The Meeting Place

Assets Change and and Pension

How much have your cash assets got to change on the pension before you have to notify Centrelink. Googled but can't find a figure .

Cash in the bank goes up and down substantially depending on rates water bills car maintenance holidays etc. Is there a specific minimum figure that requires  you to notify Centerlink ?. Thanks

 

10 comments

$2000 net change.

I just tell them twice a year when they do reviews. 

The website doesn't state a dollar amount.

 

https://www.humanservices.gov.au/individuals/services/centrelink/age-pension/how-manage-your-payment/change-circumstances

 

So going by that tell them daily, annoy the crap out of them.

The problem is that, as soon as you alert them to a change in your financial circumstances the letters barrage begins. "Please send details of your latest bank statements". "Please send detail statements of your Superranuation payments for the period ../../.... to ../../.... ". "Ïf you fail to submit this information by ../../.... (usually less than 2 weeks from issue of letter) your Pension payments may cease or be reduced".

And of course if you happen to fall through the trial of trying to upload your bank statements and latest super statement your pension will be changed or even cancelled. Good luck with winning it back again.

Don't tell em and any new cash under the bed.

 

It might as well be under the bed. I suspect  it won't be long before the banks trot out negative interest rates.

Regarding Bank deposits, as far as I'm aware the rule of thumb is you need to notify Centrelink if the amount Changes by two thousand dollars or more. Regarding superannuation and shares, these are monitored by Centrelink big brother technology and there  is no need to advise them unless you withdraw money or change your investment strategy. Similarly with shares, if you sell them converting to cash or buy new shares you then need to advise Centrelink of this in person with the appropriate documentation. I've never had a problem with Centrelink, maybe I'm just lucky, however the poor staff are on a kicking to nothing with the government moving the goalposts every second week and the quality or lack of, of an ever increasing percentage of their clientele, you must really need a job to be working for Centrelink, it's shocking. I feel very sorry for the average worker. Cheers Jacka.

Right on the button. I've always found centrelink staff very good too, but they are under the hammer and burdened with unnecessary bureaucracy.

I've had similoar good experience as you. Even with share changes ( sale or buy ) i have only ever done an update on line through mygov. I adjust my bank account amounts ( 5 of ) every month or so depending on activity. The comments by ronnieb just don't stand up. Your bank accounts, share holdings and superannuation are linked via the appropriate companies ( cbus etc ) and you don't have to supply docs.

I've had similoar good experience as you. Even with share changes ( sale or buy ) i have only ever done an update on line through mygov. I adjust my bank account amounts ( 5 of ) every month or so depending on activity. The comments by ronnieb just don't stand up. Your bank accounts, share holdings and superannuation are linked via the appropriate companies ( cbus etc ) and you don't have to supply docs.

I notified them of an inheritanc, uploaded the inheritance notification and latest bank statements showing the inheritance over a month ago. Just downloaded my latest income statement for December and there has been no update to my savings accounts.

Sometimes the uploaded changes get put in the pile for data entry and this can sometimes take a couple of months. This happened to me and was advised to also attend a centrelink office, produce the paper work and get them to update the details on the spot.

Sometimes the uploaded changes get put in the pile for data entry and this can sometimes take a couple of months. This happened to me and was advised to also attend a centrelink office, produce the paper work and get them to update the details on the spot.

I've had a Low Income Health Care Card for 3 years now which gets renewed every 12 months. I send in the appropriate forms with the new balances on everything, get nowhere for 4 - 6 months, call them and finally get a new card.

The thing is, my assets when I look online STILL show the amounts from the original application in 2016. Obviously they just send out a card when I call and whinge but nobody updates the amounts against my record.

I don’t understand why you would have to tell Centrelink about any downward movement in your bank acc if you’re receiving a full pension. If you receive a gift or inheritance, okay I get it, but if you’re spending (your own) money it’s not as if they’re going to give you any more money is it. Same with gifting - if you’re below the asset threshold and want to give some away, why can’t you do that? It doesn’t affect the amount of money you receive. 

We live off our credit card which is paid off monthly as I find it a good way of tracking spending and earning FF points. Centrelink isn't interested in your credit card, just savings etc accounts, so in theory I should be advising Centrelink fortnightly as our super  and part pension goes in and then monthly as the credit card is paid, but I no longer do that.   Each month  the balance evens out and our local Centrelink staff, who are very reasonable, didn't seem concerned.

Reading this I am so glad I do not receive money from the Centrelink

Ditto Suze

It sure would be hard to take ...

10 comments