Deposits can affect your Centrelink payments, possibly resulting in a debt or a change in your eligibility or rate of payment. This Factsheet explains what you should do if deposits are made into your bank account.
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.
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.
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.
Yes, you have to disclose your inheritance to Centrelink within fourteen days of being able to access your inheritance.
Typically, Centrelink will send you a letter every six months or so with their understanding of your assets and income clearly listed. If your current financial reality doesn't match Centrelink's understanding of it, it's your responsibility to correct your details.
You can request a Statement of Debt for any 5 year period going back to 1998. You can make more than one request.
The "liquid assets test" was removed as the COVID-19 took hold, but will be reintroduced for JobSeeker applicants on September 25. For singles, the test threshold is $5,500. For singles with children, it's $11,000.
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.
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.
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.
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.
The easiest way to update your bank details is by using your Centrelink online account or the Express Plus Centrelink mobile app. If you have a Veteran Gold Card, you'll need to call us on 132 300 to update your bank details.
Centrelink False Claims
Giving false information on relationship status, disability status, or understating income with an aim of receiving benefits from the welfare or social security warrants a cause for action.
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.
If Centrelink believes you have committed fraud, it will launch an investigation to see which payments you have fraudulently received, and for how long you have deceived the government. You may be requested to attend a video interview to discuss your conduct and entitlements.
Your Australian bank account statements are accessible to the ATO. The ATO is endowed with extensive legal authority, which allows it to access your personal bank information. Because of these capabilities, the ATO is able to get your Australian bank statements straight from your financial institution.
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 and the bank are the only two able to see your bank information unless you grant access to a third party.
(ii) Will a Super Pay-out affect my Centrelink Entitlements? A super lump sum will count towards your Centrelink Assets Test when you receive a pay-out. However, if you keep the money in a super fund it won't be included in your assets until retirement age. Super lump sum pay-outs are not treated as income.
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.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.