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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.
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.
If your Centrelink online account is linked to myGov you can tell us about changes to your circumstances online. To do this, sign in to myGov and select My details. You can also tell us using either: the Express Plus Centrelink mobile app.
If you get a payment from us, you need to tell us about changes to your income and assets within 14 days. This is so we can pay you the right amount. We've also made it clearer when we need more information from you.
It's important to tell us if your circumstances change if you get a payment, plan to claim a payment, or owe us money. You need to tell us if any of your or your partner's personal circumstances change. These changes could affect your payments. If you don't tell us, we may pay you too much.
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.
From 10 July 2023, there are changes to Child Care Subsidy for Aboriginal and Torres Strait Islander children. The changes mean they can get at least 36 hours of subsidy per fortnight, regardless of their family's income or activity level.
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.
Assets Test
A single homeowner can have up to $656,500 of assessable assets and receive a part pension – for a single non-homeowner the higher threshold is $898,500. For a couple, the higher threshold to $986,500 for a homeowner and $1,228,500 for a non-homeowner.
There are restrictions on who qualifies to use the downsizing-to-super rule. “You have to meet the requirements of being at least age 55 and must have owned the property for at least 10 years, and qualifying the property for some exemption from capital gains tax,” BT's Ashenden explains.
Typically, when you sell an asset you must pay capital gains tax (CGT) on any profit made on the sale.
Home visits
Centrelink may also visit your home unexpectedly, but this is not common. They may do this if they are already investigating and believe that you are being dishonest. If a Centrelink officer comes to your home, you: do not have to let them in (unless they are with a police officer who has a warrant)
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.
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.
Cost-of-living package in federal budget delivers $40-a-fortnight welfare boost and energy relief | Australian budget 2023 | The Guardian.
Having owned the property on one title for 20 years immediately prior to the date of assessment, and have continuously lived on that property, in more than one dwelling-house, for the last 20 years. Example: A pensioner has owned his farm on one title for more than 20 years.
On 1 February 2022, the Federal Government announced aged care workers would be eligible to receive a bonus payment of up to $800.
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.
have a Pensioner Concession Card, (including those issued by the Department of Veterans' Affairs) (DVA) have a Health Care Card (including Low Income Health Care Card) have a DVA Gold Card. have a Commonwealth Seniors Health Card (including those issued by DVA)
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 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.
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.