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 the balance and reasoning for the change.
Centrelink need to see the following details on your bank statement:
- BSB and account number
- Account holder name
- Current balance
- Transaction line confirming change typically found within your “transaction details”
Events which often require a bank statement when updating Centrelink include (but are not limited to):
- Spending on personal expenses/holidays overtime which has reduced your bank balance
- Sale of a car with proceeds going into the bank
- Purchase of car which has reduced your bank balance
- Closure of a managed investment or sale of a direct shareholding with proceeds being paid into your bank account
- Sale of a house with residual proceeds being invested in your bank account
We find it can be challenging for some to get an updated bank statement as they are not always released regularly. To help get the required information for your Centrelink update, we find the following ways are often beneficial:
- Logging into your online banking to print off your most recent transactions and account details
- Provide a copy of your passbook with the most recent transactions
- Go into your local branch and request a copy of your recent transactions
- If your computer or printer is not working, see if you can borrow a friend’s computer, or log in to your account when you are at your adviser’s
If you are unable to provide the required information to Centrelink, this may result in your update being delayed until appropriate documentation received, while foregoing a potential uplift in your Centrelink entitlement.
If you are unsure of the documentation required when completing a Centrelink update, we encourage you to contact your financial adviser or Centrelink directly.