Centrelink

Changes to Centrelink Deeming Rates

Centrelink logo

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.

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Low-Income Health Care Card – The Forgotten Concession

Centrelink logo

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…

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Updating Centrelink and Supporting Documentation

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…

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Limit the Impact of inheritance on your Centrelink Age Pension

As financial planners, we assist clients through many stages of life.  Unfortunately, one of these stages is helping clients determine how best to invest an inheritance following the passing of a loved one.  A discussion often had is how the inheritance may impact their existing Age Pension entitlement.   Receiving an inheritance may or may…

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How to Update Centrelink with your Income & Assets

If you receive a payment from Centrelink, it is very important to keep Centrelink aware of your Income & Assets and update them within 14 days of any changes to your circumstances. Doing so ensures you get everything you’re entitled to.   We know that keeping Centrelink up to date can be rather confusing.  Accordingly, we…

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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…

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Confirming 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…

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Muirfield 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…

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Changes 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…

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