Nick Bruining: Some simple tweaks to your asset values can get you a bigger part-pension from Centrelink

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There’s a simple hack many part-pensioners either ignore or don’t know about that can get them an immediate payment boost from Centrelink. Here’s what you should do right now ...

Keeping Services Australia — the parent agency of Centrelink — up to date is often the easiest way to generate extra income for those in receipt of a fortnightly part-payment. While there’s a legal obligation to notify Services Australia of a $2000 change in your circumstances within 14 days, many people aren’t aware, or ignore the rule. A part-pension is almost always due to the application of Centrelink’s means-testing rules, which apply an income test and an asset test to determine the rate of pension payable. Whichever test produces the lowest payment is the one used.

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