Assessment of assets for Centrelink payments 108-04000000
Expand allThis document outlines how to assess assets for social security pensions and benefits.
Government intent
Services Australia provides easy, high quality services to people at different stages of their lives through the Medicare, Centrelink and Child Support programs. In order to provide income support to those in need, assets are assessed for the purposes of obtaining a pension or benefit. Most assets are assessed, however some are exempt.
Effect on payments
An Assets test assessment affects a customer's payment rate components in the following order:
- basic rate
- Pension Supplement Basic Amount (where applicable)
- the remaining amount (where applicable)
- Rent Assistance (RA)
- Pension Supplement Minimum Amount (where applicable)
- Pharmaceutical Allowance (PhA) (where applicable)
Sale of assets
The cash proceeds received by a customer due to the sale of an asset are not assessed as income, including any capital gains achieved, for example, a garage sale, or firearms buyback scheme. The customer's assessable assets may need adjusting due to the sale. Any proceeds of cash or extra in financial accounts are subject to the usual deeming provisions. Customers selling their principal home may be treated differently.
Where there is a small change to asset values determine whether the customer is required to notify.
The Resources page contains a link to the Income and Assets Update (SA220m) form.
Contents
Assessing income and assets from cooperatives
Assessing income and assets from profit sharing
Assessing income and assets for ministers of religion
Assets hardship for income support payments
Income and assets options online
Related links
Income and assets tests for blind customers
Income, assets and rates of payments
Assessment of income and assets from business structures for Centrelink payments
Assessment of income from trusts and companies
Assessment of income and assets from trusts and companies pre 1 January 2002