Centrelink warning over common mistake that could impact your payments: 'We don't'
Centrelink recipients are being warned to update Services Australia about any changes that could impact their payment. If they don't, they could risk being paid too much and having to repay this.
Services Australia community information officer Justin Bott said there was a 'common misunderstanding' that Services Australia could see people's bank balances. Because of this, many people don't think they need to tell the government agency about changes to their circumstances and assume they already know.
'We don't have the ability to see these things. It's up to you to let us know about changes that could affect your payment. You need to let us know of changes to your circumstances within 14 days,' Bott said.
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'If you don't tell us, we may pay you more money than you're entitled to and you will have to pay the money back.'
It's important to tell Services Australia about any changes if you receive a Centrelink payment, plan to claim a payment, or owe them money.You'll need to tell Services Australia if any of you or your partner's personal circumstances change as this could affect your payments.
Bott recommended looking at the letters you receive from Services Australia, either online or in your letterbox, which will outline what you need to notify them about.
'You need to let us know about a change to your address, going overseas, changes to your relationship status, or stopping and starting work,' Bott said.
'If you're working, it's really important you report what you are paid each entitlement period.'
You also need to advise Services Australia about changes to your financial assets, including your bank account and shares.
While you don't need to tell them every time your bank balance changes, you do need to tell them if the balance of your financial assets increases by more than $2,000, or if the value of other types of assets goes up by $1,000.
If you are receiving a part payment, any reductions in your asset values can also be worth telling Services Australia about.
Bott said you don't have to tell them about any increases in the market value of your shares, as this is automatically updated on March 20 and September 20. However, you need to tell them if the number of shares you own changes.
Bott said it was 'easy' to tell Centrelink about changes to your circumstances.
'The best way is using one of the self-service options, which are your Centrelink online account through myGov or by calling the Centrelink phone self-service,' he said.
Services Australia has outlined more details about the changes you need to tell it about here.Sign in to access your portfolio
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