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Planning Process / Social Security

Social Security

To many individuals it is important to fully understand and investigate the impact of income in retirement and the entitlement to Commonwealth government benefits.

Centrelink Offices are located in many Metropolition and Non-metropolition locations across Australia. At many of these locations there are specialist staff - Financial Information Services (FIS) Officers able to provide specific information on how your circumstances impact on your eligibility for Government benefits and allowances. When preparing for retirement it is recommended that you make contact with your local FIS Officer.

Pension entitlement is subject to both an Asset Test and an Income Test. Whichever test results in the lesser entitlement will be applicable.

When identifying your assets it is important that certain excluded assets are identified(eg, principal residence, lifetime Interests, superannuation pensions). Centrelink will accept a nominal value for home contents, not replacement value.

Income Pension test thresholds are indexed in line with CPI on 1 July each year.

Extended Deeming
Financial Investments are subject to the new extended deeming income rules. The threshold levels vary for Singles and Couples.

Any changes to the Deeming rate will be coincided with the March and September pension indexation increases. The deeming thresholds will be increased at CPI each 1 July.

The DSS and DVA will automatically update values of managed investments and shares, using current market prices each March and December. Clients can request a review at any time using the latest managed investment and share value.

Depending on your circumstances it maybe to make an appointment with a Centrelink Financial Information Services (FIS) Officer.

Additional information on the Social Security entitlements, allowances and services is available through Centrelink.