRDP.
Given the complexity of the decisions that need to be made with your DVA entitlements it is important to get the right advice from a Licensed Financial Adviser who is able to give you personal financial advice.
We are licensed advisers who are part of the ADF Financial Advice Referral Program.
We offer a complimentary and obligation-free 10 minute phone discussion to explore likely advice needs prior to committing to an initial appointment.
Information discussed will be general advice only.
