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Post by raubrey149 on Mar 12, 2018 11:34:56 GMT 7
I have just sent this message to Centrelink. It may involve a thread that has been established before but, as a new member, I don't know where to look.
Hello
I am writing to enquire as to the rate of interest on my bank account 'deemed' to have been earned by me in calculation of my benefits. During January I earned no interest at all as the account where my funds were held did not pay interest. On discovering this I transferred to an account earning interest of 1.6%. Recently, before leaving Australia to travel, I attempted to find a secure bank that provided close to the 'deemed' interest rate of 3% p.a. that someone had told me Centrelink had assumed. It appears that 3% p.a. is much higher than one can securely and easily expect today. Can you please confirm that this is the interest rate assumed in calculation of benefits and, if so, please recommend a safe bank where I can easily achieve this rate.
I suspect there are a lot of pensioners whose benefit has been reduced significantly because they do not know about this deemed rare (if I am correct about this).
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Post by Deleted on Mar 12, 2018 12:02:34 GMT 7
I have just sent this message to Centrelink. It may involve a thread that has been established before but, as a new member, I don't know where to look. Hello I am writing to enquire as to the rate of interest on my bank account 'deemed' to have been earned by me in calculation of my benefits. During January I earned no interest at all as the account where my funds were held did not pay interest. On discovering this I transferred to an account earning interest of 1.6%. Recently, before leaving Australia to travel, I attempted to find a secure bank that provided close to the 'deemed' interest rate of 3% p.a. that someone had told me Centrelink had assumed. It appears that 3% p.a. is much higher than one can securely and easily expect today. Can you please confirm that this is the interest rate assumed in calculation of benefits and, if so, please recommend a safe bank where I can easily achieve this rate. I suspect there are a lot of pensioners whose benefit has been reduced significantly because they do not know about this deemed rare (if I am correct about this). Welcome to the Forum raubrey149 Yes indeed, all you say is quite correct! It's criminal how they deem interest way above what anyone can expect to earn. Good on you for taking the initiative and writing to Centrelink about this. It needs to be exposed however; unfortunately they don't make the Law, just are expected to see it carried out. Thanks for joining and contributing and hope to hear more from you in the future. Cheers bear ps Which countries do you travel to? |
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Post by Banjo on Mar 12, 2018 13:32:15 GMT 7
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Post by mspurple on Mar 13, 2018 4:59:13 GMT 7
Hi there raubrey149, welcome to the forum.
It will be interesting to see if they respond with any helpful information on this bank interest matter for you.
mspurple
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Post by nomadic on Mar 13, 2018 10:08:28 GMT 7
Amazing changes. When i took off for two years travel in 1995 i was getting 3.5% on my bank savings account. And as I allowed A$10,000 per year.So i put the second years A$10,000 in a fixed deposit for the first year and got 8%= $800.00. Now savings account gets virtually nothing and fixed at 3%. In those days people with guns went in and stole money. Today the banks have the guns and steal from customers. Unemployment, all on welfare are rorters and 300,00 homeless. Paints the picture for me as clear as. Shows what an old fossil i am also i guess.
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Post by Denis-NFA on Mar 13, 2018 23:46:21 GMT 7
I have NO money anywhere in Australia and have lived overseas since 2013 yet c/link STILL assess me as earning some percentage.
Ignore the dumb baskets.
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Post by krystal on Mar 23, 2018 19:55:35 GMT 7
Centrelink's Deeming rate have nothing to do with what you actually get from the organisation who holds you 'asset'. It's a fixed percentage of assets held. This explains it (but still really weird) www.superguide.com.au/accessing-superannuation/age-pension-deemed-income-may-rise-with-interest-ratesAge Pension income test: Deeming thresholds (2017/2018 year) Deeming rates Single person First $50,200 of financial assets = 1.75% Financial assets above $50,200 = 3.25% Couple First $83,400 of financial assets = 1.75% Financial assets above $83,400 = 3.25% |
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Post by onemore on Mar 24, 2018 7:25:23 GMT 7
Krystal,
Thanks for the information you posted, very informative, now I am no accountant or whizbang expert with figures, but knowing the government with their treatment of pensioners would I be correct to assume that if a Single person had $80,000 in the bank that Centrelink would lump the two interest rates together and the deeming rate on that 80k would be 5%?
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Post by jr on Mar 24, 2018 23:33:12 GMT 7
Hello onemore, my understanding of what Krystal wrote is that the first $50,200 of the $80,000 would be deemed at 1.75% and then the remaining $29,800 is deemed at the higher rate of 3.25%
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Post by onemore on Mar 25, 2018 9:40:31 GMT 7
No wonder pensioners are going on cruises, long holidays and the like, not being wealthy and not exactly being poor is the juggling act
Some people on another forum are of the opinion that unless you are broke, with no savings at all, then it is ok to approach the government for a pension.
I am of the opinion that if we are entitled to the old age pension, or part pension then go for it because that is what we are entitled to, just as the politicians of our country
go through the legislation with a fine toothed comb to see what they are entitled to and go for it.
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Post by nomadic on Mar 25, 2018 9:52:52 GMT 7
yes onemore those who are lucky enough never to need centrelink think they are the right people. they have absolutely no clue. Sadly it is only the politicians and media who brain wash them into this sicko mentality.
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