Social Security
Under Australia's Social Security system, members of the Cbus Super Income Stream may be entitled to Social Security benefits in addition to their Cbus Super Income Stream. However, the rules governing social security and its interaction with the superannuation system are complex, and the following information is of a general nature only. We recommend you discuss your own circumstances with your financial planner or Centrelink before deciding to invest in an Cbus Super Income Stream.
Centrelink / Department of Veteran's Affairs (DVA) Entitlements
The amount you receive from Centrelink or the DVA depends on your income and assets. The Income and Assets Tests are applied each year, and your benefits (if any) are calculated based on the information you provide.
Your entitlements will be based on which ever test provides the lower amount: the Income Test or the Assets Test.
Assets Test
The total value of your Cbus Super Income Stream is counted as an asset under the Assets Test. Other assets you have may or may not be counted. Check with your financial planner or Centrelink for more information.
Income Test
Regular payments from your account, less an amount representing the return of your investment (non-assessable portion), are included under the Income Test.
On commencement of your Cbus Super Income Stream, we will provide a schedule to Centrelink, detailing your retirement income information. A schedule will then be provided yearly and after any commutation (drawdown). For further information on this, please contact Centrelink or your financial planner. Other income you receive may or may not be counted. Check with your financial planner or Centrelink for more information.
