How your superannuation can affect your payment

14 October 2020

What you choose to do with your super may impact the payments and services you get from us.

If your income or assets change it may affect your payment.

We don’t count superannuation in your income and assets tests unless you’re either:

  • under Age Pension age and your fund is paying you a superannuation pension
  • Age Pension age or older.

Read about how we assess superannuation.

You may be eligible to access up to $10,000 of your super if COVID-19 has negatively impacted your finances. The COVID-19 early release of super program closes on 31 December 2020.

You can check your eligibility and get tips on how to lodge an application on ATO online services through myGov. To do this, go to COVID-19 early release of super.

Withdrawing money from your superannuation won’t affect your Centrelink payment. But what you do with the money may affect your payment if it changes your income or assets. For instance, we’ll include it in your income and assets tests if you do any of the following:

  • use it to buy an income stream or other financial investment
  • put it in the bank.

You must tell us about any changes within 14 days, so we can pay you the right amount. You can update your details using your Centrelink online account through myGov.

Our free Financial Information Service is available to help you make informed decisions about your finances.

Next steps

You can read more:

Page last updated: 14 October 2020