Hi, it’s Greg from Retirement Essentials, your helping hand when applying for the age pension. Personal assets are the contents of your home, your caravans, cars trailers and the like. Importantly it does not include your family home. Centrelink will assume your household contents are valued at around $10,000 and it’s how much you could sell them for immediately – it is not their insured value. So think about how much you’d get from them if you placed them on Ebay for example. Please leave all questions in the “Comments“ section.
Hi if get small retirement stream from super to supplement pension is that counted as asset? possibly drop how much pension eligible for
Hi Peter
This may seem a bit confusing, but when determining your Age Pension entitlement your Income Stream is classified as an asset by Centrelink, not income. If you want to have a chat about how your income stream impacts your Age Pension entitlement why not give us a call on 1300 527 727.
How much cash can we have in the bank before it affects our pension.
Hi Cheryl. This will depend on whether you are a single or a couple, home owner or renter and any other assets you have. You can find an overview of the different thresholds here
What is value of property in overseas I have? Is it ok for Centrelik when I arrange the real estate agent to evaluate the property and its translationto English?
Hi Helen, these situations can be tricky so it would be best to speak with Centrelink’s International Services team about the best way to proceed. You can call them on 131 673, Monday to Friday, 8am to 5pm AEDT.
If you have some valuable artworks how do you assess the value
Hi Alan, thank you for reaching out! Artworks are assessed as personal contents and are declared in the same place you declare clothing, furniture, appliances etc. When determining the value of your personal contents you declare based on the private sale (garage sales) value not the insured or replacement value. So with artworks they may be worth a lot to yourself however you would declare the value based on how much you think someone else would be willing to pay you for it. As a guide, most of our customers’ total value of all personal contents is between $10-$30,000.
Hi. Sorry pretty basic question. As I am only applying for the Age Pension, not my husband who doesn’t qualify, do I only enter half of our total asset e.g. We have $10000 in the bank, do I only enter $5000?
Hi Penny, you need to declare the total income/asset values for both you and your husband as even if he does not qualify his income/assets (or his share of them) still counts towards how much Age Pension you will receive.
I have a loan for my daughter of $50000 odd. It appears to be counted as an assett and it does affect how much pension I have. Can you give me the rules around this.
Hi William, thanks for seeing clarity! We have written on lending and also how it is similar to gifting in a previous article that you can read about HERE.