Question: How Much Money Can I Have In The Bank And Still Claim Centrelink?

Centrelink can’t access your bank accounts to determine up to date figures.

They’re basing your assessment on the last amount you gave them.

If your bank account reduces because you’re spending your savings now you no longer have an income coming in, you need to update Centrelink..

How much money can I have in the bank and still claim benefits in Australia?

$5,500 if you’re single with no dependants. $11,000 if have a partner or you’re single with dependants.

How much money can you have and still get the pension?

Assets Test A single homeowner can have up to $583,000 of assessable assets and receive a part pension – for a single non-homeowner the lower threshold is $797,500. For a couple the higher threshold to $876,500 for a homeowner and $1,091,000 for a non-homeowner.

How much money can you make before it affects your Centrelink?

The income free area for JobSeeker Payment has increased to $300 per fortnight. This means you can earn more but still get the maximum payment rate. If you earn above $300 per fortnight, your payment reduces by 60 cents for each dollar over this amount.

How much savings can a pensioner have in the bank?

While single recipients who do not own a property can amass up to $465,500 in assets before seeing a detrimental effect on their fortnightly pension payments. The amounts differ for couples with the limit for those who own a home being set at $387,500 combined, or $594,500 for couples who do not own a home.

Your maximum payment rate each fortnight includes JobSeeker Payment and the Coronavirus Supplement. You’ll get the supplement at a rate of: $250 a fortnight until 31 December 2020. $150 per fortnight between 1 January and 31 March 2021.