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.
Is my home considered an asset? 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.
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.
Centrelink will give you a 2 year exemption period before it counts your home as an asset. You can get longer exemptions in some cases. This may apply, for example, if your spouse or partner still lives there. Centrelink can tell you about the exemptions.
How Centrelink knows your assets without you telling them. Centrelink has multiple data-sharing agreements with government organisations like the ATO, Medicare, PayG and more. This helps them to maintain a view of your assets, and in certain circumstances they may apply additional scrutiny to individuals.
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.
To do this, sign in to myGov and select My details. You can also tell us using either: the Express Plus Centrelink mobile app. Centrelink phone self service.
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.
Assets test
Your or your partner's income can reduce how much we pay you. Assets are property or items you or your partner own in full or part, or have an interest in. They can affect your payment.
When should I update my asset values with Centrelink? You should update your details with Centrelink anytime your situation or value of assets change and the changes are relatively significant. Centrelink will generally complete a balance update for most recipients annually, commonly in July.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.
Buying a new car could affect pension payments. How you're affected depends on the income and assets test. It may be in your best interest to tell Centrelink if you buy a new car or if the market value of your car has changed.
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 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.
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.
A homeowner is an income support recipient who has, or whose partner (1.1. P. 85) has: a right or interest in the place they occupy, AND. the right or interest gives them reasonable security of tenure.
The good news is that Centrelink has extended the period you can use the proceeds from the sale of your principal home to buy or renovate your next home, without it affecting your age pension.
Reporting your income
Every 2 weeks you must report employment income you and your partner were paid in the last 14 days. You'll need to report your income even if it's $0. If you don't report every 2 weeks, your payment will stop. We'll tell you which dates you must report on and when your income reporting will start.
You can request a Statement of Debt for any 5 year period going back to 1998. You can make more than one request.
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.
Centrelink: Call 136 150
Advance Lump Sum $1000 – check how much your benefit would reduce each fortnight to see if you can manage it.
If Centrelink suspect that you are claiming more social security benefits than you are entitled to they will investigate your situation. Centrelink may believe that you have not been honest with them because of routine data matching checks or due to getting a tip-off from a member of the public.