I know this may seem silly. I know that when you go on an age pension, they want to know what money you have. How do you go about having everyday money like $20.000 in a bank account that you access all the time for clothes, bills, hair new pair of shoes, etc? Do they want to know if you draw money down more than your pension each week. It would be like being in prison.
NSW Question Regarding Pension Bank Account?
- Thread starter janjan123
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- bank account money
My understanding is this will form part of what it known as your 'assets test' (commonly known as 'means testing'). You'll be asked what assets and liabilities you have, and your bank account balances will form part of your answer. Some things are not included in the test, like your principal residence (in most cases).
Be aware that giving away your assets to family or friends are subject to tight limits.
Please see this website for some more information: Assets - Australian Government Department of Human Services
Be aware that giving away your assets to family or friends are subject to tight limits.
Please see this website for some more information: Assets - Australian Government Department of Human Services
You will either be means tested on 'Assets' or 'Income', and which ever Test results in the lowest Pension amount is the Test that they use.
It sound like you expect to be Assets Tested so it is important that your Bank Account balance is kept up to date with Centrelink. This is fairly easy to do by Phone or Internet. I highly recommend using the Internet as their phone wait times can be quite lengthy. It's just a matter of creating a MyGov Account, linking it with Centrelink, and then adjusting your own Bank Balances if they change significantly. I wouldn't worry about everyday changes like the $20 that you mentioned, just keep it up to date on a monthly basis, or if there is a significant change to the Balance.
It sound like you expect to be Assets Tested so it is important that your Bank Account balance is kept up to date with Centrelink. This is fairly easy to do by Phone or Internet. I highly recommend using the Internet as their phone wait times can be quite lengthy. It's just a matter of creating a MyGov Account, linking it with Centrelink, and then adjusting your own Bank Balances if they change significantly. I wouldn't worry about everyday changes like the $20 that you mentioned, just keep it up to date on a monthly basis, or if there is a significant change to the Balance.