Centrelink does not count your home as an asset when calculating your pension if it is your ‘principal place of residence’ – any residence you occupy or in which you have an interest or the right to occupy. This can include a granny flat, caravan, motor home or houseboat.
4.6. 2.10 General provisions for exempt assets
- an income support recipient’s life, reversionary, remainder, and contingent interests (1.1. …
- compensation and insurance payments.
- NDIS amounts (1.1. …
- pre-paid funeral expenses.
- exempt funeral investments.
- pre-purchased burial plots.
- accommodation bonds (1.1.
This means that Centrelink will accept most of the allowable deduction relating to property investments (with some exemptions such as depreciation). For social security purposes, if the net income is a negative amount, the income for social security purposes would be zero.
It can affect your eligibility or rate of payment and we may include it in your assets test. The value of your financial investments counts in the assets test and income test for payments from us. … These are regular payments made from your superannuation fund, or purchased using either superannuation money or savings.
The limit is a total of both: $10,000 in one financial year, and. $30,000 in 5 financial years – this can’t include more than $10,000 in any year.
It is your responsibility to update Centrelink if there are changes in your assets or income. Many people believe Centrelink has access to your bank account and will take it into consideration for your payment rate. This isn’t true. Centrelink can’t access your bank accounts to determine up to date figures.
How much money can pensioners have in the bank?
For those in receipt of a part pension the rules are different though. Single homeowners can have up to $564,000 of assessable assets, while single non-homeowner can have $771,000. For a couple on part pensions the thresholds are $848,000 for a homeowner and $1,055,000 for a non-homeowner.
Job seekers getting Youth Allowance
We’ll start to reduce your payment if your income is more than $150 a fortnight. Your payment will reduce by 50 cents for each dollar of income you have between $150 and $250. If your income is over $250, your payment will reduce by 60 cents for each dollar of income over $250.
How much cash can I have and still get the aged pension?
A single homeowner can have up to $593,000 of assessable assets and receive a part pension – for a single non-homeowner the lower threshold is $809,500. For a couple, the higher threshold to $891,500 for a homeowner and $1,108,000 for a non-homeowner.
We’ll start to reduce your payment if your income is over $437 a fortnight. The Income Bank can help you keep more of your payment. You can get credits if your income is less than $437 a fortnight. Then you can use the credits when you earn more than $437 in a different fortnight.