Your home is not counted as an asset when calculating pension or payment, but it does affect how your pension or payment is assessed under the assets test. If you are a homeowner your asset value limit is lower than someone who does not own their residence.
We only include the amount of the real estate you own in your assets test. If you have a mortgage, we work out the percentage you own. To do this, we take away the loan amount you owe for the property from your share of the total value.
For home owners, this means you can have assets of $268,000 if you are single, or $401,500 if you have a partner, before losing access to JobSeeker. The asset test does not include the value of your principal home.
You need to tell us when your circumstances change. Then we can assess your eligibility for payments and services using the correct details. This includes changes to real estate assets for you and your partner. Read more about real estate assets and how they can affect your payment.
The liquid assets waiting period is between 1 and 13 weeks. It applies if you have funds equal to or more than either: $5,500 if you're single with no dependants. $11,000 if have a partner or you're single with dependants.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
For example, it has the power to obtain your information from other government agencies as well as accessing information from banks, building societies and credit union accounts. It can do this without your prior consent or knowledge. Centrelink's investigation is not limited to recent deposits.
Bank interest reviews. We check your bank account information is up to date. We do this to check we paid you the right payment and amount in the past.
Centrelink has mechanisms to check your assets and it does so to assess the validity and eligibility of a variety of claims. Importantly for pensioners, the asset test is one test used by Centrelink to assess your eligibility for a part or full pension.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.
Although the sale proceeds are exempt under the assets test, the value is considered to be a financial investment and deemed income is assessed. Details Centrelink will ask for when you sell and purchase a home: Settlement letter of both the sale and then the purchase.
Guarantee overview
The FHG aims to support eligible single parents with at least one dependent child to buy a home, whether that single parent is a first home buyer or a previous home owner. From 1 July 2022 – 30 June 2023, 5,000 FHG places are available to eligible single parents with at least one dependent.
Even if you think your lump sum will be exempt from the income test, you must still advise Centrelink of the payment and of any subsequent changes in your assets. Back to inheritances specifically, though. Inheritances are exempt from the Centrelink income test.
If you do report regularly, you must tell us on or before your reporting date, of the period when the gift happens. If you don't, we may overpay you. If your Centrelink online account is linked to myGov, sign in now to report gifts, sales or transfers.
There are no laws limiting the amount of cash you can keep at home. This makes sense as many businesses, especially retail stores, keep large amounts of money with them merely as floating cash.
You can request a Statement of Debt for any 5 year period going back to 1998. You can make more than one request.
The Government announced on 1 February 2022 that an aged care workforce bonus of up to $800 will be paid to eligible aged care staff in Government subsidised home care and residential care.
The payment rates for Age Pension, Carer Payment and Disability Support Pension are increasing from 20 March 2023. Age Pension, Carer Payment and Disability Support Pension will increase by $37.50 a fortnight for singles and $56.40 a fortnight for couples combined.
The Tertiary Access Payment is a payment of $3,000 or $5,000. How much you can get depends on where your family home is located. Complete the following steps to claim the Tertiary Access Payment from us.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.
Savings affect some benefits and not others. You can have savings and still claim means-tested benefits. But you must stay within the saving limits set by the Department for Work and Pensions (DWP). An increase in savings can affect how much you receive in benefits.
Yes, provided you have reached the Age Pension age, you may be eligible for the Age Pension even if you have super savings.