Another big week for a client. The client had advised Centrelink of changes to his assets – as he is required to do, and he 'lost' the pension. He provided new bank balances which included proceeds from the sale of his home - $500,000. Unfortunately he did not advise Centrelink that it was his home that was sold, and the new asset levels placed him over the threshold for the pension! We corrected the Centrelink records which resulted in him being provided with 12 months exemption from the assets test for the proceeds if the house sale; and we were also able to get him rent assistance for the period. He was not on the same full pension as previously, as he was benefiting from the proceeds being invested in a term deposit. In simple terms he had invested the $500,000 in a term deposit of 6%; therefore receiving approximately $30,000 per annum in interest. Therefore Centrelink reduced his pension by 50cents in the dollar for this interest - $15,000 pa. Instead on the orig...
Your age pension concierge service for Centrelink. Case studies and observations on claiming and maintaining the Centrelink age pension in Australia. The objective of this blog is to inform and promote discussion. Information contained within is generic and does not constitute advice, and professional assistance is recommended before any action taken with Centrelink.