Income stream reviews 110-02060000

Item

Description

1

I was expecting to get an income stream review letter but I have not received one?

Response:

• There is a new electronic data exchange with income stream providers to complete income stream reviews
• In the majority of cases, the agency now collects the details directly from the provider and applies it to customer records
• If you need to make updates to your income stream details, this can still be completed via myGov at any time

2

Why has my income stream not been updated yet - my provider said they gave the details to Centrelink?

Response:

• The agency has been undertaking manual checks to make sure data from the providers is correctly applied
• The agency is aware that the manual checking of records has resulted in some delays, but is vital for accuracy as we move to a fully automated process

3

Will my payment change or will there be a debt due to the delay?

Response:

• Any changes to payments will continue to occur as they have previously
• Overpayments will only occur if there is a difference between the details reported by your provider and the data on your record
• If there is an overpayment, you will be contacted by phone and notified in writing

4

My provider used to provide details to Centrelink electronically, so why is it taking longer for my update to be applied this time under the new electronic process?

Response:

• When providers start the new electronic process, additional checks are undertaken
• Once the checks have been completed, future updates will be automated

Item

Description

1

Provider data from automation process appears to have error

If data from an automatic update under the Automation of Income Stream Reviews (AISR) process appears to be incorrect, or the provider data unreliable, request a new income stream schedule. Providers can issue their own schedule with similar questions that appear on the SA330, and this can be accepted.

The details provided in the returned income stream schedule overrides the details supplied in the electronic provider data.

2

Requesting historical income stream details

There is a limitation on the scope of details requests.

The agency has a 7 year limit to request historical details. Income stream providers may be unable to supply details outside of 5 years. This is because tax legislation needs details to be held for 5 years only.

If the start date of the income stream is within 7 years, request details since the start of the product. Otherwise, request historical details as per the 7 year scope limits.

For example:

• The scope start date for historical details requests within 7 years will be 1 July of the financial year. That is 7 years before the current financial year
• In the 2020-21 financial year, the scope start date will be 1 July 2013

Note: historical income stream schedules are not needed. Providers can supply the historical data in any format.

Item

Description

1

Identifying the type of income stream review

Customer based income stream reviews are generated in Process Direct, except for the following which are generated in Customer First:

• for a small number of defined benefit income stream providers
• for income streams from SMSFs/SAFs
• indexation reviews for lifetime, lifetime pooled, life expectancy and term income streams, and
• review of income streams with a residual capital value

While the review activities generate in Process Direct, supplied income stream schedules can be completed separately in Customer First.

After the income stream screens are updated, the SAP system will recognise the updates on the customer’s record and mature the review.

To determine if a review is in SAP, check if a review is located in Interaction History. Access general details relating to these activities from the Activities tab at the bottom of the customer details section of Customer First. To access these:

• select CRN/BP hyperlink > Activities tab > the ID hyperlink next to a CoC Interaction entry > Note tab

The reviews will contain the acronym AISR in the description.

If no reviews are in Interaction History, Service Officers must check FAL. If an income stream schedule is completed while a review is on FAL, the future review must be finalised to make sure the customer is not adversely affected.

Item

Description

1

Automatically finalised review activities

Activities automatically finalised will not create a DOC on the record.

For August reviews, the IVSSAL activity will contain the keyword 'IVSAUTF'.

There is no requirement for any further verification in any circumstance.

2

Review activities requiring Manual Follow-up

Activities requiring Manual Follow-up will have a DOC created on the record to which the product belongs. Keywords will be allocated to each DOC.

For August reviews:

'IVSCSOA' - activity sent for manual processing

'IVSINFA' - where documents are requested

Item

Description

1

Question: How long is the One Time Access Code (OTAC) for my income stream review valid for?

Answer: For August reviews, the OTAC contained within the income stream review letter is valid until the review is submitted online or 31 December in the year it was issued.

2

Question: Can a third party complete the review on my behalf?

Answer: The OTAC allows your nominee or a third party to complete the income stream review on yours and/or your partner's behalf (once you have provided them with this detail). Your nominee will also receive a copy of the letter sent to you that contains the OTAC and they can use your Customer Reference Number (CRN) and the OTAC to complete your review online at servicesaustralia.gov.au/incomestreamreviews.

Nominees registered for online services can additionally complete the review on your behalf by accessing their Centrelink online account from myGov.

3

Question: I have completed my review online, but I have received a reminder/suspension/cancellation letter?

Answer: In most circumstances, a customer will complete their review between the time a reminder/suspension/cancellation letter issues and the time the customer receives the letter. Check the Future Activity List (FAL) screen or Process Direct to determine if the review has been finalised or, there is any outstanding documents before the customer must lodge to finalise the review.

4

Question: Why can't I complete my review using a paper form anymore?

Answer: Consider these talking points to promote the benefits of online services, such as:

• It's the quickest way to update details directly and to make sure the customers' payments are correct
• Providing customers with a range of other benefits, including immediate access to their details, services such as advances or income and asset updates, and connections to other services including Medicare
• Allows us to devote more resources to complex customer enquiries and customers experiencing vulnerability