Centrelink reviews customers who own certain types of income streams throughout the year.
If you or your partner have an account-based, market-linked or a defined benefit income stream, Centrelink will receive income stream information directly from your and/or your partner’s income stream provider. Where information is not received from a provider, you will be asked to provide this information to us either via post or online.
If you or your partner have an account-based or a market-linked income stream paid from a Self-Managed Superannuation Fund (SMSF) or Small APRA Fund (SAF), you will receive a review letter from us giving instructions for how to provide your income stream information to us online.
If you or your partner have asset-test exempt lifetime and life expectancy income streams paid from a SMSF or SAF, you will receive a letter asking that you provide an Actuarial Certificate to verify that your and/or your partner’s fund can continue to pay this income stream.
You and or your partner will also continue to receive a review letter from us if you have a lifetime, life expectancy or term income stream, where the payments are subject to indexation in line with the consumer price index (CPI).
This is the name of the organisation, Self-Managed Superannuation Fund or Small APRA Fund that provides the income stream.
This is the type of income stream.
The unique identifier for the income stream.
This is the annual income payments you have nominated to receive in the current financial year, from 1 July to 30 June. The annual income must always be at or above the relevant minimum allowable income limit for account based income streams and within the allowable minimum and maximum limits for market-linked income streams.
This is the lump sum withdrawal of money from your income stream other than your usual regular income payments and any additional one-off income payments. Commutations include lump sum withdrawals in cash as well as a rollover to another income stream or a superannuation investment.
This is the account balance of the income stream on 1 July. If the income stream commences during the financial year, i.e., after 1 July, then this is the income stream’s opening balance or purchase price. This is used to determine the minimum allowable income limit for account based income streams and the minimum and maximum income limits for market-linked income streams for the current financial year.
This is the current account balance of the income stream. You can find this on your most recent income stream schedule
If you or your partner has commenced a new income stream, you will need to provide a schedule, details of the income stream product form (SA330) or a similar schedule for each product. The form or similar schedule must be completed by your product provider or the trustee of the Self-Managed Superannuation Fund (SMSF) or Small APRA Fund (SAF) or the SMSF Administrator. You can download this form from the Centrelink website or call us on 132 300. Documents can be uploaded online. If you are unable to upload your documents using the Document Lodgement Service, they can be posted or provided in person to a Customer Service Centre.