Centrelink - Assessment of Income and Assets held in Trusts and Private Companies 

What's New?


The Government will provide additional funding to help Centrelink make timely assessments of the income and assets held by customers in trusts and private companies. In February 2004 the Government announced $7.8 million of funding for this measure for 2003–04. This will be supplemented by a further $45.7 million over the next four years.
 

Background


This measure is related to the 2000–01 Budget initiative to ensure that people who had income and assets in trusts and private companies received similar treatment under the means test compared to income and assets personally owned by individuals.

The original measure started on 1 January 2002 and has saved approximately $100 million per year.

The additional funding will allow Centrelink to manage the higher than anticipated number of customers with income or assets held in trusts and private companies. The measure will ensure that Centrelink has the capacity to appropriately service these customers and ensure they receive their correct entitlements.
 

Implementation


1 July 2004.
 

Total Government Funding


$53.5 million over five years.

Last updated: