Centrelink could be better

At any time, but particularly in times of negative investment return, a change in financial circumstances has resulted in more Centrelink benefits for some people.

The most convenient and effective way of discovering your entitlement is to visit a Q Invest financial adviser. The adviser will not only tell you what you are entitled to receive but also provide strategies to maximise the benefits. They will also provide a financial plan to keep your investments appropriate to your needs and cover off any other issues they discover.

Q Invest advisers believe that more Centrelink benefits you receive the less income required from your savings and that means a more secure lifestyle for you.

Government Benefits are “means tested”, meaning your eligibility is determined by any income you earn and the value of your assets. There are many rules that go with these items but it’s a good start to get an understanding of the basics.

Your measurable income may include:

• deemed income from financial assets
• gross income from earnings (i.e. earnings before tax)
• net income from businesses, including farms
• family trust distributions or dividends from private company shares
• income attributable to the controllers of a private trust or private company
• income from rental property
• income from a life interest
• income from boarders and lodgers
• superannuation and pensions from countries other than Australia
• income from income stream products, such as annuities and allocated products.

Your assessable assets may include:

• home contents, excluding fixtures like wall-to-wall carpet or wall heaters
• cars, boats and trailers
• rental properties, farms, second homes and holiday houses
• market value of investments
• some income stream products
• money in bank, building society or credit union accounts, term deposits, managed investments and shares
• loans you have made to other people, family trusts and companies
• value of your business
• an interest in a private trust or private company
• antiques or other collectables
• superannuation investments

The Government Benefits you may be entitled to access include:

• Pensioner Concession Card
• Telephone Allowance (including home internet)
• Rent Assistance
• Utilities Allowance
• Pharmaceutical Benefits Scheme medicines, hearing services and free eyesight test
• You may also receive a number of Queensland-specific concessions which may include reductions on public transport fares, free ambulance services etc.

Centrelink are constantly changing the rules on your pension entitlement. Your investments change on a daily basis. Don’t be the one to discover that you have not received the entitlement you could have. Visit your Q Invest adviser for a review today.