Centrelink
Centrelink Deeming Rate Changes
With interest rates being cut to all-time lows, Centrelink have reduced their ‘deeming’ rates to better reflect what benefit recipients are receiving.
Read MoreStimulus Package – Commonwealth Seniors Health Care Card
Those who have held the Commonwealth Seniors Health Care Card at any time from 12 March to 13 April 2020, will be eligible for the recently announced support payment. Eligible cardholders will receive two stimulus package installments of $750, one from March 31 and the other from July 13.
Read MoreCentrelink Wait Times
With an ageing population and an ever-increasing number of people applying for Centrelink benefits, the processing times of applications is understandably getting longer.
Read MoreHow to hide money from Centrelink – Legally
Not a day goes go by where I am not asked some form of question about how best to structure (hide) money to protect and improve a Centrelink benefit.
Whilst the term “hiding money” brings thoughts of illegal activity to mind, there are legitimate strategies available to you to preserve or enhance your eligibility for a Centrelink benefit.
Read MoreChanges to Centrelink Deeming Rates
Many of you will have heard of the term “deeming”. It is a method used by Centrelink to determine your income when assessing your eligibility for a benefit. Rather than have you declare the exact earnings from your shares or bank accounts, Centrelink “deem” these financial assets to earn a set rate of return.
Read MoreCommonwealth Seniors Health Card – A card for self-funded retirees
Following on from our article last month outlining the features, benefits and eligibility requirements of the Low Income Health Care Card (LIHCC), in this article we are going to look at a secondary card, the Commonwealth Seniors Health Card. Whilst this card does not provide the same wide ranging benefits as the LIHCC, it has…
Read MoreLow-Income Health Care Card – The Forgotten Concession
As most retirees are aware, Centrelink’s Age Pension provides income support and access to a range of concessions for eligible senior Australians. Unfortunately (or fortunately), you may find yourself deemed too wealthy for an Age Pension entitlement. Many retirees consider this the end of the road in terms of subsidising the costs of retirement, however, self-funded…
Read MoreUpdating Centrelink and Supporting Documentation
From time to time, as a result of changes to your situation, you will be required to update your assets with Centrelink. When these changes occur, Centrelink often requires substantiation of these changes. Should you advise Centrelink of a change to your bank account, Centrelink will require a copy of your bank statement to substantiate…
Read MoreLimit the Impact of inheritance on your Centrelink Age Pension
As financial planners, we assist clients through many stages of life. Unfortunately, one of these stages is helping clients determine how best to invest an inheritance following the passing of a loved one. A discussion often had is how the inheritance may impact their existing Age Pension entitlement. Receiving an inheritance may or may…
Read MoreHow to Update Centrelink with your Income & Assets
If you receive a payment from Centrelink, it is very important to keep Centrelink aware of your Income & Assets and update them within 14 days of any changes to your circumstances. Doing so ensures you get everything you’re entitled to. We know that keeping Centrelink up to date can be rather confusing. Accordingly, we…
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