Recipients of Centrelink payments must ensure they inform Services Australia about any changes in their personal or financial circumstances. Failure to do so may result in receiving excess payments, which must be repaid.
According to Justin Bott, a community information officer at Services Australia, there is a widespread misconception that the agency can access people’s bank account balances. Due to this misunderstanding, many individuals assume the agency is already aware of changes and neglect to report them.
“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 emphasized.
He further warned that if a recipient fails to report changes, they may receive more than they are entitled to and will have to pay the excess amount back.
Whether you are currently receiving a payment, planning to claim one, or repaying a debt to Centrelink, keeping Services Australia informed is crucial.
What Changes Must Be Reported to Centrelink?
Any modifications in your personal or financial situation, whether they pertain to you or your partner, can impact your Centrelink payments. Services Australia expects recipients to monitor their communication, including letters sent via mail or online accounts, as they detail specific reporting obligations.
Examples of changes that must be reported include:
- Change of address
- Traveling or moving overseas
- Changes in relationship status (e.g., marriage, separation, or divorce)
- Starting or stopping employment
- Changes in financial assets
“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 explained.
Additionally, individuals who are employed must accurately report their income for each entitlement period.
Reporting Changes to Financial Assets
Changes in financial assets must also be disclosed to Services Australia. Although recipients are not required to report every minor fluctuation in their bank balance, significant increases must be reported.
The table below outlines the thresholds for reporting financial changes:
| Type of Asset Change | When to Report |
|---|---|
| Bank account balance increases | If it rises by more than $2,000 |
| Increase in other financial assets | If they rise by over $1,000 |
| Number of shares owned changes | Must be reported |
| Market value increase of shares | No need to report (updated automatically on March 20 and September 20) |
For recipients receiving part payments, it is also advisable to notify Services Australia if their asset values decrease, as this could potentially affect their entitlement amount.
How to Notify Centrelink About Changes
Reporting updates to Centrelink is a straightforward process. According to Bott, the most efficient methods include:
- Using the Centrelink online account via myGov
- Calling the Centrelink phone self-service
“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,” Bott advised.
Ensuring that Services Australia has up-to-date information about your personal and financial circumstances is essential to maintaining accurate Centrelink payments. By promptly reporting changes, you can avoid overpayments, penalties, and financial stress.
Utilizing the self-service options makes this process quick and convenient. Stay informed and proactive to ensure you receive the correct benefits.
FAQs
What happens if I don’t report changes to Centrelink?
If you fail to report changes that affect your eligibility, you may receive overpayments, which must be repaid. This could also lead to penalties or a reduction in future payments.
Do I need to report small fluctuations in my bank balance?
No, but you must report if your total financial assets increase by more than $2,000 or if other asset values rise by $1,000.
Does Centrelink automatically track my income and assets?
No, Services Australia does not have access to your bank balance or income details unless you provide them.
When are share values updated automatically?
The market value of shares is updated twice a year—on March 20 and September 20. However, if the number of shares you own changes, you must report this.