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QLD Superannuation and Centrelink Newstart Allowance?

Discussion in 'Superannuation Law Forum' started by Stuart Reeves, 8 July 2015.

  1. Stuart Reeves

    Stuart Reeves Member

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    My partner of thirty years is claiming Newstart Allowance. As a consequence I have been approached by Centrelink to supply information on all my financial funds. I have also been unemployed since September 2014.

    I was going to transfer money from my superannuation account at the bank to my superannuation fund. I was informed by Centrelink I am not able to do this as this money is viewed as assets. I have asked specifically for the legislation pertaining to superannuation and New Start Allowance. I have been told I am unable to do this but no one has given me the specific legislation. I have search Centrelink on line with no facts to my answer. I am not claiming New Start Allowance.

    Can anybody please help?
     
  2. Sarah J

    Sarah J Well-Known Member

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    Hi Stuart,

    1. Are you of pension age?
    2. What do you mean by "my superannuation account at the bank"? Is this money in an ordinary bank account or is it actually in a recognised superannuation fund?

    Have you read "Assets - Department of human Services" for what assets they take into account when determining the cut-off for NewStart (e.g. money in bank accounts) and what assets they do not take into account (e.g. money in a superannuation fund if applicant/partner is below pension age)?
     
  3. Stuart Reeves

    Stuart Reeves Member

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    Many thanks for your response Sarah. I am not of pension age as I am 57 years old. My Super preservation age is 55.
    The money which I transfer is in a bank account and is transferred to my superannuation fund annually.
    Centrelinks information on Assets states "assets not taken into consideration is superannuation and rollover investments not in the drawn down phase in an approved fund". If monies in the bank are viewed as assets how do I make reparation to my superannuation account whilst being unemployed whilst the government encouraged you to save for retirement.
     
  4. Sarah J

    Sarah J Well-Known Member

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    Hi Stuart,

    The suspension on you transferring the money from your bank account to your super fund is temporary. It is only for assessment purposes to see if your partner meets the asset threshold for NewStart. Once the assessment has been made and a decision given, you can use your assets again, including transferring the money to your super fund.

    The reason why there is a temporary suspension now is to prevent applicants (or their partners) from transferring their assets away to make it look like they qualify for NewStart or other forms of funding.
     

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