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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Unless I am missing something, Going online to update assets WILL NOT trigger a revaluation of share prices UNLESS you add to or reduce one of the shares assets you have.
Changing the cash amounts do not trigger a change of share valuations, they will only vary the pension depending on up or down cash amounts changes that are made.
ie You need to Buy or sell a small parcel of shares and entering those changes will trigger a revaluation of all share in portfolio AND managed funds type of asset.
Also changing valuations of household items, cars, trailers, caravans etc WON’T change or trigger a revaluations of shares. The cars, trailers, caravans, boats etc. should be updated annually to the current “fire sale” value of those items. Redbook website is good for getting 2nd hand vehicle current valuation.
Centrelink update their share valuations after every other Friday (fortnightly), the current day they updated share prices in their Computer was last Friday 17/6/2022. Their computer usually does its updating of share prices during that weekend, so wait until Tuesday or Wednesday before doing any changes, in case they are running a bit late. If you do the changes any time in the fortnight after they update them then the share prices will be those at Close of ASX of that Friday . Knowing what Friday they do update helps for future changes
To do any revaluation of share prices without doing above, don’t worry about doing it online, just ring Centrelink and ask them to do a revaluation update.
Apparently you technically can do this once a month, but as it means hanging on phone for a long time, unless a large drop in Share market occurs, doing it very occasionally is best.
Hi Jim, thank you for such a well articulated comment! You are correct, when updating your assets with Centrelink, they will only update/recalculate based on changes you advise and nothing else. Ergo if you update the balances of your bank accounts only, Centrelink will not check on the share prices nor will they presume a decrease in the value of your car or consider any other changes that could have occurred.
To trigger a reassessment of the shares specifically you are right that there needs to have been a change in the units held or company they are held with otherwise Centrelink will only recalculate based on what you have changed. For our customers who have subscribed to our Keeping Your Pension service so that we can assist them with updates like this, we will proactively look at updating the balance/value of ALL assets as opposed to just one or the other to help ensure they are definitely getting the correct pension amount.
As a self funded retiree Is it time to think about withdrawing
Super pensions and replacing with bank deposits.
Hi Glenn, thank you for reaching out for help planning your finances. For you and anyone else who would like to have a discussion with someone they can trust about retirement we do offer financial advice consultations.
Our financial advice consultations are designed to help you better understand your needs and goals as well as some of the actions you can consider to help you achieve those goals. The consultation can be either online or via phone call, goes for up to 45 minutes and costs $150.
CLICK HERE to book now.