Centrelink Assessment of Account Based Pensions after 1 January 2015

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2 Comments

  1. Stefan

    Hi Chris, just a short question about deeming rules from 1JAN2015.
    I have SMSF and can commence my account base pension from the date of 1JUL2014. If I register for Age Pension with Centerlink (say this week) what rules will apply for me? Before or after 1JAN2015? Born 10JUL1949. And another question about Centerlink Schedule – can it be prepare by myself as I am SMSF trustee?
    Thanks, Stefan

    Reply
    • Chris Strano

      G’day Stefan! You need to have been in receipt of a social security payment on 1 Jan 2015 in order to qualify for the grandfathering rules of the deductible amount. You will therefore be classified under the new deeming rules.

      In regard to the Centrelink Schedule, I don’t believe that this is a formal document. It is simply produced by super funds to assist members with disclosing accurate information to organisations. If you are applying for the Age Pension, I’m pretty sure that you can just fill in the relevant information on the application form – you should not need a Centrelink schedule. If for some reason you do need one, I don’t see any harm in producing one yourself, but it might be an idea to get your accountant/SMSF administrator to run their eye over it.

      Hope this helps!
      Chris

      Reply

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