Navigating the complexities of Centrelink payments can be a daunting task for many Australians, especially for those who rely on these payments to make ends meet.

It's crucial to stay on top of Centrelink to ensure you receive the correct amount you're entitled to.

However, there's a common mistake countless Australians have been making, and it could have significant consequences on their Centrelink payments.

Services Australia Community Information Officer Justin Bott highlighted a widespread misconception that could be costing Aussies.

Many individuals believed that Services Australia could monitor their bank balances and other financial assets in real time.

Centrelink recipients do not report changes to their financial circumstances, which could lead to delayed payments.

Centrelink sends payouts to Australians during certain periods and circumstances. Image Credit: Pro Bono Australia

'We don't have the ability to see these things. It's up to you to let us know about changes that could affect your payment,' Mr Bott shared.

'You need to let us know of changes to your circumstances within 14 days.'

Forgetting to report these changes could lead to consequences.

If uninformed about any changes, Services Australia may overpay you and end up returning any excess funds.

This blunder could lead to unexpected debts and financial stress, which could be challenging for those on a fixed income.

It's essential to understand that if you receive a Centrelink payment, plan to claim a payment or owe money to Services Australia; you must report any changes.

These changes include job changes, a new address, or even banking information.

For those who are working, accurately report your earnings for each entitlement period.

Failing to do so could result in incorrect payment amounts and the aforementioned issues of overpayment.

Moreover, Aussies should also advise Services Australia about changes to their financial assets, such as bank accounts and shares.

While minor fluctuations in bank balances do not need reports, an increase in the balance by more than $2,000 should be reported to the agency.

The same goes when Aussies see an increase in the value of other types of assets by $1,000.

For recipients of part payments, it's essential to report any reductions in asset values.

These changes could increase Centrelink payments.

Interestingly, Aussies don't need to worry about reporting fluctuations in the market value of their shares.

Services Australia automatically updates this information every March and September.

However, Aussies still need to report if they changed the number of shares they own.

Lastly, Bott recommended paying close attention to the letters you receive from Services Australia—both online or in your mailbox.

These communications should inform Aussies about the changes they need to make and help everyone stay compliant with the reporting requirements.

In summary, the key takeaway for all Centrelink recipients is to proactively report any changes to their circumstances within the stipulated period.

By doing so, you can avoid financial stress and receive your payments on time.

Aussies, including seniors, may report changes on their Centrelink accounts by using the myGov app or by calling Centrelink's phone self-service.

Key Takeaways

• Services Australia highlighted a common misunderstanding that the government agency could see individuals' bank balances.
• Centrelink recipients should inform the agency about any changes to their circumstances that could affect their payments.
• Failing to notify Services Australia within 14 days of such changes could lead to overpayments.
• Changes that need to be reported include adjustments to personal circumstances, financial assets, and employment income to ensure proper management of Centrelink benefits.

Have you updated your Centrelink details yet? Share your experiences with Centrelink in the comments section below!

 

[Veggiepatch]

What a mess this department seems to be in. Perhaps it might be time for someone, somehow, to get and disclose Hank Jorgensen’s email address - all those waiting can then bombard him with emails about their accounts within that system. But, hey, that email address must have a freeze on it for being put out to the public!!

There are so many who are having to wait on the phone, wait for accounts to be properly sorted by that department, and so many being wrongly accused of lying to them. Shame, Shame, Shame!! Time for a good change and tearing that department apart by the public who are becoming daily statics of mismanagement. I do not get a cent from them as I am self-funded but there needs to be a good clean-up and clear-out soon. I am sick of this departmental mess in our government and the needy who seem to really bear the brunt of their ineptitude.

Hank Jongen’s email address is not disclosed in the Government's Directory but his phone number is. You will probably get as far as some 19 year old floozie saying "Mr Jongen is not available at the moment but if you want me to forward a message....blah...blah....blah...." - a message he will never receive.

(02) 6155 7788

 

[Pop Thompson]

Are you required to report to CentreLink when you are already on a full aged pension and your assets (Bank Balances) are substantially less than your last report ( over 18 months ago)

 

[mylittletibbies]

Are you required to report to CentreLink when you are already on a full aged pension and your assets (Bank Balances) are substantially less than your last report ( over 18 months ago)

I couldn't see any sense in that as it wouldn't make any difference to your payments
But who knows, since when has any government department been run on common sense.

 

[Mika in the van]

I was told by my accountant to make sure I didn't have over $10,000 in my bank as Centrelink could look at it, keep it under that. Obviously I must have had it wrong.

For the aged pension that is BS. Look up Services Australia for yourself.

 

[Mika in the van]

For the pension you do have to tell them the value of your shares when applying for the pension. I was way under

You have to tell them everything. Even if your partner isn’t claiming the pension too, all of their assets are included.

 

[Mika in the van]

So what do you do if the balance of your savings account fluctuates up and down? I manage to save a fair bit of my pension as I don't have many expenses. Are you supposed to inform Centrelink if you save some of your income?

Ours is the same. We have months with no bills then we’ll have rates and power bills ect all arrive at once. I reckon if you contacted Centrelink they would just say don’t worry about it. They are over understaffed and under the pump as is without every welfare recipient running to them with every minor financial change.

 

[IAN3005]

Dreading the time I needto deal with them in just over 3yrs time for a pension as the online process filling forms is a nightmare (did it a couple yrs ago for low income health card) & it wont accept written answers/explanation/question marks if u don't understand - you just can't proceed without going thru all the bs!
Then as so many have said they tell you they haven't received a particular item when in fact they effin' well have been sent it!
They do everything they possibly can to make things near impossible & thus to avoid paying, approving, etc!
So much stress & frustration, I'm sure they want us to die before we get paid at all!

Yes.... they want us to die..... they are trying their best to wipe us out.... well!!, have I got news for them!!!

 

[Teddy is my boy]

Seems l will never have to worry about telling Centrelink anything as l would never have enough to worry about unless l have a bigger lotto win than my usual $12 to $14

 

[mylittletibbies]

Well back in the ‘90s i Used to show dogs, there was a person who worked for well it was called Dept Social Securities, she called a friend to say, your family maintenance is in your account.

If she worked there she would have access to records showing a payment had been made.
This does not mean that she had access to that person's actusl bank account.

 

[PammW]

They don't access our accounts, huh? My income is from Social Security Disability Income, from America. They adjust my husband's Carer and Supplement payment every fortnight, because mine changes because of exchange rates.

And even more adjusting is done, because I only get one check a month!

 

[mylittletibbies]

They don't access our accounts, huh? My income is from Social Security Disability Income, from America. They adjust my husband's Carer and Supplement payment every fortnight, because mine changes because of exchange rates.

And even more adjusting is done, because I only get one check a month!

They can have access to this information without seeing your bank account.
Thousands of people receive overseas pensions.
When your husband was granted the carer payment and supplement he would have had to advise of any additional income that you received. Obviously their computer systems work out the exchange rates.
It would not be feasible for them to be manually checking the bank accounts of all the thousands of people receiving overseas pensions every day to keep track of fluctuating currency rates.

 

[Giannidifirenze]

Interestingly, Aussies don't need to worry about reporting fluctuations in the market value of their shares.

Nor should they. Playing the share market is a form of gambling and is no different to punting on the horses. There is copious amounts of information for both market players and punters alike. That is not the case with poker machines, lotteries, keno or lotto which are totally random events and never follow a trend. Ever seen form guide on a pokie?

According to Services Australia:-

Lump sums may be exempt from the income test if they meet all of these:

• unlikely to happen again
• hard to predict
• not for a service or work provided.

They include any of these:

• a one off gift, prize, reward, lottery win, or amount of superannuation
• an inheritance
• a payout from a property settlement, or for damages to property or personal effects
• flood, bushfire and drought assistance
• some redress payments, such as for negligence
• compensation from an Australian trust.

However, no specific mention of shares.

‘Ever seen form guide on a pokie?’… yes I have. At the Hillside Bowling Club some years ago in Baulkham Hills you could ask for a printout on a machine re its payouts and takings for the month.

 

[Veggiepatch]

‘Ever seen form guide on a pokie?’… yes I have. At the Hillside Bowling Club some years ago in Baulkham Hills you could ask for a printout on a machine re its payouts and takings for the month.

That's unusual! Never heard of that before. Clubs and pubs seem to make up their own rules as they go.

 

[Zorro56]

Centrelink is not the only one we need to watch. I received a message from them last Saturday saying my pension was going to be cut basically in half because of a (incorrect) massive increase in my AMP allocated pension. My daughter helped me to work out that there was a mistake to the tune of $200,000 at AMP. Fortunately I was able to contact my financial advisor and he was able to sort it out for me but my next payment is going to short by $150 because the supposed increased money was there for approximately a week.

We have just completed a one year battle with Centrelink to have assets removed from our account which we have not owned for over 20 years. They were impacting our combined pension by $70 per fortnight. Once finally fixed I asked Centrelink about back pay as this was, on their admission, their mistake. The answer was, sorry, we cannot backpay.

 

[Packo]

Centrelink is not the only one we need to watch. I received a message from them last Saturday saying my pension was going to be cut basically in half because of a (incorrect) massive increase in my AMP allocated pension. My daughter helped me to work out that there was a mistake to the tune of $200,000 at AMP. Fortunately I was able to contact my financial advisor and he was able to sort it out for me but my next payment is going to short by $150 because the supposed increased money was there for approximately a week.

bloody government give them selfs hundreds of dollars us poor pensioners get nothing is that fair???????

 

[PammW]

They can have access to this information without seeing your bank account.
Thousands of people receive overseas pensions.
When your husband was granted the carer payment and supplement he would have had to advise of any additional income that you received. Obviously their computer systems work out the exchange rates.
It would not be feasible for them to be manually checking the bank accounts of all the thousands of people receiving overseas pensions every day to keep track of fluctuating currency rates.

Yeah, I know. I *hate* Centreflunk though. They pushed my husband onto that bloody cashless debit card, and you KNOW they would refuse certain purchases. I had to laugh when they allowed a purchase I made of Poison t-shirts.. LOL! It was like, you won't let us buy such and such, but this you allow?

So happy that's over with! There have been other run-ins, including them trying to dock money from hubby's check over when I got here and when we got married. We took it clear to Tribunal and they were forced to pay it all back.

 

[mylittletibbies]

Yeah, I know. I *hate* Centreflunk though. They pushed my husband onto that bloody cashless debit card, and you KNOW they would refuse certain purchases. I had to laugh when they allowed a purchase I made of Poison t-shirts.. LOL! It was like, you won't let us buy such and such, but this you allow?

So happy that's over with! There have been other run-ins, including them trying to dock money from hubby's check over when I got here and when we got married. We took it clear to Tribunal and they were forced to pay it all back.

Such a pain having to go through all their BS.
I can never understand how they make so many mistakes.
As I've said before, you must have to get a diploma in stupidity to get a job in Centrelink, or most government departments for that matter.

Councils are just as bad. When my husband passed away I was attempting to transfer his Ute to a friend. We took a copy of the death certificate to the council office, but she insisted it had to be the original. I showed her on the internet where it said you needed to provide a copy of the death certificate, but she insisted that copy, in that text, meant original. Dah!!
I rang the Dept of Transport and put them onto her and they told her copy meant exactly that "copy".
Where do they find these numbskulls???

 

[Mika in the van]

I was told by my accountant to make sure I didn't have over $10,000 in my bank as Centrelink could look at it, keep it under that. Obviously I must have had it wrong.

If you receive a payment of $10,000 or more the bank might alert Centrelink. I know they notify the tax office if you get more than $10,000 from overseas. But you can definitely have more than $10,000 in the bank if your an aged pensioner.