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Assessing withdrawals from superannuation 108-05070020

This document outlines the assessment of lump sum withdrawals from superannuation funds. This procedure is not for Family Tax Benefit (FTB) or Child Care Subsidy (CCS) customers.

How to assess superannuation withdrawals

Step	Action
1	Procedure details regarding benefits + Read more ... This procedure is not for Family Tax Benefit (FTB) or Child Care Subsidy (CCS) customers. For FTB and CCS customers, see the following procedures: Taxable income for family assistance and Paid Parental Leave scheme payments Updating income estimates for the current financial year Customer advises of a superannuation fund withdrawal Is customer over Age Pension age? Yes, the superannuation fund is to be assessed as a managed investment No, go to Step 2
2	If customer is below Age Pension age + Read more ... Due to legal advice from the Department of Social Services (DSS), Services Australia (the agency) must not request or record details of superannuation investments for customers who are below Age Pension age. Note: If a superannuation investment is recorded, the details must not be changed after a withdrawal unless shares or managed investments require updating at the same time. Any updates will result in an unnecessary recalculation of all their managed investments and shares, with no legislative basis for such an action. Is the customer’s superannuation fund already recorded on the MIS Screen? Yes, go to step 3 No, depending on what the customer uses the withdrawn amount for, further assessment of the withdrawn funds may be necessary. Please see Coding income and assets for Centrelink payments and services
3	Does the customer have any additional managed investment or shares coded? + Read more ... Yes, go to Step 4 No, go to step 5
4	Are any other updates required to managed investment and shares? + Read more ... Yes, go to step 5 No, do not update the superannuation. Depending on what the customer uses the withdrawn amount for, further assessment of the withdrawn funds may be necessary. Please see Coding income and assets for Centrelink payments and services. Procedure ends here
5	Set superannuation balance + Read more ... Set the customer's superannuation balance (if present) to zero. select the superannuation investment from the Managed Investment Summary (MIS) screen, to go to the Managed Investments (MI) screen code '0' in the Super/Rollover $: field code the date the new managed investment or shares were purchased in the Event Date: field code the source of the information in the Source: field code the date of receipt in the DOR: field Press Enter Depending on what the customer uses the withdrawn amount for, further assessment of the withdrawn funds may be necessary. Please see Coding income and assets for Centrelink payments and services.