Social Security benefits are paid through Centrelink, which was formerly known as The Department of Social Services. Centrelink Customer Service Centres provide services for various government departments including the departments of Family and Community Services, Health and Ageing, and Veterans' Affairs.
For retired people or people planning retirement we can provide information and advice about:
- Age Pension
- Accommodation and renting
- Financial Information Service
- Pensioner Concession Card
- Commonwealth Seniors' Health Card
- Pension Loans Scheme
- Retirement assistance
When you retire, it's important to maximise your income. And you should make every effort to supplement it with any social security benefits to which you may be entitled.
Your entitlement to Social Security benefits will depend on:
- Your assets
- Any investments you have
- Income produced by your assets
- Any other source of income
The Australian Government has recently brought in a new process for assessing investment income, known as Deeming. Under the pension income test and allowance income test, any income you receive from financial investments is assessed under deeming rules. Deeming assumes your financial investments are earning a certain rate of income, no matter what income they are actually earning. Deeming rates to apply from 20 March 2004:
- 3% for the first $35,600 of financial investments held by a single customer
- 3% for the first $59,400 of financial investments held by a pensioner couple
- 5% for any financial investments above these amounts
Deeming is available to age and service pensioners, and may be available to other social security recipients and self funded retirees.
You can get quick and easy access to the financial information Centrelink holds on you by requesting a Retirement Income and Assets Statement. This enables you to make sure the information is up to date. The statement is available from your local Centrelink Customer Service Centre.
Book your Free Consultation online today using our simple online Enquiry Form, for more information on Social Security Benefits, or any of our financial services.
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