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Post by tasjo on Sept 6, 2020 19:00:26 GMT 7
Share purchases are declared differently on a tax return I believe which may be where it was triggered... its not always the amount invested but the type or a change that triggers a letter or call.
Same with the ATO - when I worked and had business expenses it wasnt unusual to have a certain level of expenses that were no longer valid once I stopped work.
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Post by nomadic on Sept 6, 2020 19:12:04 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 So if people are saving money while on welfare they should tell Centrelink if it gets over $2,000? Better off under the bed if that is the case.
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Post by bear on Sept 6, 2020 19:43:52 GMT 7
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 So if people are saving money while on welfare they should tell Centrelink if it gets over $2,000? Better off under the bed if that is the case. Every time it rises by $ 2,000 above your previously notified amount to be precise......
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Post by bear on Sept 6, 2020 19:57:35 GMT 7
I'm trying to figure out if you're being serious, silly, funny or just plain facetious here nomadic ....... but in answer to your questions; yes you do, on both counts, if you are going to comply to the full letter of the law. Cheers bear
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Post by nomadic on Sept 7, 2020 19:04:32 GMT 7
It had never crossed my mind before so it was all of the above I guess. So how come they haven't asked me about it in 20 years now? Don't tell me they don't know about it as I transfer money from Oz into it. Maybe too poor to worry about. But more than the allowed $2,000. And when I win the lottery I won't be telling them either. My mattress will do fine. Got a ticket today again.
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Post by bear on Sept 7, 2020 19:23:19 GMT 7
Because it is a trust system......it's up to us to self report and they're haven't got access to our bank a/c's YET, to know what we're doing with OUR own money. If I could be bothered to find the link, this paraphrases what it would say: "You must tell us within 14 days any changes in your circumstances as notified to us previously". This used to be on all hard copy correspondence.
Personally I'm going with submarine numbers; especially after ol'mate's effort last week.......10 tickets 60,000,000 baht 999997; good luck to him!! Have g I got a deal for him if he wants to emigrate....... cheers bear
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Post by nomadic on Sept 7, 2020 19:36:58 GMT 7
Yeah, I checked the last ticket today and saw all the 9's but what about those who had 6 9's. A hard-luck story to top all my horse ones added up together over 50 years.
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Post by bunyip on Sept 8, 2020 9:19:45 GMT 7
What the actual penalty if you forget to tell centrelink your assets change by more then $2000, for example if you save up $3,000 on your DSP and your bank balance goes from $10,000 to $13,000 or you buy $3,000 in shares. Would they just give you a warning first time or do you pay a fine
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Post by bear on Sept 8, 2020 11:03:36 GMT 7
What the actual penalty if you forget to tell centrelink your assets change by more then $2000, for example if you save up $3,000 on your DSP and your bank balance goes from $10,000 to $13,000 or you buy $3,000 in shares. Would they just give you a warning first time or do you pay a fine It would no doubt be done on a case by case basis bunyip . I can't find any information on penalties and as noted in my post above; "It's essentially a trust system". For most people on here it'll never be an issue. When saving up for something and going over the $ 2,000 I've never advised them. I couldn't see the point.......tell them this month then revise it down in another two or three?? But to the letter of the law I should have. Certain people who receive payments, whose assets far out weigh their income are much more likely to come to their attention IMO. I've updated my assets when I've deemed it necessary, eg. When changing vehicles mostly, either buying or selling; as the vehicles have to match to any discounts you may be entitled to. When a 10 y.o. TV gave up the ghost and I paid $ 500 for a new one I told them nothing. Again what would've been the point? Ten years before my assets were worth $ xxx; with depreciation + the new TV, my assets are still only worth $ xxx. Use your own discretion, just don't forget about that million dollar holiday apartment; unless your a politician. If you win Lotto or get an insurance payout, advise them. It won't be counted as income; it will however change the amount you receive if you go over the allowable thresholds. Don't stress about it; you probably haven't until this thread came along so, what's the point in starting now? Cheers bear P.S. 35 years ago I got money from a property sale during divorce proceedings. I told them. They asked if I'd be purchasing another property. In such circumstances you have one year to do so without it affecting your payments.......at least that's how it was way back then.
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Post by bunyip on Sept 8, 2020 11:40:51 GMT 7
l think most people who have been on a pension long term would have not reported it every time assetts or saving fell or rose by $2,000, l think that rule is stupid as most people dont remember to report such small changes, they should change it from $2,000 change to $20,000 change
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Post by tasjo on Sept 8, 2020 14:02:29 GMT 7
It really does depend on the type of income or asset, how and where it is declared. Shares often are a larger investment, they are generally declared to the ATO, and as such are a visible purchase that Centrelink are only asking how they were purchased to confirm they were not fraudulently acquired. ATO and Centrelink are linked, the money to buy the shares didnt show up so they asked how they were purchased. In most other circumstances - ie purchasing a tv or other depreciating asset - there would be no declaration to the ATO. I had similar when I put in my DSP claim... questions regarding my income protection and workers comp claims even though I wasnt receiving any money from them because it's mandatory to report to centrelink workers comp claims. A friend also had a discrepancy of just a few hundred dollars in income between centrelink and the ATO... again, it triggered an issue with FTB and child support
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Post by Banjo on Sept 8, 2020 14:38:38 GMT 7
I think penalties on this type of mishap usually involve just paying back any $$$ that may have been inadvertently earned. Their main concern is that the account may be used to hide assets or income but if this hasn't happened you'd probably just get a "please explain".
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Post by bear on Sept 8, 2020 15:38:31 GMT 7
I think this thread has run it's course
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