We include most real estate you own in your assets test. The only real estate asset we don't include is your principal home.
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.
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.
$10,000 in a financial year, and. $30,000 in 5 financial years - this can't include more than $10,000 in any financial year.
be between 22 and Age Pension age. meet the income and assets tests. meet residence rules.
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.
Centrelink will also 'deem' (take as a fact) that you are receiving income from the amount of money you have received from the sale of your house. Centrelink will assess the 'deemed income' from the $500,000 until you pay for the new unit.
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.
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.
Jobseeker asset test
Assets for an eligible single JobSeeker recipient can not exceed $280,000 for homeowners, or $504,500 for non-homeowners. For eligible recipients in a couple, combined assets can not exceed $419,000 for homeowners, or $643,500 for non-homeowners.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.
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.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.
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.
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.
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.
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.
This measure extends the increase to 31 December 2023. The Work Bonus concession of $300 per fortnight will stay the same. Eligible pensioners now have until 31 December 2023 to use their bigger Work Bonus balance. Any Work Bonus balance above $7,800 after 31 December 2023 will reset to $7,800.