7th Dec 2016
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Assets: do you need to tell Centrelink what you have?
Centrelink files with Assets tab

Anna is unsure if she has to do anything to advise Centrelink of her assets prior to the new rules taking effect on 1 January 2017. We clarify what action, if any, she needs to take.

Q. Anna
In light of the assets changes taking place on 1 January 2017, will Centrelink independently verify every current pensioner's financials (balance in bank accounts, value of share portfolios, etc.) on from source, and total up every individual current pensioner's financial assets to work out their new Age Pension payment?  Or is the onus on every pensioner to go into a Centrelink office and advise his or her total financial asset value as at 1 January 2017?

A. In order to apply the new asset thresholds and taper rate, Centrelink will simply base its calculations on the information it currently holds. As the onus is on the customer to advise Centrelink of any changes to their asset threshold that may affect their benefits, it will work on the assumption that these details are up-to-date.

Centrelink has already written to everyone receving the Age Pension that it has identified as possibly being affected by the changes and it will confirm the actual change and new payment some time before Christmas.

If you are in doubt as to whether or not you will be affected, you can use the simple estimator on the Centrelink website.

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    COMMENTS

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    Joy Anne
    12th Dec 2016
    11:51am
    Centrelink should not be able to apply these changes without contacting the person first and not taking it from the current on file. I know Centrelink charged my interest on amount I had in the bank and after notifying them a number of times, they still had it wrong. I went into Centrelink queued up for over 2 hrs on a number of occasions to advise of assets and they still got it wrong. I have idea how they are going to be fair if they can't get the information correct in the first place. I now have nothing as I was sick of them getting it wrong.
    dweezy2176
    12th Dec 2016
    12:21pm
    I've got to go into CL tomorrow over these changes though nothing (other than getting older!) has changed since I started on the OAP so they can't be checking up on much .. All I've done is convert to Islam, open a couple of day care centres, pack the surplus kids off to Africa for education and added a couple "wives" more to the harem .. moove along pleeze, nuttin' to see 'ere!
    Boof
    12th Dec 2016
    12:47pm
    Good work Dweezy. U'll be able to buy a couple of new cars now, with the extra money C.L. gives you for your new wives. Better start having kids to each wife. Whacko, more money. You'll be able to move to the Bahama's soon. But, don't for get to have your pension sent over there. Isn't Islam wonderful.
    MICK
    12th Dec 2016
    1:33pm
    Sounds very much like a trap Debbie.
    The ATO automatically gets information about interest and dividends as places where you invest require your TFN or else they charge tax at the highest rate. Property? Department of Lands has that.
    Only the top end of society with their offshore tax shelters, intricate layers of companies and trust accounts can hide successfully...........but then when you have that much money who cares about $30,000 pa from the government? Ok...some are greedy enough to want that too. Welcome to planet earth!

    12th Dec 2016
    2:41pm
    My wife and I update our assets twice a year, in April and September, after the super providers are supposed to inform C'link of balances.Each time over the past three years their figures differed from ours - theirs being higher. So, if you want to make sure you are getting what you should be, make a trip to them with all the recent statements of super, bank, building society a/c's, vehicles values, etc. or, you could just sit back and rely on someone else and possibly be out of pocket.
    Lisette
    12th Dec 2016
    3:04pm
    Assets and income can now be changed online. Take control. Once you have opened your Centrelink account and mastered how it all works, changing your own figures is easy. Their computers will adjust your payment automatically. NO MORE hanging on the phone or waiting in queues.
    Rodent
    12th Dec 2016
    5:44pm
    Lisette

    You may be incorrect? last time I checked ONLY bank account values could be changed on line, ( maybe Contents and Vehicles by now, but I doubt it ) If you have Super and other assets these cannot be changed/updated on line
    Anonymous
    12th Dec 2016
    5:51pm
    Rodent, you are right. Lisette is stating only halve truths.
    marls
    12th Dec 2016
    3:30pm
    My cousin told me her father received a letter from Centrelink asking why he was not spending his money so they obviously have access to all our personal details
    Anonymous
    12th Dec 2016
    5:08pm
    I think your cousin is telling you "porkies". A letter to his father - how ridiculous!
    Lisette
    12th Dec 2016
    6:26pm
    https://www.humanservices.gov.au/customer/enablers/update-income-assets

    You can update both income and assets. Slow Eddie ;)
    Anonymous
    12th Dec 2016
    7:12pm
    There is still no sense in doing it if you have super, and what about depreciating vehicles, contents, etc. you have not covered the WHOLE story.
    Big Al
    12th Dec 2016
    11:09pm
    Lisette is quite correct- Eddie and has the WHOLE story - you can update all that, write-down values of vehicles etc. etc.
    Rodent
    13th Dec 2016
    7:39am
    Dear Lisette, and Big Al

    I checked after your initial posting yesterday . The CL System currently will not allow me to change my SMSF investments. That is I have 3 separate Superannuation (pension) amounts under 3 accounts, these can only be changed/updated by Tel, or Visit to centre, or Letter- Snail Mail.

    I am happy to be corrected, if I am missing something, but doubt I am incorrect
    Lisette
    13th Dec 2016
    8:30am
    Thanks Big Al and Rodent for double checking. There are a few exceptions. SMSF being one of them. A lot depends on whether your pension is Asset based or income. It's easy to keep a check on either.
    Anonymous
    13th Dec 2016
    9:34am
    See, after all that I am correct. "Fast" I remain!
    Nina
    23rd Dec 2016
    9:48am
    I wonder if is better to keep the cash in the bank, live of interest or purchase the property and get some pension assistance??
    Romeital
    23rd Dec 2016
    12:11pm
    If you have a legitimate complaint regarding the service you receive from Centrelink lodge a complaint with tge Government ombudsman. This is easy and can be done online
    You will definately then get a response from Centrelink as the complaint goes to a higher level within Centrelink
    When contacted by Centrelink your situation will be immediately updated
    If people who deal with Centrelink simply accept their poor service then they will never change the Government ombudsman does and can make a difference
    Nina
    23rd Dec 2016
    1:15pm
    Hi Romeital
    no, complaints; I was wondering, rather seeking an opinion if we should put the money in the bank , rent a house and live of interest or
    should we purchase home , and leave on what is left and try to get some pension?
    thank you


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