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Post by nigel on Jun 9, 2020 14:08:54 GMT 7
Every fortnight I transfer 300-400 from my Beyond Bank account (where my DSP goes) to a Westpac savings account which I've had for some years.
Recently I bought around $1000 worth of shares on the asx with money from my savings.
I got a letter from Centrelink saying: "Please advise where the funds came from to purchase these shares. If you have used funds from you bank account please provide a bank statement showing the transactions and balances of your account."
Now the thing that worries me, is that I've looked on my Income And Assets at the Centrelink site, and it appears I've forgotten to register my Westpac account. Should I have?
The other thing that worries me, is that Beyond Bank won't just whip me up an official Bank Statement. They will only provide them once every six months, at six months intervals. They can provide a transaction listing, on official Beyond Bank stationery, but that's it.
Should I be worried?
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Post by nigel on Jun 9, 2020 16:22:21 GMT 7
They found out because I uploaded the receipts from the purchase to Income And Assets through the CL website.
This is the third batch of shares I've bought. I invested about $500 each in CBA and NAB over the space of a month, shortly after the share market crashed earlier in the year. This time I spent about $1000 buying ANZ and WBA. The large expense must have triggered some sort of algorithm.
Regarding declaring the account, I honestly wasn't aware that I had to (assuming you do?). I remember looking at the "Change of circumstances" and "what you must tell us" bit of the Centrelink form, and I don't recall seeing anything about bank accounts. I just assumed they knew all that stuff through the ATO.
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Post by bear on Jun 9, 2020 19:12:37 GMT 7
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Post by twentypoints on Jun 9, 2020 19:43:03 GMT 7
Youl be right mate, if it's a honest mistake and you go and fess up sooner the better but. It's only a thou
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Post by tasjo on Jun 9, 2020 19:47:33 GMT 7
Indirectly the funds to purchase the shares have come from an account that is listed with Centrelink...
You could either state that and try and show the transfers of funds to the Westpac account (which in essence is a 'working account')
But it may also be worth listing the Westpac account if it is being used to purchase shares. If you are asked why you havent declared it previously, if the balance has been consistently fairly low ($2000 or less) then it appears a little less clear if it is necessary if it needs to be declared other than when you first apply for income support.
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Post by nigel on Jun 9, 2020 20:07:29 GMT 7
Indirectly the funds to purchase the shares have come from an account that is listed with Centrelink... You could either state that and try and show the transfers of funds to the Westpac account (which in essence is a 'working account') But it may also be worth listing the Westpac account if it is being used to purchase shares. If you are asked why you havent declared it previously, if the balance has been consistently fairly low ($2000 or less) then it appears a little less clear if it is necessary if it needs to be declared other than when you first apply for income support. I think at a couple of stages, I've had in excess of $4000 in there, saving up for the overseas holidays I've had over the years. Honestly, I had no idea that would be a problem. |
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Post by tasjo on Jun 9, 2020 20:22:31 GMT 7
It still shouldnt be an issue but I would still let Centrelink know... particularly as it has all been transfers from the account they know about. Indirectly you have notified them of the account because they do know about the DSP account.
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Post by bear on Jun 10, 2020 6:35:00 GMT 7
Youl be right mate, if it's a honest mistake and you go and fess up sooner the better but. It's only a thou It used to be a thou; now it's 2. Sorry about the link being a third party link but; due to Services Australia changing their information format it is difficult to source from their websites anymore. Just another deliberate tactic of keeping us all in the dark in order to penalize us. Pensioners must advise Centrelink of any changes of $2000 or more in their financial assets. If they add this amount to their bank account, they will need to advise the new balance. www.yourlifechoices.com.au/government/centrelink/what-do-i-need-to-tell-centrelink |
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Post by nigel on Jun 10, 2020 8:38:03 GMT 7
What if I didn't change the asset by more than $2000 at any time? Maximum I deposited in the account at any time was $400. Usually $300. |
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Post by bear on Jun 10, 2020 9:31:41 GMT 7
What if I didn't change the asset by more than $2000 at any time? Maximum I deposited in the account at any time was $400. Usually $300. I'm not into trying to second guess Services Australia/Centrelink nigel.....the only way to clear up "what ifs" is to take a deep breath, front up, fess up; although since they already now know, that's probably irrelevant; sort it out and if there's a penalty.......pay it. Anyone can make a mistake, which you obviously have done, through overlooking the clearly referenced "bank"on the update circumstances page. All the best in getting it sorted; cheers bear |
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Post by nigel on Sept 5, 2020 17:34:43 GMT 7
Just a follow up, for anyone who's curious.
I did fill out the form explaining where I got the money to buy shares. I collated all my bank statements, underlining all the relevant bank transfers to show them how I'd been regularly saving to my unregistered Holiday Savings Account in Work. I then scanned the lot, took a deep breath, and uploaded it all Centrelink.
On the 23rd of June, I got a phone call from a lady in 'Income and Assets', though she mentioned that she used to be 'Debt Recovery'.
She asked about my 'household assets'. I've never done an audit of my personal possessions, or even thought to do one, so I was kind of on the spot. I loosely guesstimated $3000 worth, and that seemed to satisfy her.
She asked, matter of factly, about my income from investment properties. I'm afraid I audibly snorted. I told her $0 because I don't have any properties at all.
She asked about superannuation, and she seemed surprised when I told her I don't have any employer. Maybe CL are wondering at how I manage to save so much money?
She confirmed that I did the right thing by telling CL about my share investment. Didn't scald me, or even warn me, about previously failing to register my savings account with Centrelink. Didn't even mention it. Said this was pretty much the end of the matter.
That was nearly 3 months ago now, and I haven't heard any more from Centrelink about my faux pas, so maybe I can probably assume it probably is the end of the matter.
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Post by Banjo on Sept 5, 2020 17:53:37 GMT 7
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Post by bunyip on Sept 5, 2020 21:36:50 GMT 7
How did centrelink know you bought shares, l would'nt think such a small share purchase of $1,000 would be on their radar or they would care
"Pensioners must advise Centrelink of any changes of $2000 or more in their financial assets. If they add this amount to their bank account, they will need to advise the new balance."
Whats the actual penalty if you forget to tell them, l would imagine plenty of people would spend $3000 on something or save up $3000 and forget or not bother telling them. Why do they care about such small amounts anyway. If for example l save $3,000 and my bank balance goes from $10,000 to $13,000 it does'nt make any difference to the amount of DSP l am entitled to but if for example l won $300,000 then l would understand why you should have to tell them
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Post by nomadic on Sept 5, 2020 21:47:13 GMT 7
So does someone on DSP with UP who has a bank account in another country need to tell them if their pension goes into an OZ account? And do I have to tell them when I win the Thai lottery?
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Post by nigel on Sept 6, 2020 11:57:48 GMT 7
How did centrelink know you bought shares I told them, Bun. See post #2 in this thread. The reason I was concerned was because the money had come from a bank account I had been saving to for years, which I had somehow neglected to tell Centrelink about. I must have misread, or misunderstood, the "What you need to tell us" advice. Maybe it all happened when I was on meds. Either way, the lady from Income and Assets showed no signs of actually caring about that mistake. They just wanted to know where the money came from. I just told her I'd saved it all up, having already provided them with all the relevant bank statements showing all the transfers. And months later, I've heard no more about it, so I guess that's probably an end to the matter. Same here. But evidently, I must have triggered some sort of algorithm. It's a worry, because I'd like to do some more share investing. Beats just leaving your money in the bank. |
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