Coding income and assets for Centrelink payments and services 108-04010000

Income and asset updates:

• to be completed within a new claim, go to Step 3
• for change of circumstances, go to Step 2

Service Officers without the appropriate skill tags must refer the update to a specialised team to complete. For example, updates to a private trust need a referral to a Complex Assessment Officer (CAO). See Identifying and making suitable referrals to the Complex Assessment Officer (CAO).

See Verifying income and assets or Documents required for Centrelink new claims to determine if further verification is required.

Note: for a change of circumstances, refer to small change to asset values to determine whether the customer is required to notify.

For updates

• Go to the Customer Summary
• Key 'START' in Super Key
• Select Income and Assets Update from the Task Selector
• Select the relevant income and asset screens to update
• Select Start to initiate the CoC flow

Is there an existing item to be updated?

• Yes, expand the existing item and select Add icon to record new details
• No, select Add icon to add new item

For updates made by customers online, the process is the same as above, but with the following differences:

• Go to the Inbox
• In the work item, select Process to start the update
• The task selector will pre-select and flag any modules that have provisional data from the online service
• Use the Overview slider to view customer updates
• View the Staff Summary in the Overview slider for more details on why the activity was allocated
• View supporting documents at any time via Documents

For updates where multiple documents are provided for a current customer and/or partner (for example, several bank statements covering past periods):

• Where the customer is receiving the maximum rate of payment and any change will not impact their rate, update the latest values and dates for each investment. See Rates and Thresholds index
• Where the customer’s rate of payment is likely to be impacted, or the impact is uncertain, update each change to the customers overall financial investments greater than $2000 from the date of the change in value. See Resources tab for examples
• Where fluctuations occur due to regular income, everyday living expenses or movement between financial investments there is no requirement to update each occurrence

Clearly document details including the event dates and decision for applying the updated balances.

Go to Step 4.

• Go to the task selector by keying SWE into the Super Key
• The task selector will pre-select and flag any modules that have provisional data from the online claim
• Use the Overview slider to view the claim documentation
• Within each module, data the customer has updated will show as Provisional (data uploaded from the online claim, ACC or updated by staff)
• View supporting documents at any time via Documents
• Review provisional details and make any required updates as per instructions in Table 2 and Table 3

If a new entry was entered into the new claim activity, ensure any provisional data for the same item is deleted to prevent duplication when finalising the claim. For example, an online claim defaults Superannuation as MIUS and Service Officer correctly codes product via MIP, the provisional MIUS coding created by the claim declaration must be deleted.

Go to Step 4.

Review the relevant procedure to determine assessment and coding of the income/asset changes declared by the customer.

• Assessment of income for Centrelink payments contains a list of income types under Process
• Assessing sole trader income contains information on how to assess income from self-employment
• Table 2 contains details of various income and assets
• Table 3 contains details of financial assets and cryptocurrencies
• Table 4 contains details of other assets including personal effects and motor vehicles
• Coding income and assets for Centrelink payments and services contains links to procedures for various income and asset types under Related Links on Background
• Return to this procedure when finished

Check that the income/asset has been declared as the appropriate type. If not, make sure that details are recorded using the correct available options. This includes where details are declared using ‘other’ options and there is a more appropriate income/asset type.

For multiple updates, staff can only process updates when all information, including any related source, is provided. For example:

• purchase of a new asset and they can provide the source of the funds, or
• sale of an asset and they can provide details of what was done with the proceeds

Is additional information required to complete the update?

• Yes, go to Step 5
• No, go to Step 6

See Requesting information (CLK).

If information is requested outside a CoC activity, the customer's income and asset online task will not show the requested documents and the new due date.

Procedure ends here until the information is available.

For unfavourable decisions, see Advising verbally of an unfavourable decision.

Confirm assessment results are correct and as expected prior to finalising. Refer to the following for further details, depending on results:

• Payment of arrears after reassessment and stopping a payment
• General notification provisions and exceptions
• Notification Handler (NOHL)

New claims

Once all income and asset updates are completed, return to the relevant Operational Blueprint for the claim type being processed.

Change of circumstances (CoC) update

Once all updates are completed:

• Select Assess
• Check the payment outcome on Entitlements (ELD)
• Select Finish
• If the Process Direct Income and Assets workflow was used, Notes will pre-fill and display for review
• At this point, add any extra details, as per Online Document Recording (ODR)
• Once Notes are complete, select Finalise

The transaction completes and Notes replicate to the Document List (DL).

Note: for a failed Online update, make sure the status of the transaction is set to Completed. In:

• Process Direct, check Transaction, or
• Customer First, check Online Interaction Summary

Select required information:

• date of grant of payment
• type of payments granted
• reference number
• amount of payment per fortnight

• Go to the Task Selector, select Income and Assets Update and Other Government Payment (OGP, OGPS):
• Select Add icon
• Payment Type: select from the drop down menu
• Reference/Description: record if known
• Start Date: record the date of event
• Payment Amount: amount received, $.cc
• Amount Frequency Code: how often the customer receives the income
• Change Reason Code: select from drop down menu if correcting existing income, or coding new income with a start date more than 17 weeks in the past
• Select Save
• Update Receipt Date and Channel and Save, if required

Parent on approved DVA payment

Make sure the correct details are coded on the Veterans' Affairs Pension (DVA, DVAS) screen on the parent's record. This is for the Parental Income Test (PIT) exemption for dependent YA, ABSTUDY and AIC customers.

Coding payments from DVA

Payments are coded on the DVA screen and require referral to DVA Clearance Team (SCS). See Payments from the Department of Veterans' Affairs (DVA) and referrals to the DVA Clearance Team).

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6 .

Cash on hand is subject to deeming. Income support recipients are not required to advise Centrelink of reasonable amounts which they are holding to meet day-to-day living expenses or pay outstanding bills. Judgement will need to be exercised in determining what is reasonable.

• Event Date
• Amount of cash on hand $

Code the Balance Amount: field with the amount advised by the customer.

Go to Direct Investment Accounts (SVDI):

• Select Add icon
• Header Detail:
• Investment Type: select COH cash on hand)
• Investment Date: the original investment start date
• Customer owned %:
• Partner owned %:
• Item Detail
• Event Date: the customer's event date
• Balance Amount: the value of the customer's cash on hand
• Select Save
• Update Receipt Date and Channel and select Save, if required

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Money held in solicitors’ trust accounts, such as pending property settlements, is subject to deeming once the customer has legal access to the funds.

• Event Date
• Amount $

For property settlements due to separation see Assessment of assets.

Go to Direct Investment Account (SVDI) and insert the following information:

• Select Add icon
• Header Detail:
• Investment Type: select Direct investment
• Investment Name: description (for example, ‘sale of home in trust’)
• Investment Date: the date funds were received into the account
• Customer owned %:
• Partner owned %:
• Item Detail:
• Event Date: the customer's event date
• Balance Amount: the amount held in the solicitors trust account
• Select Save
• Update Receipt Date and Channel and select Save, if required

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Bullion is an asset often held for investment purposes as one of the following:

• gold, silver and platinum bar, ingot and nugget holdings
• coins, medals and decorations containing those metals

These financial investments are deemed and coded on the Direct Investment (SVDI). See FINS Bulletin - Bullion. The Resources page has a link.

The following items are not bullion and are not subject to deeming provisions. they are to be included on the Other Assets (OASS) screen:

• jewellery or contemporary Australian currency which contains gold, silver or platinum, or
• coins, medals, decorations containing those metals which are held for non-investment purposes

Go to Direct Investment Account (SVDI) and insert the following information for bullion:

• Select Add icon
• Header Detail:
• Investment Type: select direct investment
• Investment Name: type 'Bullion' followed by the type of asset (for example, gold/silver)
• Investment Date: the original investment start date
• Customer owned %:
• Partner owned %:
• Item Detail:
• Event Date: the customer's event date
• Balance Amount: the value of the customer's bullion
• Select Save
• Update Receipt Date and Channel and select Save, if required

Note: for bullion held overseas, code on the SVDI screen as investment type OSA. See Table 3, Step 3.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

An uncleared cheque (held by the customer) is available money and is subject to deeming.

• Event Date
• Amount $

If the customer cannot provide these details, see Table 1, Step 5.

Go to the Savings Summary (SVS, SVP, SVDI).

Does the customer already have cash on hand recorded in the Direct Investment Account (SVDI) table?

• Yes, expand existing record and add the uncleared cheque amount to cash on hand
• From the Direct Investment Account balances line, select Add icon
• Update Item Detail:
  Event Date: the customer's event date
  Balance Amount: the value of the customer's uncleared cheque
• Select Save
• Update Receipt Date and Channel and select Save
• No, select Add icon on the SVDI table:
• Update Header Detail:
  Investment Type: select COH Cash on Hand
  Investment Date: the original investment start date
  Account Number: 'uncleared cheque'
  Customer Owned %
  Partner Owned %
• Update Item Detail:
  Event Date: the customer's event date
  Balance Amount: the value of the customer's uncleared cheque
• Select Save
• Update Receipt Date and Channel and select Save, if required

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

An AoS bond is a financial investment, and is taken into account when assessing income and assets. Note: different rules apply when assessing liquid assets. For more information, see Liquid Assets Waiting Period (LAWP).

Note: the value of the AoS bond may change if the assuree (the family member) claims Special Benefit (SpB).

Update the AoS bond as an investment. See either:

• coding an existing AoS bond, see Step 4, Table 3, or
• coding a new AoS bond, see Step 3, Table 3

For children born or entrusted to care on or after 1 October 2016, Parental Leave Pay (PPL) and Dad and Partner Pay (DAP) are counted as ordinary income for income support payments.

Service Officers do not have to code the PPL and DAP income to the customer's record. It will be automatically included for assessment when the PPL or DAP claim is actioned.

• The PPL and DAP amount will also be included in the:
  Income Total on the Factors Affecting Rate (PFAR) screen, and
• Other Income field on the following screens:
• Parenting Payment Income Summary (PGIA)
• NSS Income Summary (NIS)
• ABSTUDY Income Summary (EYIS)
• RCA Income Assessment Summary (RIAS)

In Customer First, PPL or DAP income details display on the P1CS screen and RCA Income Assessment Summary (RIAS).

The PPL and DAP amounts will not display as Other Income (OINS). Do not code the amount to OINS.

Bank accounts and investments which are held in trust are covered by the assessment of private trusts from 1 January 2002.

The delegation for the attribution decision rests with the Complex Assessment Officer (CAO).

See Trusts.

Select required information:

Code the update if the customer can provide:

• Institution Name or Institution ID
• Account Number
• Current Account Balance $ (the available balance may be used if there are pending debit transactions)
• % Owned
• Event Date
• Details of any asset deductions, such as investment loans or exempt home sale proceeds if applicable. For partnered customers, if they have sold their home and intend to purchase another, obtain details of what portion of the intended amount each member of the couple has invested, as this may not be the same

When information is missing, or clarification is needed about the claim or change of circumstance, staff should attempt to obtain information verbally. If this is not possible or practical, a written request will need to be sent, see Requesting information (CLK).

Verification of bank accounts is only required for Special Benefit (SpB) Claims, for changes that exceed the online asset threshold limit or if there are doubt about the validity of the information provided.

If supporting documents from a financial institution (bank, building society or credit union) are required, they must show:

• account holder name(s)
• account number
• BSB or name of financial institution
• the current account balance (a statement with the available balance can be used if there are pending debit transactions)
• include transaction dates

Exceptions: online/digital only banks that do not provide bank statements. These accounts may have splitter or sub accounts where screenshots do not display a name or account number.

Supporting documents that do not include the account holder(s) name or account number are acceptable where the delegate is satisfied the information supplied is true and correct.

Note: an ATM receipt is not acceptable.

The decision to accept the supporting documents should be recorded on a DOC. See Recording reasons for decisions.

Credit union and building society account holders who have member shares, ask the customer for details of their member shares. See Adding shares and securities.

If unable to locate the financial institution for the new account, check the FINS Bulletin first. If not found there, seek support via the Technical Support Model.

Go to the Savings Bank Account (SVP).

• Select Add icon
• Header Detail:
• Financial Institution Name: select to search for the correct institution. Search using its name or code
• Account Number: if the account number is longer than 9 digits, code the last 9 digits for account recognition. For example, if the account number is 000000432978, code as 000432978. Only alpha and numeric characters can be used, so omit any special characters. For example, if the account number is 432978s.1, code as 432978s1 (ensuring different accounts can be identified)
• Customer Owned %
• Partner Owned %
• Account Closed? Yes only if the account is closed. If it is closed, code the Balance $ as zero
• Item Detail:
• Event Date:
  For a new claim, code the claim date.
  When funds are transferred from another investment/account, the event date must be the same for both updates. If the funds have been transferred into a holding account pending disbursement or are in transit, record the account on SVDI for the interim period with Event Date as the date of the transfer
  For a change in circumstances, code the date the account was opened
• Balance Amount: the current account balance in whole dollars, for example $100.91 is coded as $100
• Loan/Encumbrance Amount $: if applicable, key the balance of the loan/encumbrance which is deductible from the investment value in whole dollars
  Only code an amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home
  Note: for Home Equity Access Scheme (HEAS) advances payments recorded on the SVDI screen staff must ensure that the HEAS advance payment continues to be correctly recorded. For example, a customer may have a $5,000 HEAS advance entry on the SVDI screen. When the customer contacts, customer advises of an increase of $5,000 in the bank account where their pension is paid. In this example, staff would zero the balance of the HEAS advance payment on the SVDI screen (including updating the loan deduction field where applicable) and update the SVS screen for the customer’s pension account. See Advance Payments for Home Equity Access Scheme (HEAS) loans for more information
• New Home Deduction Amount $: if applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• Select Save
• Update Receipt Date and Channel and select Save, if required

A credit card or a line of credit account with a positive current/available balance is a financial asset and subject to deeming. Ensure to subtract the cost of items bought with the card that have not yet been included in the balance. Code via SVDI, see Step 3.

See the Resources page for an example.

If a customer advises they have a line of credit with a negative balance, code the details as a savings account with a nil balance.

If a customer advises the account is a mortgage saver or loan offset account, code the available balance of the account, as outlined above for savings accounts.

A mortgage with a positive available balance redraw facility is not considered an asset, and coding is not required.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Select required information:

• Institution Name or Institution ID
• Account Number
• Current Account Balance $ (the available balance is to be used if there are pending debit transactions, for example when the available balance is less than the current balance)
• % Owned
• Event Date
• Details of any asset deductions such as investment loans or exempt home sale proceeds if applicable. For partnered customers, if they have sold their home and intend to purchase another, obtain details of what portion of the intended amount each member of the couple has invested, as this may not be the same

When information is missing, or clarification is needed about the claim or change of circumstance, staff should attempt to obtain information verbally. If this is not possible or practical, a written request will need to be sent, see Requesting information (CLK).

If supporting documents from a financial institution (bank, building society or credit union) are required, they must show:

• account holder name(s)
• account number
• the current account balance (a statement with the available balance can be used if there are pending debit transactions
• includes transaction dates

Exception: online/digital only banks that do not provide bank statements. These accounts may have splitter or sub accounts where screenshots do not display a name or account number.

Supporting documents that do not include the account holder(s) name or the name of the financial institution are acceptable where the delegate is satisfied the information supplied is true and correct.

Note: an ATM receipt is not acceptable.

For cases where bank statements cover past periods, see Table 1, Step 2

The decision to accept the supporting documents should be recorded on a DOC. See Recording reasons for decisions.

Closed accounts - If the customer or their partner close a bank account/investment, do not delete the record. Update the balance to zero with the event date, and code 'Yes' in the Account Closed (Y/N): field.

From Savings Summary (SVS):

• Expand the existing record on the Savings Bank Accounts (SVP) or Savings Direct Investment Accounts (SVDI) and select Add icon
• Update fields as required:
• Event Date: for a new claim, code the claim date unless the partner is current on an income support payment (Note: for new claims, if there is no change to an existing savings current account balance, do not update the date of event)
• Balance Amount: code the current account balance in whole dollars, for example $100.91 is coded as $100
• % of ownership:
  Do not update when coding an account as closed.
  If the account is still open and % of ownership has changed, the current account balance must be updated to $0 and account closed. A new account can then be recorded with the correct % of ownership
• Loan/Encumbrance Amount $: if applicable, key the balance of the loan/encumbrance which is deductible from the investment value in whole dollars.
  Only code an amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home
• New Home Deduction Amount $: if applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• Select Save
• Update Receipt Date and Channel and select Save, if required
• If the account is closed
• on the main investment line (next to the Expand icon), select the Edit icon to update the account details
• change Account Closed? From No to 'Yes' and Save

For details on how to assess and record bank accounts or investments held in trust, see Trusts.

Change in account ownership - If the customer has indicated a change in ownership of a bank account:

• do not delete the record
• update the balance to zero with the event date
• code 'Yes' in the Account Closed Y/N: field
• follow coding instructions for Savings Accounts - new accounts, see Item 1

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Also including bonds, debentures, loans, bullion and church development funds, refer to Deeming exemptions for further information on church and charitable organisations prior to January 2010.

See Resources page for an example of credit cards with a positive balance.

• Event Date
• Investment Date (use the exact date the investment was made). If the customer is unable to provide the date they joined the fund, use the earliest reasonable date, for example, the date of the claim
• Investment Name: record the name of the organisation and investment type such as ‘Credit Card’ (Note: if foreign currency account, also record the currency code after the name, for example, USD)
• Amount $ in Australian dollars or foreign currency
• Account Number
• Type of investment: use direct Investment for betting accounts, travel money cards and credit cards with a positive balance
• If Type is OSA, also code Investment Country and Currency fields. The system will auto-populate the exchange rate field, based on the event date, after the date of receipt and channel are entered
• Balance
• The actual rate of return in the Interest % (if the product is exempt from deeming)
• % Owned
• Details of any asset deductions such as investment loans or exempt home sale proceeds if applicable. For partnered customers, if they have sold their home and intend to purchase another, obtain details of what portion of the intended amount each member of the couple has invested, as this may not be the same
• For Australian bank accounts or travel money cards that hold foreign currencies, the currency balance of each currency is to be coded on Direct Investment Account (SVDI) using Type: OSA using the applicable currency code

If the customer cannot provide the above details, see Table 1, Step 5.

For Public Trustee cash accounts, where no units have been issued, check the FINS Bulletin first. If not found there, seek support via the Technical Support Model.

Lines of credit may be attached to normal accounts. If they have a positive balance, they are financial assets and must be recorded as per savings accounts or as below. A redraw facility is not coded.

Bullion is to be coded under Direct investment on Direct Investments (SVDI) as it is a financial investment that is deemed.

Betting accounts and credit cards with a positive balance are coded as Direct investment as the positive balance is a financial asset. However, for credit cards, subtract the cost of items already bought on the card which have not yet been included in the balance. See the Resources page for an example.

Share trading accounts owned by customers, who are not considered self employed share traders, are subject to deeming provisions. Cash components of these accounts are to be coded under SVDI.

If unable to locate the financial institution, check the FINS Bulletin first. If not found there, seek support via the Technical Support Model.

Go to Direct Investment Account (SVDI) and code:

• Header detail:
• Investment Type: select OSA (for overseas savings accounts and travel money cards)
• Investment Name: record the name of the organisation and the name of the investment
• Investment Date: the date the investment was made (not today's date). if the customer is unable to provide the date they joined the fund, use the earliest reasonable date, for example, the date of claim
• Account Number
• Customer Owned %
• Partner Owned %
• Investment Country Code: select the code for the country the investment is owned in
• Deeming Exempt:
  Only code Yes if the product is exempt from deeming.
  If Yes is coded, code the Interest %: field to enable assessment of actual income
• Item Detail:
• Event Date:
• Balance Amount: the current account balance in whole dollars, for example, $100.91 is coded as $100
• Loan/Encumbrance Amount $: if applicable, key the balance of the loan/encumbrance which is deductible from the investment value in whole dollars.
  Only code an amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home.
• New Home Deduction Amount $: if applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• Interest Percentage %: the actual rate of return
  Only code if Deeming Exempt = Yes.
  It the interest rate is not available and the customer can provide the annual income received, the % rate can be worked out. For example, customer has $10,000 invested and they have received $250. The interest rate is 250/10,000 x 100 = 2.5%. The system will then calculate the income and display it on the Financial Investment Summary (IVIS) screen in the Deem Ex I: field
• Currency Code: select the currency the investment is owned in
• Select Save
• Update Receipt Date and Channel and select Save, if required

Updates before 20 March or 20 September or CPI events

If the bulk update for 20 March, 20 September or any other CPI event has been actioned, the Event Date may show as a date in the future when updating foreign bank accounts.

For example, today’s date is 15 March and Event Date for the overseas bank account shows 20 March.

In these cases, follow the Workaround for MIS/SIS updates immediately prior to 20 March or 20 September

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

For details on how to assess and record bank accounts or investments held in trust, see Trusts.

Code the update if the customer can provide:

• Event Date
• Amount $ in Australian dollars or overseas currency
• Details of any asset deductions such as investment loans or exempt home sale proceeds if applicable. For partnered customers, if they have sold their home and intend to purchase another, obtain details of what portion of the intended amount each member of the couple has invested, as this may not be the same

If the customer cannot provide the above details, see Table 1, Step 5.

This does not include savings accounts.

It does include bonds, debentures, loans, church development funds, overseas savings accounts, bullion, and accounts with an attached line of credit with a positive balance. It can also include credit cards if the positive balance exceeds any amount already spent on the card that has not yet been included in the balance. See the Resources page for an example.

From Savings Summary (SVS, SVP, SVDI):

• Expand the account or investment from Direct Investment Account (SVDI)
• From the Direct Investment Account Balances, select Add icon and update fields:
• Deeming Exempt:
  Only code Yes if the product is exempt from deeming.
  If Yes is coded, code the Interest Percentage %: field to enable assessment of actual income
  Delegation for granting deeming exemptions is with the relevant Departmental Minister
• Event Date:
  For new claims, if there is no change to an existing savings current account balance, do not update the date of event
• Balance Amount: code the current account balance in whole dollars, for example, $100.91 is coded as $100
• Loan/Encumbrance Amount $: if applicable, key the balance of the loan/encumbrance which is deductible from the investment value in whole dollars.
  Only code an amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home
• New Home Deduction Amount $: if applicable, code the exempt amount from the sale of the former home that the customer intends to spend on their new home for sales finalised on/after 1 January 2023. See Sale of principal home
• Select Save
• Update Receipt Date and Channel and select Save, if required
• If the account is closed
• on the main investment line (next to the Expand icon), select the Edit icon to update the account details
• change Account Closed? From No to 'Yes' and Save

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

For assessment details for adding shares and securities, see Adding shares and securities.

For assessment details for updating shares and securities, see Updating shares and securities.

Including Afforestation/plantation projects.

For assessment details for adding a new managed investment, see Managed investments - adding a new investment.

For assessment details for updating managed investments, see Managed investments - updating existing investments.

For assessment details for adding an income stream, see:

• Adding or updating an account-based income stream
• Adding or updating a lifetime income stream

If the customer receives money to compensate for the loss of or damage to their buildings or personal effects, or to repay debt (for example, consumer credit insurance), the payment is not treated as income and is an exempt asset for social security purposes.

For assessment details, see Exempt lump sums.

Crypto or digital currency is a system of value. People invest in cryptocurrency with the hope of the asset increasing in value in the future, the same as how investors in the stock market purchase shares in the hope that share prices will increase.

Common types of cryptocurrency include:

• Bitcoin
• Cardano
• Chainlink
• Dogecoin
• Ethereum
• Litecoin
• Monero
• Polkadot
• Ripple
• Tether

Cryptocurrency does not meet the definition of a financial asset and is not subject to the deeming provisions. Crypto holdings are however an assessable asset. While not considered a financial asset, cryptocurrency is included in the assessment of a Liquid Assets Waiting Period (LAWP).

Manual calculation of the LAWP is required for customers with cryptocurrency. See Liquid Assets Waiting Period (LAWP).

Customers are not able to update the value of their cryptocurrency assets online.

If the customer regularly buys and sells cryptocurrencies with a view to making a profit, they may be considered self-employed and operating a business. See Sole Traders or Partnerships.

Income and asset details may need verification.

Code the update if the customer can provide:

• Event Date
• Amount/Value
• Percentage owned

If the customer cannot provide the above information, see Table 1, Step 5.

Verification of cryptocurrencies is based on information on the value from any trading index or exchange. If the only price is available from the company website, this must be used. Finally, if there is no price on the website, then a statement can be sought, preferably from the company.

If the cryptocurrency is in a foreign currency, convert it to Australian dollars. See Converting foreign currencies.

To record details of a new asset:

• Select Add icon and code:
• Asset Type: select OTH (other assets)
• Description: describe the asset
• Event Date
• Total Asset Value: investment value (rounding decimals off)
  If the asset is owned in conjunction with the customer's partner, enter the percentage owned by the customer in the % Owned Client: field and the percentage owned by the partner in the % Owned Partner: field
  Note: if the asset is no longer owned by the customer update the ownership to '0'
• Select Save
• Update Header Data with Receipt Date and Channel and Save, if required

Code any income generated from the virtual currency on the OINS screen.

Code any income generated from the virtual currency on the OIN screen as type 'OTH' - Other. See Recording other income on the Other Income (OIN) screen.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Household contents and personal effects includes:

• Clothing
• Jewellery
• Hobby collections (for example, stamps or coins)
• Furniture
• Paintings and works of art
• Soft furnishings (for example, curtains)
• Electrical appliances other than fixtures such as stoves and built-in items (permanent fixtures are regarded as part of the home, not household and personal effects)

Household contents and personal effects does not include:

• Vehicles (see Step 2)
• Bullion (see Table 2, Step 4)
• Unmounted gems (see Step 5)
• Collections held for other than personal purposes (see Step 5)

Verification is not required for household and personal effects.

Customers must provide the net market value of their total household and personal effects. This is not replacement or insured value. It is the amount likely to be received by selling the asset.

If the value provided by the customer appears to be understated or not reasonable, clarify how they arrived at the value provided and assist the customer to provide a more reasonable value where appropriate. See Valuation of real estate and other assets if a valuation is appropriate.

The market value may be reduced if there is a loan or liability against the asset. See Loans and liabilities against assets.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select HPE (Household and personal effects)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil.
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero
• If the customer and/or partner claims to have never owned the asset, the asset is to be deleted from the OAS screen. For the date of effect, see Dates of effect for review of decision outcome

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Motor vehicles includes cars, trucks, motor cycles, scooters, etc.

Boats and caravans do not include those currently assessed as the person’s principal home.

For motor vehicles on finance lease or operating lease, supporting documentation should be requested.

• Finance lease - A customer will own the asset at the end of the lease period. The lease costs that represent the cost of acquiring the asset are not deductible as the payments represent the acquisition of an asset
• Operating lease - A customer will not own the asset at the end of the lease period. The lease costs are deductible. The value of the asset being leased should be included as an asset only if there is a finance lease. The value will change each year (amortised) on the balance sheet and would reflect the eventual market value less amounts of lease payments still to be made. If this lease is used for a business enterprise it is recorded as part of the business assets

Customers must provide the net market value of their motor vehicle, boat or caravan. This is not replacement or insured value. It is the amount likely to be received by selling the asset.

If the customer is unsure of the value, Service Officers can access the Redbook website to locate a reasonable value. See the Resources page for a link.

If the value provided by the customer appears to be understated or not reasonable, clarify how they arrived at the value provided and assist the customer to provide a more reasonable value where appropriate. See Valuation of real estate and other assets if a valuation is appropriate.

The market value may be reduced if there is a loan or liability against the asset.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select either VEH (Motor vehicle), BOA (Boat) or CVN (Caravan)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• A separate entry must be entered for each new asset on the Other Assets (OAS) screen. Do not combine multiple assets and their values in one entry
• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Livestock which is not involved in the operation of a business is recorded as an other asset.

If the livestock is part of a business structure, see Assets and liabilities of a business.

Verification is not required for personal livestock unless the customer cannot provide accurate details or there is reason to doubt the customer’s declaration.

Customers must provide the net market value of their personal livestock.

If the value provided by the customer appears to be understated or not reasonable, clarify how they arrived at the value provided and assist the customer to provide a more reasonable value where appropriate. See Valuation of real estate and other assets if a valuation is appropriate.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select LIV (Livestock)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil.
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Select required information:

Only policies with an investment component are assessable as an asset. These include whole of life insurance or endowment insurance. Products such as term insurance, disability, trauma or income protection insurance do not have a surrender value, so have a nil value for assets test purposes.

The assessable value of a person's life assurance or insurance policy is the surrender (withdrawal) value of the policy unless:

• the customer purchased the policy after 1 July 2019, and
• was age pension age at purchase, and
• the sum of amounts paid for the policy in any 12 months exceeds 15% of the maximum death benefit payable if the person died on the day of assessment

In the above situation, the value of the life insurance policy is the higher of:

• the surrender (withdrawal) value of the policy
• the sum of the amounts paid to purchase the policy (premium amount), less any commuted amounts

Example: Age Pensioner purchases a policy on 20 September 2019 via a $100,000 lump sum. The death benefit is equal to 120% of the lump sum, $120,000 and surrender value 80% of the death benefit $96,000. The assessable value is the higher $100,000 premium.

If the customer cannot provide the details, the following formula is used to calculate the asset value:
Number of years policy held x annual premiums paid = value maintained.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select LIF (Life insurance)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil.
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Other assets include those which do not fit into the other categories of Household and personal effects, Motor vehicles, Boats, Caravans, Livestock or Life insurance.

Examples of other assets may include:

• Fishing and other licences
• Taxi licences and plates
• Racehorses
• Trailers
• Marina berths
• Parking spaces
• Life interests, see Life interest in an asset or income
• Granny flat interests, see Granny flat provisions
• Unmounted gems
• Assurance of Support Bank Guarantee

If the asset is part of a business structure, see Assets and liabilities of a business.

Depending on the type of asset, supporting documentation may be required to assist in determining the value of the asset. See Valuation of real estate and other assets.

If the value provided by the customer appears to be understated or not reasonable, clarify how they arrived at the value provided and assist the customer to provide a more reasonable value where appropriate. See Valuation of real estate and other assets if a valuation is appropriate.

The market value may be reduced if there is a loan or liability against the asset.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select OTH (Other)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil.
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Income and asset updates:

• to be completed within a new claim, go to Step 3
• for change of circumstances, go to Step 2

Service officers without the appropriate skill tags must refer the update to a specialised team to complete. For example, updates to a private trust need a referral to a Complex Assessment Officer (CAO).

See Verifying income and assets or Documents required for Centrelink new claims to determine if further verification is required.

Note: for a change of circumstances, refer to small change to asset values to determine whether the customer is required to notify.

For staff initiated updates

• Key Customer Details Task Selector (CDTS) in Next and select all relevant screens relevant to the update
• Use Table 2 and Table 3 to code the various types of income and assets
• View supporting documents at any time via the Document Tools

For updates made by customers online

• Select (S) the started activity from the Activity List (AL)
• At the Customer Details Task Selector (CDTS) screen, select any other relevant screens which have not already been preselected and complete any required updates
• Review provisional details and make any required updates as per instructions in Table 2 and Table 3
• View supporting documents at any time via the Document Tools

For updates where multiple documents are provided for a current customer and/or partner (for example, several bank statements covering past periods):

• Where the customer is receiving the maximum rate of payment and any change will not impact their rate, update the latest values and dates for each investment. See Rates and Thresholds index
• Where the customer’s rate of payment is likely to be impacted, or the impact is uncertain, update each change to the customers overall financial investments greater than $2000 from the date of the change in value. See Resources tab for examples
• Where fluctuations occur due to regular income, everyday living expenses or movement between financial investments there is no requirement to update each occurrence

Clearly document details including the event dates and decision for applying the updated balances.

Go to Step 4.

• Select (S) New Claim activity from the Activity List (AL) screen
• At the Customer Details Task Selector (CDTS) screen, select any other relevant screens which have not already been preselected and complete any required updates
• Review provisional details and make any required updates as per instructions in Table 2 and Table 3
• View supporting documents at any time via the Document Tools
• If a new entry was entered into the new claim activity, ensure any provisional data for the same item is deleted to prevent duplication when finalising the claim. For example, an online claim defaults Superannuation as MIUS and Service Officer correctly codes product via MIP, the provisional MIUS coding created by the claim declaration must be deleted

Go to Step 4.

Review the relevant procedure to determine assessment and coding of the income/asset changes declared by the customer.

• Assessment of income for Centrelink payments contains a list of income types under Process
• Assessing sole trader income contains information on how to assess income from self-employment
• Table 2 contains details of various income and assets
• Table 3 contains details of financial assets and cryptocurrencies
• Table 4 contains details of other assets including personal effects and motor vehicles
• Coding income and assets for Centrelink payments and services contains links to procedures for various income and asset types under Related Links on Background
• Return to this procedure when finished

Check that the income/asset has been declared as the appropriate type. If not, make sure that details are recorded using the correct available options. This includes where details are declared using ‘Other’ options and there is a more appropriate income/asset type.

If there are multiple updates, only process updates if all the information, including any related source, has been provided. For example:

• purchase of a new asset and they can provide the source of the funds, or
• sale of an asset and they can provide details of what was done with the proceeds

Is additional information required to complete the update?

• Yes, go to Step 5
• No, go to Step 6

If all the required information for the CoC income and/or asset update or new claim is not available, do not start an activity for the changes. See Requesting information (CLK).

Request all the necessary information for any other updates, if it is incomplete.

Once all information is returned, go to Step 6.

For unfavourable decisions, see Advising verbally of an unfavourable decision.

Confirm assessment results are correct and as expected prior to finalising. Refer to the following for further details, depending on results:

• Payment of arrears after reassessment and stopping a payment
• General notification provisions and exceptions
• Notification Handler (NOHL)

New claims

Once all income and asset updates are completed, return to the relevant Operational Blueprint for the claim type being processed.

Change of circumstances (CoC) update

• Go to the Assessment Results (AR) screen and complete the activity
• Record details on a DOC

Procedure ends here.

Select required information:

• date of grant of payment
• type of payments granted
• reference number
• amount of payment per fortnight

Go to the Other Government Payments (OGP) screen, code:

• type of government payment in Payment Type: field
• no coding is required in the Paid By: field as this will default to the appropriate paying authority
• the reference number or description of the payment (if known) in the Ref/Description: field
• date of event in the Event Date: field
• the amount received in the Amount $.cc: field
• the frequency of payment in the Freq: field
• if correcting existing income or coding new income with an Event Date more than 17 weeks in the past, use field help ('?') to update the Chg Rsn: field
• the Source: and DOR: fields, if required

Parent in receipt of approved DVA payment

For dependent YA, ABSTUDY and AIC customers, if a parent is receiving an approved Department of Veterans' Affairs (DVA) payment, it is important to ensure the Veterans' Affairs Pension (DVA) screen is coded on the parent record with the correct details to ensure the PIT exemption applies.

Coding payments from DVA

Payments are coded on the DVA screen and require referral to DVA Clearance Team (SCS). See Payments from the Department of Veterans' Affairs (DVA) and referrals to the DVA Clearance Team.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Cash on hand is subject to deeming. Income support recipients are not required to advise Centrelink of reasonable amounts which they are holding to meet day-to-day living expenses or pay outstanding bills. Judgement will need to be exercised in determining what is reasonable.

• Event Date
• Amount of cash on hand $

Code the Balance: field if the customer can provide the information.

Use the Income/Assets Update and Reviews script. If the script is unavailable, code manually.

Go to the SVDI screen and insert the following information

• Investment Name: insert 'Cash on Hand'
• Type: code 'COH' for cash on hand
• Balance: code the value of customer's cash on hand
• Event Date: code the customer's event date
• Source: code notification source
• DOR: code the date of receipt of information, if required

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Money held in solicitors’ trust accounts, such as pending property settlements, is subject to deeming once the customer has legal access to the funds.

• Event Date
• Amount $

For property settlements due to separation see Assessment of assets.

Use the Income/Assets Update and Reviews script. If the script is unavailable, code manually.

Go to the SVDI screen and insert the following information:

• Investment Name: type a description (for example, ‘sale of home in trust’)
• Type: code 'OTH'
• Balance: the amount held in the solicitors trust account
• Event Date: code the customer's event date
• Source: code notification source
• DOR: code the date of receipt of information, if required

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Bullion is an asset often held for investment purposes as one of the following:

• gold, silver and platinum bar, ingot and nugget holdings
• coins, medals and decorations containing those metals

These financial investments are deemed and coded on the Direct Investment (SVDI). See Financial Industry and Network Support (FINS) Bulletin. Search Bullion. See the Resources page for a link.

The following items are not bullion and are not subject to deeming provisions. They are to be included on the Other Assets (OASS) screen:

• jewellery or contemporary Australian currency which contains gold, silver or platinum, or
• coins, medals, decorations containing those metals which are held for non-investment purposes

Go to the SVDI screen and insert the following details for bullion:

• Investment Name: insert 'Bullion' followed by the type of asset (for example, gold/silver)
• Type: code 'OTH'
• Balance: code the value of customer's bullion
• Customer and/or partner owned %:
• Event Date: code the customer's event date
• Investment date: date of original investment
• Source: code notification source
• DOR: code the date of receipt of information

Note: for bullion held overseas, code on the SVDI screen as investment type OSA, see Table 3, Step 3.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

An uncleared cheque (held by the customer) is available money and is subject to deeming.

Code the update if the customer can provide the following information:

• Event Date
• Amount $

If the customer cannot provide the above information, see Table 1, Step 5.

Use the Income/Assets Update and Reviews script. If the script is unavailable, code manually.

Go to the Savings Summary (SVS) screen. Check if customer already has cash on hand already recorded.

• Yes, select this line and code with the new balance with the new event date add the uncleared cheque amount to the cash on hand
• No, go to the Direct Investments (SVDI) screen and insert the following information:
• Investment Name: insert 'Cash on Hand'
• Type: code 'COH' for cash on hand
• Balance: code the value of the customer's uncleared cheque
• Customer and/or partner owned %:
• Event Date: code the customer's event date
• Investment date: date of original investment
• Account Number: uncleared cheque
• Source: code notification source
• DOR: code the date of receipt of information, if required

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

An AoS bond is a financial investment and is taken into account for the assessment of the customer's Income and Assets Test. Note: different rules apply when assessing liquid assets. For more information see Liquid Assets Waiting Period (LAWP).

Note: the value of the AoS bond may change if the assuree (the family member) claims Special Benefit (SpB).

Update the AoS bond as an investment. For coding information see either:

• To update an existing AoS bond, see Table 3, Step 4
• To update a new AoS bond, see Table 3, Step 3

For children born or entrusted to care on or after 1 October 2016, Parental Leave Pay (PPL) and Dad and Partner Pay (DAP) are counted as ordinary income for income support payments.

Service Officers do not have to code the PPL and DAP income to the customer's record. It will be automatically included for assessment when the PPL or DAP claim is actioned.

• The PPL and DAP amount will also be included in the:
  Income Total on the Factors Affecting Rate (PFAR) screen, and
• Other Income field on the following screens:
• Parenting Payment Income Summary (PGIA)
• NSS Income Summary (NIS)
• ABSTUDY Income Summary (EYIS)
• RCA Income Assessment Summary (RIAS)

In Customer First, PPL or DAP income details display on the P1CS screen and RCA Income Assessment Summary (RIAS).

The PPL and DAP amounts will not display as Other Income (OINS). Do not code the amount to OINS.

Bank accounts and investments which are held in trust are covered by the assessment of private trusts from 1 January 2002.

The delegation for the attribution decision rests with the Complex Assessment Officer (CAO).

See Trusts.

Select required information:

• Institution Name or Institution ID
• Account Number
• Current Account Balance $ (the available balance may be used if there are pending debit transactions)
• % Owned
• Event Date:
• Details of any asset deductions such as investment loans or exempt home sale proceeds if applicable. For partnered customers, if they have sold their home and intend to purchase another, obtain details of what portion of the intended amount each member of the couple has invested, as this may not be the same

When information is missing, or clarification is needed about the claim or change of circumstance, staff should attempt to obtain information verbally. If this is not possible or practical, a written request will need to be sent, see Requesting information (CLK).

Verification of bank accounts is only required for Special Benefit (SpB) Claims, for changes that exceed the online asset threshold limit or if there are doubt about the validity of the information provided.

If supporting documents from a financial institution (bank, building society or credit union) are required, they must show:

• account holder name(s)
• account number
• BSB or name of financial institution
• the current account balance (a statement with the available balance can be used if there are pending debit transactions)
• includes transaction dates

Exceptions: online/digital only banks that do not provide bank statements. These accounts may have splitter or sub accounts where screenshots do not display a name or account number.

Supporting documents that do not include the account holder(s) name or the account number are acceptable where the delegate is satisfied the information supplied is true and correct.

Note: an ATM receipt is not acceptable.

The decision to accept the supporting documents should be recorded on a DOC, see Recording reasons for decisions.

Credit union and building society account holders who have members shares, ask the customer for details of their member shares. See Adding shares and securities.

For details on how to assess and record bank accounts or investments held in trust, see Trusts.

If unable to locate the financial institution for the new account, check the FINS Bulletin first. If not found there, seek support via the Technical Support Model.

Use the Income/Assets Update and Reviews script to update savings accounts. For new accounts select the Select Product (SVP) screen from within the script. If the script is unavailable, code manually.

Go to the SVP screen to add a new account. On SVP, code the Institution Name: or Institution ID: fields and select the account name.

The Deposit Accounts (SVDA) screen will display. Code:

• Account Number: if the account number is longer than 9 digits, code the last 9 digits for account recognition. For example, if the account number is 000000432978, code as 000432978. Only alpha and numeric characters can be used, so omit any special characters. For example, if the account number is 432978s.1, code as 432978s1 (ensuring different accounts can be identified)
• Balance $: with current balance in whole dollars, for example, $100.91 is coded as $100
• Customer and/or partner % Owned:
• Account Closed (Y/N): Yes only if the account is closed. If it is closed, code zero in the balance $: field
• Event Date:
• for a new claim, code the claim date
• when funds are transferred from another investment/account, the event date must be the same for both updates. If the funds have been transferred into a holding account pending disbursement or are in transit, record the account on SVDI for the interim period with Event Date as the date of the transfer, see Step 3
• for a change in circumstances, code the date the account was opened
• Assets Test Deduction Amount: If applicable, key the balance of the loan/encumbrance which is deductible from the investment value in whole dollars.
  Only code the amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home. Note: this field is renamed ‘Loan/Encumbrance Amount:’ in Process Direct and Customer Record.
  New Home Deductions for sales on/after 1 January 2023 can only be viewed and updated in Process Direct and Customer Record. See Sale of principal home
• Source: and DOR: and Action: (using the code 'I') fields, if required

Credit cards or a line of credit account with positive current/available balance is a financial asset and subject to deeming. Ensure to subtract the cost of items already purchased on the card that have not yet been included in the balance. Code via SVDI, see Step 3.

See Resources for an example.

If a customer advises they have a line of credit with a negative balance, code the details as a savings account with a nil balance.

If a customer advises the account is a mortgage saver or loan offset account, code the available balance of the account as outlined above for savings accounts.

A mortgage with a positive available balance redraw facility is not considered an asset and coding is not required.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Select required information:

• Institution Name or Institution ID
• Account Number
• Current Account Balance $ (the available balance is to be used if there are pending debit transactions, for example, when the available balance is less than the current balance)
• % Owned
• Event Date:
• Details of any asset deductions such as investment loans or exempt home sale proceeds if applicable. For partnered customers, if they have sold their home and intend to purchase another, obtain details of what portion of the intended amount each member of the couple has invested, as this may not be the same

When information is missing, or clarification is needed about the claim or change of circumstance, staff should attempt to obtain information verbally. If this is not possible or practical, a written request will need to be sent, see Requesting information (CLK).

If documentation is required to support the information provided, they must show:

• account holder name(s)
• account number
• the current account balance (a statement with the available balance can be used if there are pending debit transactions)
• includes transaction dates

Exception: online/digital only banks that do not provide bank statements. These accounts may have splitter or sub accounts where screenshots do not display a name or account number.

Supporting documents that do not include the account holder(s) name or the name of the financial institution are acceptable where the delegate is satisfied the information supplied is true and correct.

Note: an ATM receipt is not acceptable.

For cases where bank statements cover past periods, see Table 1, Step 2.

The decision to accept the supporting documents should be recorded on a DOC, see Recording reasons for decisions.

Use the Income/Assets Update and Reviews script to update savings accounts. If the script is unavailable, code manually.

Go to the SVS screen and select the account to be updated. The SVDA screen will display. Code:

• Balance $: code the current account balance in whole dollars, for example, $100.91 would be coded as $100.
  If the account is closed/or after a change of account details made by the customer's financial institution, code the balance as '0'
• % of ownership: if the account is still open and % of ownership has changed, the current account balance must be updated to $0 and account closed. A new account can then be recorded with the correct % of ownership
• Account Closed (Y/N): leave as N unless the account is closed
  Note: if the customer and/or their partner close a bank account/investment, do not delete the record. Update balance to nil and code 'Y' in the Account Closed (Y/N): field
• Event Date: with the date of event. For a new claim, code the claim date unless the partner is current on income support. (Note: for new claims, if there is no change to an existing savings current account balance, do not update the date of event
• Assets Test Deduction Amount: If applicable, key the balance of the loan/encumbrance which is deductible from the investment value in whole dollars.
  Only code the amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home. Note: this field is renamed ‘Loan/Encumbrance Amount:’ in Process Direct and Customer Record.
  New Home Deductions for sales on/after 1 January 2023 can only be viewed and updated in Process Direct and Customer Record. See Sale of principal home
• Source: and DOR: and Action: (using the code I) fields, if required

Also include:

• accounts with an attached line of credit with a positive balance
• credit cards if the positive balance exceeds any amount already spent on the card that has not yet been included in the balance. See the Resources page for an example

For details on how to assess and record bank accounts or investments held in trust, see Trusts.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Also including bonds, debentures, loans, bullion and church development funds, refer to Deeming exemptions for further information on church and charitable organisations prior to January 2010.

See Resources page for an example of credit cards with a positive balance:

• Event Date
• Investment Date (use the exact date the investment was made). If the customer is unable to provide the date they joined the fund, use the earliest reasonable date, for example, the date of the claim
• Investment Name: record the name of the organisation and investment type such as ‘Credit Card’ (Note: if foreign currency account, also record the currency code after the name, for example, USD
• Amount $.cc in Australian dollars or overseas currency
• Account Number
• Type of investment: use Direct Investment for betting accounts, travel money cards and credit cards with a positive balance
• If Type: is OSA, also code Investment Ctry:, Currency: and Exchange Rate: fields. The system will auto populate the exchange rate field, based on the event date, after the date of receipt and channel are entered
• Balance
• The actual rate of return in the Interest % (if the product is exempt from deeming)
• % Owned
• Details of any asset deductions such as investment loans or exempt home sale proceeds if applicable. For partnered customers, if they have sold their home and intend to purchase another, obtain details of what portion of the intended amount each member of the couple has invested, as this may not be the same
• For Australian bank accounts or travel money cards that hold foreign currencies, the currency balance of each currency is to be coded on Direct Investment Account (SVDI) using type OSA with the applicable currency code

If the customer cannot provide the above information, see Table 1, Step 5.

This does not include savings accounts.

It does include bonds, debentures, loans, church development funds and overseas savings accounts.

For Public Trustee cash accounts, where no units have been issued, check the FINS Bulletin first. If not found there, seek support using the Technical Support Model.

Lines of credit may be attached to normal accounts. If they have a positive balance, they are financial assets and must be recorded as per savings accounts or as below. A redraw facility is not coded.

Bullion is to be coded under OTH on Direct Investments (SVDI) screen as it is a financial investment that is to be deemed.

Betting accounts and credit cards with a positive balance are coded as OTH as the positive balance is a financial asset. However, for credit cards, the balance must be reduced by the cost of items already purchased on the card but which have not yet been included in the balance. See the Resources page for an example of Credit Cards with a positive balance.

Share trading accounts owned by customers, who are not considered self employed share traders, are subject to deeming provisions. Cash components of these accounts are to be coded under SVDI.

If unable to locate the financial institution for the new account, check the FINS Bulletin first. If not found there, seek support using the Technical Support Model.

Use the Income/Assets Update and Reviews script to update various investments. If the script is unavailable, code manually.

Go to the SVDI screen and code:

• Investment Name: field
• Account Number: field
• Type: field. If Type: is OSA, also code Investment Ctry: and Currency: and Exchange Rate: fields. These fields will only be visible once the Source, Date of Receipt and Action are input. Then press [Enter]
• Exchange Rate: field (if no rate is coded, the current rate from the Reference Data Facility will be used)
• Balance: field with the balance in whole dollars, for example, $100.91 is coded as $100
• Interest %: field with the actual rate of return
  Only code if Deeming Exempt: field = Y
  If interest rate is not available and customer is able to provide the annual income received, the % rate can be worked out. For example, customer has $10,000 invested and they advise they have received $250. The interest rate is 250/10,000 x 100 = 2.5%. The system will then calculate the income and display it on the Financial Investment Summary (IVIS) screen in the Deem Ex I: field
• customer and/or partner % Owned: field
• Event Date: field
• Investment Date: field with the date the investment (not today’s date). If the customer is unable to provide the date they joined the fund, use the earliest reasonable date, for example, the date of claim
• Assets Test Deduction Amount: If applicable, key the balance of the loan/encumbrance which is deductible from the investment value in whole dollars.
  Only code the amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home. Note: this field is renamed ‘Loan/Encumbrance Amount:’ in Process Direct and Customer Record.
  New Home Deductions for sales on/after 1 January 2023 can only be viewed and updated in Process Direct and Customer Record. See Sale of principal home
• ‘Y’ in the Deeming Exempt: field, if the product is exempt from deeming. To see if a product is exempt from deeming, see Deeming exemptions. If Y is coded, actual income received from the investment is assessable – code the Interest %: field to enable assessment of actual income
• Source: and DOR: and Action: (using the code I) fields
• Record the details on a DOC

Updates before 20 March or 20 September or CPI events

If the bulk update for 20 March, 20 September or any other CPI event has been actioned, the Event Date may show as a date in the future when updating foreign bank accounts.

For example, today’s date is 15 March and Event Date for the overseas bank account shows 20 March.

In these cases, follow the Workaround for MIS/SIS updates immediately prior to 20 March or 20 September.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Select required information:

• Event Date
• Amount $.cc in Australian dollars or overseas currency
• Details of any asset deductions such as investment loans or exempt home sale proceeds if applicable. For partnered customers, if they have sold their home and intend to purchase another, obtain details of what portion of the intended amount each member of the couple has invested, as this may not be the same

If the customer cannot provide the above information, see Table 1, Step 5.

This does not include savings accounts. It does include:

• bonds
• debentures
• loans
• church development funds
• overseas savings accounts
• bullion
• accounts with an attached line of credit with a positive balance, and
• credit cards if the positive balance exceeds any amount already spent on the card that has not yet been included in the balance. See the Resources page for an example of Credit Cards with a positive balance.

Use the Income/Assets Update and Reviews script to update various investments. If the script is unavailable, code manually.

From the Savings Summary (SVS) screen, select the appropriate line.

On the Direct Investments (SVDI) screen, code:

• Balance: with the balance in whole dollars in the currency of the investment, for example, $100.91 would be coded as $100
• Event Date: code the date of event
• Deeming Exempt: code 'Y' if the product is exempt from deeming. To see if a product is exempt from deeming, see Deeming exemptions. If 'Y' is coded, actual income received from the investment is assessable - code the Interest %: field to enable assessment of actual income. Note: delegation for granting of deeming exemptions is with the relevant Departmental Minister
• Assets Test Deduction Amount: If applicable, key the balance of the loan/encumbrance which is deductible from the investment value in whole dollars.
  Only code the amount while the customer is entitled to have all or part of the asset exempted under the Assets Test. For sales of the former home finalised before 1 January 2023, this field includes the exempt amount from the sale of the former home that the customer intends to spend on their new home. Note: this field is renamed ‘Loan/Encumbrance Amount:’ in Process Direct and Customer Record.
  New Home Deductions for sales on/after 1 January 2023 can only be viewed and updated in Process Direct and Customer Record. See Sale of principal home
• Source: and DOR: and Action: (using the code I) fields, if required

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

For details on how to assess and record bank accounts or investments held in trust, see Trusts.

For assessment details for adding shares and securities, see Adding shares and securities.

For assessment details for updating shares and securities, see Updating shares and securities.

Including Afforestation/plantation projects.

For assessment details for adding a new managed investment, see Managed investments - adding a new investment.

For assessment details for updating managed investments, see Managed investments - updating existing investments.

For assessment details for adding an income stream, see:

• Adding or updating an account-based income stream
• Adding or updating a lifetime income stream

If the customer receives money to compensate for the loss of or damage to their buildings or personal effects, or to repay debt (for example, consumer credit insurance), the payment is not treated as income and is an exempt asset for social security purposes.

See Exempt lump sums for assessment details.

Crypto or digital currency is a system of value. People invest in cryptocurrency with the hope of the asset increasing in value in the future, the same as how investors in the stock market purchase shares in the hope that share prices will increase.

Common types of cryptocurrency include:

• Bitcoin
• Cardano
• Chainlink
• Dogecoin
• Ethereum
• Litecoin
• Monero
• Polkadot
• Ripple
• Tether

Cryptocurrency does not meet the definition of a financial asset and is not subject to the deeming provisions. Crypto holdings are however an assessable asset. While not considered a financial asset, cryptocurrency is included in the assessment of a Liquid Assets Waiting Period (LAWP).

Manual calculation of the LAWP is required for customers with cryptocurrency. See Liquid Assets Waiting Period (LAWP).

Customers are not able to update the value of their cryptocurrency assets online.

If the customer regularly buys and sells cryptocurrencies with a view to making a profit, they may be considered self-employed and operating a business. See Sole Traders or Partnerships.

Income and asset details may need verification.

• Event Date
• Amount/Value
• Percentage owned

If the customer cannot provide the above information, see Table 1, Step 5.

Verification of cryptocurrencies is based on information on the value from any trading index or exchange. If the only price is available from the company website, this must be used. Finally, if there is no price on the website, then a statement can be sought, preferably from the company.

If the cryptocurrency is in a foreign currency, convert it to Australian dollars. See Converting foreign currencies.

To record details of a new asset:

• On the OAS screen:
• Code 'OTH' as the type of asset
• update Type: Description: and Event Date: fields
• Record the value of the asset in the Total Asset $: field. Note: if the asset is no longer owned by the customer update the value to '0'
• Customer and/or Partner %: If the asset is owned in conjunction with the customer's partner, enter the percentage owned by the customer in the % Owned Client: field and the percentage owned by the partner in the % Owned Partner: field.
  Note: if the asset is no longer owned by the customer update the ownership to '0'
• Update Source: and DOR: fields, if required
• Press [Enter]

Code any income generated from the virtual currency on the OINS screen.

Code any income generated from the virtual currency on the OIN screen as type 'OTH' - Other. See Recording other income on the Other income (OIN) screen.

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Household contents and personal effects includes:

• Clothing
• Jewellery
• Hobby collections (for example, stamps or coins)
• Furniture
• Paintings and works of art
• Soft furnishings (for example, curtains)
• Electrical appliances other than fixtures such as stoves and built-in items (permanent fixtures are regarded as part of the home, not household and personal effects)

Household contents and personal effects does not include:

• Vehicles (see Step 2)
• Bullion (see Table 2, Step 4)
• Unmounted gems (see Step 5)
• Collections held for other than personal purposes (see Step 5)

Verification is not required for household and personal effects.

Customers must provide the net market value of their total household and personal effects. This is not replacement or insured value. It is the amount likely to be received by selling the asset.

If the value provided by the customer appears to be understated or not reasonable, clarify how they arrived at the value provided and assist the customer to provide a more reasonable value where appropriate. See Valuation of real estate and other assets if a valuation is appropriate.

The market value may be reduced if there is a loan or liability against the asset. See Loans and liabilities against assets.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select HPE (Household and personal effects)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil.
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero
• If the customer and/or partner claims to have never owned the asset, the asset is to be deleted from the OAS screen. For the date of effect, see Dates of effect for review of decision outcome

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Motor vehicles includes cars, trucks, motor cycles, scooters, etc.

Boats and caravans do not include those currently assessed as the person’s principal home.

For motor vehicles on finance lease or operating lease, supporting documentation should be requested.

• Finance lease - A customer will own the asset at the end of the lease period. The lease costs that represent the cost of acquiring the asset are not deductible as the payments represent the acquisition of an asset
• Operating lease - A customer will not own the asset at the end of the lease period. The lease costs are deductible. The value of the asset being leased should be included as an asset only if there is a finance lease. The value will change each year (amortised) on the balance sheet and would reflect the eventual market value less amounts of lease payments still to be made. If this lease is used for a business enterprise it is recorded as part of the business assets

Customers must provide the net market value of their motor vehicle, boat or caravan. This is not replacement or insured value. It is the amount likely to be received by selling the asset.

If the customer is unsure of the value, Service Officers can access the Redbook website to locate a reasonable value. See the Resources page for a link.

If the value provided by the customer appears to be understated or not reasonable, clarify how they arrived at the value provided and assist the customer to provide a more reasonable value where appropriate. See Valuation of real estate and other assets if a valuation is appropriate.

The market value may be reduced if there is a loan or liability against the asset. See Loans and liabilities against assets.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select either VEH (Motor vehicle), BOA (Boat) or CVN (Caravan)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• A separate entry must be entered for each new asset on the Other Assets (OAS) screen. Do not combine multiple assets and their values in one entry
• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Livestock which is not involved in the operation of a business is recorded as an other asset.

If the livestock is part of a business structure, see Assets and liabilities of a business.

Verification is not required for personal livestock unless the customer cannot provide accurate details or there is reason to doubt the customer’s declaration.

Customers must provide the net market value of their personal livestock.

If the value provided by the customer appears to be understated or not reasonable, clarify how they arrived at the value provided and assist the customer to provide a more reasonable value where appropriate. See Valuation of real estate and other assets if a valuation is appropriate.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select LIV (Livestock)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil.
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Select required information:

Only policies with an investment component are assessable as an asset. These include whole of life insurance or endowment insurance. Products such as term insurance, disability, trauma or income protection insurance do not have a surrender value, so have a nil value for assets test purposes.

The assessable value of a person's life assurance or insurance policy is the surrender (withdrawal) value of the policy unless:

• the customer purchased the policy after 1 July 2019, and
• was age pension age at purchase, and
• the sum of amounts paid for the policy in any 12 months exceeds 15% of the maximum death benefit payable if the person died on the day of assessment

In the above situation, the value of the life insurance policy is the higher of:

• the surrender (withdrawal) value of the policy
• the sum of the amounts paid to purchase the policy (premium amount), less any commuted amounts

Example: Age Pensioner purchases a policy on 20 September 2019 via a $100,000 lump sum. The death benefit is equal to 120% of the lump sum, $120,000 and surrender value 80% of the death benefit $96,000. The assessable value is the higher $100,000 premium.

If the customer cannot provide the details, the following formula is used to calculate the asset value:
Number of years policy held x annual premiums paid = value maintained.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select LIF (Life insurance)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil.
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.

Other assets include those which do not fit into the other categories of Household and personal effects, Motor vehicles, Boats, Caravans, Livestock or Life insurance.

Examples of other assets may include:

• Fishing and other licences
• Taxi licences and plates
• Racehorses
• Trailers
• Marina berths
• Parking spaces
• Life interests, see Life interest in an asset or income
• Granny flat interests, see Granny flat provisions
• Unmounted gems
• Assurance of Support Bank Guarantee

If the asset is part of a business structure, see Assets and liabilities of a business.

Depending on the type of asset, supporting documentation may be required to assist in determining the value of the asset. See Valuation of real estate and other assets.

If the value provided by the customer appears to be understated or not reasonable, clarify how they arrived at the value provided and assist the customer to provide a more reasonable value where appropriate. See Valuation of real estate and other assets if a valuation is appropriate.

The market value may be reduced if there is a loan or liability against the asset.

To record details of a new asset on Other Assets (OAS):

• Select Add icon and code:
• Asset Type: select OTH (Other)
• Description: description of the asset
• Event Date: the date the change or notifiable event occurred
• Total Asset Value: net market value (rounding decimals off)
• Customer Owned %: the customer’s share of ownership of the asset
• Partner Owned %: the partner’s share of ownership of the asset
• Select Save
• Update Receipt Date and Channel and Save

Note:

• If the customer and/or their partner no longer have an asset, do not delete the record. Update the balance and ownership to nil.
• If the customer and/or partner still own the asset but it has a nil value, do not update ownership to zero

To finalise the Change of Circumstances (CoC) update, see Table 1, Step 6.