I am a pensioner, and most of my assets are in cryptocurrency. About two years ago, I initially struggled with Centrelink’s junior staff, but once the senior staff got involved, they determined that my crypto assets were not deemed assessable.
However, as of July 1, 2024, my pension income has become inconsistent and Centrelink is yet to explain why. They plan to update all records, which I’m fine with, but the junior staff now insist that my cryptocurrency is subject to deeming under the pension income test and have, so far, refused to investigate further.
Loading up on crypto assets when you retire won’t exempt you from the age pension tests.Credit: Simon Letch
Services Australia assesses the asset value of your cryptocurrencies based on their present market value. They do not have any assessable income and therefore are not subject to the income test deeming provisions.
However, if you are regularly buying and selling cryptocurrencies with a view to making a profit, Services Australia may consider you self-employed and operating a business. Individual circumstances are considered.
If you’re getting income support payments such as the age pension and own a cryptocurrency, you need to let Services Australia know within 14 days if there........