NSW Pensioner with undeclared cash asset

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BlinkyBill

Member
17 February 2020
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I am looking at becoming the enduring guardian for a couple in their 90s. They are Australian citizens but grew up in Europe between World War 1 and World War 2. As such they lack trust in banks.

they have rented all their lives, have limited assets <$100k and are on full pensions.

In a recent discussion I became aware of the fact that they have a significant amount of cash hidden somewhere.

I want them to get this money into a bank and feel they should notify Centrelink ASAP. However I don’t want to advise them to do something that may jeopardise their pensions.

Even with this money they are well below the asset test for a full pension.

Does anyone know what Centrelink’s policy is if old people like this “come clean”?
 
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Tim W

Lawyer
LawConnect (LawTap) Verified
28 April 2014
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Come clean about an asset that they concealed back in the day?
Expect a review, even if that review results in no action being taken.
Not the first time it's ever happened. Even if it's the first time that the clerk of the moment at the counter has ever heard of it.

Rule number one when doing anomalous transactions with Centrelink - attend an office, and speak to a manager-level person.
Don't waste your time with the call centre.

As to getting it into a bank, consider that a large cash deposit will be a reportable transaction
(so will several smaller ones made with the intent of evading the cash transa ctions reporting regime).
Also, have a read of this thread.
 

unique

Well-Known Member
17 March 2019
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Centre link have Financial Information Services Officers (FISO)
It may be worthwhile making an appointment to see one
I have found them to be very helpful