Centrelink
Make the Most of Centrelink changes
Changes to the asset test thresholds and associated taper rate took effect on 1 January 2017. All Australians who receive an Age Pension and whose payment will change as a result have been notified by Centrelink of their new payment rate. If you receive a payment, now might be a good time to check what…
Read MoreConfirming your identity with Centrelink
When it comes to applying for a Centrelink entitlement, most people are quickly overwhelmed with the length of the application process. Various forms take time and effort, and the stress can often make it easy to forget that Centrelink requires additional details including some to confirm your identity. It is only after they confirm your…
Read MoreMuirfield Centrelink Seminar
Earlier today, 25th May, 2016, Muirfield held a public seminar to educate Age Pensioners what the implications will be when Centrelink change the asset thresholds from January 2017. If you would like to review the presentation we have attached a copy here, otherwise, if you have further questions please do not hesitate to contact our office…
Read MoreChanges to Age Pension in 2017
Beginning January 2017 a reduction to the current asset threshold for the Age Pension will be implemented. For many, this will result in the loss of, or reduction to, Centrelink entitlements. To help you understand the impact on your situation, we have broken down the changes below. What are the changes? Centrelink determines your Age…
Read MoreAge Pension FAQ’s
The complexity of Centrelink rules can be overwhelming. As experts in this field, we regularly receive questions and ‘what if’ scenarios to assist clients to make sense of it all. For your benefit, we have put together a list of the most frequently asked questions. What’s the maximum amount of Pension I can receive? Single…
Read MoreCentrelink Changes – January 2016
From January 2016, Centrelink will be changing the way in which they assess Defined Benefit pensions. Melinda breaks down how this might impact Age Pension recipients
Read MoreDisability Support Pension Vs Age Pension
Upon turning Age Pension age, clients who have been in receipt of the Disability Support Pension (DSP) will be asked whether they would like to stay on DSP or transfer to the regular Age Pension. So what is the difference? Should you retain the DSP or move to Age Pension? We’ve broken down the differences and similarities between them to give you a hand deciding what’s best for you.
Read MoreCentrelink Gifting Rules Explained
One of the most common questions we are asked is “how much will Centrelink allow me to gift”. We’ve got a simple explanation to help you understand.
Read MoreCentrelink Update
During the month of March, Centrelink have released their bi-annual benefit review. Fortunately, many of the changes have been advantageous for entitlement recipients, most notably an increase in the Age Pension rate.
What does this mean. Quite simply it will mean that you may be entitled to a little more income from Centrelink, and in a few remote cases, applicants who were once denied access to financial assistance may now be eligible to claim a Centrelink Benefit. However, please do not go spending all of your pennies at once, as the increases merely represent an in the cost of living and are therefore slender. As many of you are currently in receipt of a Centrelink benefit, we thought it would be appropriate to share some of the important changes.
From 20 March 2014, the following changes will be in action;
The full Age Pension entitlement will increase by $15.70 per fortnight for singles and $23.8 per fortnight for couples
Single homeowners are now able to have $758,750 in assessable assets before they are no longer eligible for the Age Pension, while couple homeowners are now permitted $1,253,000.
The income free area will increase from $62 per fortnight to $100 per fortnight for those in receipt of Newstart Allowance, Widow Allowance, Partner Allowance or Sickness Allowance.
Remember, you do not need to do anything to claim these increases, it will automatically be added to your benefit.
Centrelink & Anti-Detriment Value of Financial Advice
Betty, 58, and retired, came to our office following the passing of her Husband, John. John’s superannuation was via an Industry superannuation fund with a balance of $372,000. The Industry Super Fund had sent Betty a number of forms to finalise her late husband’s super account. One of the forms received was regarding the commencement of a reversionary pension.
This would provide Betty regular income via the superannuation account to assist with her living expenses of $1,000 per fortnight. Betty is currently receiving Bereavement Allowance of $716 per fortnight (soon to end) and has adequate savings to supplement the remaining $284 each fortnight.
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