Assets and income tests Any changes should be communicated to Centrelink, such as buying an upgraded (and therefore more valuable) asset such as a car. Taking money out of your bank account to buy a car might get more pension under the Income Test.
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 assets for you and your partner. Read more about assets and how they may affect your payment.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.
Assets are property or items you or your partner own in full or part, or have an interest in. They can affect your payment.
Centrelink has very wide powers to thoroughly investigate deposits that have been made into your account. 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.
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.
1 You must declare all gross employment income paid in the last 14 days up to and including your reporting day. 2 You must declare your gross employment income. This is the amount paid before tax and other deductions. This can be found on your payslip.
You can request a Statement of Debt for any 5 year period going back to 1998. You can make more than one request.
Something you own. It may be a financial item like money, bonds, shares or a bank account or physical item like a house, land or a car.
You can get a car loan if you're on an eligible pension payment.
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.
Types of Centrelink payments
It is possible to get approved for a car loan when you are receiving Centrelink payments. Zoom Car Loans are able to assist the large majority of Centrelink customers however minimum income requirement of $800 a fortnight does apply.
Centrelink has very broad powers to demand information from any individual or organisation. For example, they can require your bank or your employer to give details of your financial transactions, or any other personal details that are relevant to your Centrelink entitlements.
A Centrelink car loan is offered to customers who get all or most of their income via Centrelink. Many lenders will not be willing to finance a car loan to customers whose income is only via Centrelink.
If you don't report and you're meant to, we won't pay you. You can report online up to 13 days after your reporting date. If you're more than 13 days late, you need to call us on your regular payment line.
For your Special Benefit claim you must provide bank statements for the last 3 months for all accounts you have. This includes any overseas accounts. If you have a partner, we'll also require bank statements for all accounts held by them. You'll also need to confirm your identity and provide a tax file number.
This payment is for those who start studying at any point in the year immediately after completing year 12 or equivalent. If you're eligible, you can only claim the Tertiary Access Payment from January 1 to December 31 in your first year of tertiary study.
The Carer Supplement is an annual payment of $600 which is attached to each Carer Allowance. The Supplement is paid in July each year.
The Cost of Living Payment is a $250 one-off payment to help with the cost of living. The Cost of Living Payment is not taxable, and you don't need to report it as income. You'll get it if you were residing in Australia on 29 March 2022, and: you were able to claim, or were getting an eligible payment.
You can get a personal loan from a bank, credit union, or another lender even if you're receiving payments from Centrelink. However, these types of loans usually have a minimum income requirement, and not all types of Centrelink income are allowed.
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.
You have savings or other money
If you or your partner have liquid assets over certain limits, you may have to wait 1 to 13 weeks. Liquid assets are any funds readily available to you or your partner. This includes money owed by your or your partner's employer. Read about liquid assets waiting periods.
Loans are tax free and you don't need to declare them to us as income for your regular student payment. You have to pay back the loan once you start earning a certain amount of income. You should think about how this will impact you in the long term before you apply. Watch our video about the Student Start-up Loan.