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Small inheritance and newstart

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#1 new beginning

Posted 18 July 2019 - 03:00 PM

Hi, I am receiving an inheritance -  I think it will be under $5000.  It will go into my bank account and then straight into my home loan until I decide what to do with it.

My question is - do I need to tell Centrelink?  I’m guessing no because it’s an inheritance and I’m not doing anything with it to make extra money off it ?

#2 Renovators delight

Posted 18 July 2019 - 03:33 PM

You are supposed to provide updated information about your bank balance. In practice, obviously, not everyone does, but its part of your obligations.

In a practical sense, unless you are near the asset limits it is unlikely to have any impact. Deemed interest would be negligible and unlikely to affect in terms of the income test. Obviously if you already have income and are over various limits it could be different.


#3 new beginning

Posted 18 July 2019 - 03:47 PM

Renovators delight- thank you . It won’t be in a savings account , it will be sitting in my home loan which isn’t an offset account . It just has free redraw option . I don’t have assets as such - just a home and a car.

Edited by new beginning, 18 July 2019 - 03:49 PM.

#4 new beginning

Posted 19 July 2019 - 12:31 PM

Thanks fresh start - you are always a great help.

Edited by new beginning, 19 July 2019 - 02:35 PM.

#5 Charli73

Posted 19 July 2019 - 12:51 PM

Seriously under $5k you have to declare? I did exactly the same thing with the same amount, into the home loan.

Edited by Charli73, 19 July 2019 - 12:52 PM.

#6 Renovators delight

Posted 19 July 2019 - 01:01 PM

View PostCharli73, on 19 July 2019 - 12:51 PM, said:

Seriously under $5k you have to declare? I did exactly the same thing with the same amount, into the home loan.

In theory you're supposed to declare $0.50c.

Better to declare it and have no consequences than get harassed about it 5 years down the track when a discrepancy in bank accounts is thrown up by a robo-debt style data match, or a jaded family member dobs you in with a wildly exaggerated story that needs to be investigated.

#7 Hollycoddle

Posted 19 July 2019 - 01:28 PM

View PostCharli73, on 19 July 2019 - 12:51 PM, said:

Seriously under $5k you have to declare? I did exactly the same thing with the same amount, into the home loan.

Yes, it's still income.  Exempt or not.  It's not up to you to determine its exempt status, Centrelink do this when you provide the details of the income.

#8 new beginning

Posted 19 July 2019 - 02:38 PM

Thanks everyone - all done. When I called they said there was a higher amount of wait time . I went in to the CL office and waited less than 2 minutes .

#9 *melrose*

Posted 19 July 2019 - 07:29 PM

I received a small amount as well $85,000 and told centrelink there was no problems there.

#10 Charli73

Posted 28 July 2019 - 11:04 AM

Yep called this week she did they didn’t care as I didn’t receive income support. All good.

Edited by Charli73, 28 July 2019 - 11:05 AM.

#11 Greatmum

Posted 28 July 2019 - 12:07 PM

It’s not income but u still need to let them know but shouldn’t affected anything unless u r earning interest from it.

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