From 2019, the department commenced the automation of income stream reviews, basically the provider will pass on the information directly to Centrelink as requested in February and August.
If you still receive a letter, this is because the provided information and your client details on file don’t match or because the income stream is part of a SMSF.
For most market linked income streams, your provider will tell Centrelink:
· what the account balance was on the most recent 1 July
· the new annual income amount for this financial year
· any lump sums you took out in the last financial year, other than your normal payments.
You may want to review your clients income stream information around this period to confirm the information is correct. AdviceLink provides annual reviews for clients to help them stay on top of their required updates and achieve the most accurate Centrelink benefits.