Information for income stream product providers
We use information provided to us by income stream product providers. This helps us make sure our customers get correct payments and concession cards.
Who is an income stream product provider
An income stream product provider is an organisation or superannuation fund. They provide retirement income streams and include:
- Australian superannuation funds
- Self-Managed Superannuation Funds (SMSFs)
- Small Australian Prudential Regular Authority Superannuation Funds (SAFs)
- Retirement Savings Account providers
- life insurance companies.
Financial planners aren't an income stream product provider.
Why we need income stream information
We need to make sure customers get the correct payments and concession cards. To do this, we collect details about the income stream products they and their partner have.
We review income stream products at certain times each year. This depends on the type of product. We do most of the reviews in August and February each financial year. We also review some income streams in line with the Consumer Price Index.
What is the new automated income stream review process
We’ve introduced a new income stream review process. This new process doesn’t apply to SMSFs and SAFs.
All other providers must comply with the new process. You must do this before we request income stream information for the 2019 reviews. This applies regardless of the number of members you have.
The new process lets you transfer income stream information to us electronically. This means:
- customers and financial advisors don’t need to contact you for information
- you won’t need to issue bulk paper Income Stream Schedules
- you can provide us with information we need for the reviews in a more efficient and accurate way.
How to register for the automated process
To register, email our Income Streams team. You should register as soon as possible to comply before the 2019 reviews. Your administrator can register for you.
Registration can take up to 4 weeks to complete. Our Income Streams team will support you through the process. They can give you more details and help you set up a Centrelink Business Online account.
What happens after you register
Once you’re registered, we’ll:
- provide you with log on and password credentials
- arrange any necessary testing
- let you know when you’re ready to transfer live data
- send you an information request in writing when it’s time for reviews.
The information request notice will let you know what to transfer to us.
Page last updated: 7 September 2020
This information was printed 26 October 2020 from https://www.servicesaustralia.gov.au/organisations/business/services/centrelink/information-income-stream-providers. It may not include all of the relevant information on this topic. Please consider any relevant site notices at https://www.servicesaustralia.gov.au/individuals/site-notices when using this material.