The information you were given is wrong. Services Australia general manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made.

This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held.

For changes under $2000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities and market-linked managed investments are automatically revalued on March 20 and September 20 each year.

You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included.

Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit.

My husband turns 67 at the end of this month and I’m 65. We’re retired, own our home, and have a mortgage-free rental property. We both have super from working for the WA state government. We’re thinking of selling the rental in the next financial year. If I contribute some proceeds to my super (still in accumulation phase), will Centrelink count that as an asset when assessing my husband’s age pension eligibility?

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Would it be better to keep the rental for now, or should he delay applying for the pension until after the sale and contribution? Our combined assets, including the rental, are around $800,000. Rent is $1200 per week.

Money in superannuation in accumulation phase is not counted by Centrelink until the member reaches pensionable age. Therefore, selling the property and contributing the proceeds to your super – within your available limits – could make sense.

Watch for capital gains tax. Tax-deductible contributions may help reduce this, and catch-up rules might boost how much you can contribute and claim as a tax deduction. Seek advice from a financial adviser and be aware that your husband must meet the work test to make deductible contributions after turning 67.

My father entered aged care in April but is in rapid decline. We’re trying to understand how the 1 July changes will affect him if he’s still in care. You mentioned the home is exempt while my mother lives there, which I believe applies to the age pension. But for the aged care means test, isn’t $206,663 of the home’s value still counted? With assets of $470,275 dad is paying $17.35 per day in means-tested fees plus the basic daily fee. We haven’t paid the Refundable Accommodation Deposit (RAD) yet, as it would leave mum with very little.

The home is exempt for both pension and aged care means testing when a spouse lives there. The aged care reforms taking effect from July 1, 2025 will not affect your father as his aged care costs are grandfathered under the existing rules.

Noel Whittaker is the author of Retirement Made Simple and other books on personal finance. Questions to: noel@noelwhittaker.com.au

• Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.

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