15th Oct 2012
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Centrelink asset change notification
Centrelink asset change notification

YOURLifeChoices member Ross would like to know when he should advise Centrelink of a change in the assets he holds.

Q. Ross
Could you please advise the current amount above which Centrelink must be notified when there is a change in financial assets, to that previously advised for the Age Pension.

A. Ross, Centrelink should be advised if the assessable assets you hold increase or decrease in value by $2000. The exceptions are listed shares and units in managed investments. You only need to advise a change in the the number of shares or units held. Centrelink will update their value whenever you change the number of shares held, and every March and September. You can also request that they are revalued at any other time.

View the current asset test tables.





    COMMENTS

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    unhappy
    21st May 2017
    12:56pm
    In April 2008, I guaranteed a loan of $200,000 with Commonwealth Bank for a friend in business. Unfortunately the GFC arrived and I had to repay the money with a mortgage on my house. Since then Centrelink has treated the loan as an asset. i.e. My pension has been reduced and from January, this "asset" equals the allowable limit for assets that do not affect income .Despite numerous requests, I have received no response yet.They are too busy. My friend was on Newstart and is now a pensioner and cannot pay me back.I was told if I had sued him, the debt would vanish but I didn't have the money to do this and at the time I wasn't aware of this policy by Centrelink. So if I live to be 100, I will still be punished by this policy.
    I still have my house, but only own about 51% of its value.
    unhappy
    21st May 2017
    1:07pm
    Whoops, asset limit is $250,000. So I should now be getting the full pension. I await it.


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