The details in a Centrelink schedule can be used to complete the Centrelink Details of an income stream product (SA330) form.
The Centrelink schedule will need to be attached to the submission of the details of an income stream form to Centrelink.
All superannuation providers are able to provide a Centrelink schedule. This can be done by generating one from an account login or by calling the super provider to request one.
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Centrelink Schedules can apply to income streams purchased with superannuation or non-superannuation money.
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The income stream can be individually owned or owned jointly. However, an income stream purchased with superannuation savings cannot be jointly owned.
Centrelink Schedule Example
The table below is an example of what needs to be included within a Centrelink schedule.
|Income Stream Recipient|
|Recipient's Date of Birth|
|Income Stream Provider|
|Type of Income Stream|
|Relevant Number (at commencement)|
|Commencement Date (purchase date)|
|Original Purchase Price|
|Gross Annual Payment (current financial year)|
|Frequency of Payments|
|Account Balance at 1 July (current financial year)|
|Current Account Balance|
|Date of Current Account Balance|
|Subject to a Family Law Split?|
|Provider is a Self Managed Superannuation Fund (SMSF) or Small APRA Fund (SAF)?|
|Section 9A/9B/9BA (SSA) Compliant?|
|Automatic Reversionary Nominated?|
|Recipient is Automatic Reversionary Nominated?|
|Successor Funds Transfer?|
|Total Commutations Since Commencement (gross)|
|Details of Commutations Since Commencement (date/amount)|
|Signature of Authorised Officer of Income Stream Product|
The most common information within a Centrelink schedule used by Centrelink is the current balance, purchase price, commencement date, relevant number, current income and commutations.
The Centrelink schedule example above includes all of this information and is used by Centrelink/DVA in the following manner:
|Current Balance||Assets Test|
|Purchase Price/ Commencement Date/ Relevant Number/ Current Income/ Commutations||Income Test*|
*For account based pensions/ allocated pensions, these details are only used if the income stream is a grandfathered pension that was commenced prior to 1 January 2015, whereby the recipient was in receipt of social security payments at that time and has been ever since.
Centrelink Deductible Amount
The Centrelink deductible amount is the portion of income stream payments received each year that are not assessed by Centrelink.
You can use this calculator to calculate the Centrelink Deductible Amount of your account based pension income stream, using a Centrelink Schedule.
For non-grandfathered account based pensions, which are defined as:
- account based pensions started after 1 January 2015; or
- account based pensions started prior to 1 January 2015 where the recipient was not in receipt of social security payments on that date (or has stopped receiving payments at any stage since that date.
Non-grandfathered account based pensions are deemed under the Centrelink Income Test.
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What is an income stream product?
Income stream products include account based pensions, allocated pensions, annuities and defined benefit pensions.
An income stream product is a product that provides a regular income stream to the recipient.
Refer to the Product Disclosure Statement (PDS) of the income stream provider to determine if it is considered an income stream product.