Centrelink

Many Australians were born overseas or have lived and worked overseas for extensive periods. This can have important implications if and when the time comes to apply for the Age Pension.

With interest rates being cut to all-time lows, Centrelink have reduced their ‘deeming’ rates to better reflect what benefit recipients are receiving.

With an ageing population and an ever-increasing number of people applying for Centrelink benefits, the processing times of applications is understandably getting longer.

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.

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.

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…

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…