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Australia replaced India at number two position in the Test team rankings by the virtue of their hard-fought 245-run victory over South Africa in the third and final Test in Cape Town.
Australia had entered the series in third position on 111 ratings points and the victory handed them four ratings points which means that they finish the year on 115 points, three points ahead of India, at the April 1 cut-off date.
It also means that Australia have won a cash award of $370,000 while third-placed India will have to settle with $265,000. England will receive $160,000 for finishing fourth.
South Africa, thanks to their commanding lead at the top of the table, retains the mace in spite of dropping to 127 ratings points and will also get richer by the top prize of $475,000.
At the January 2012 meeting, the ICC Board had approved a proposal to substantially increase incentives in the form of prize money to promote Test cricket.
In 2015, the total prize money will be increased to $1.34 million, which will be distributed to the teams that finish in the top four at the 1 April 2015 cut-off date.
The number-one ranked side will receive $500,000, followed by $390,000, $280,000 and $170,000 to the sides that will finish second, third and fourth, respectively.
Image: Australian players celebrate after winning the Test
Photograph: Morne de Klerk/Getty Images