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Why Do We Need Proof of Closure for Centrelink?

Centrelink doesn’t update financial info unless we prove it. Old accounts, shares, or super funds may still be listed, which can mess up your pension or Aged Care fees. We often need closure statements or proof of where the money went so we can remove these from your Centrelink records and avoid issues.

Why Do We Need Proof of Closure for Centrelink?

The short version:

Centrelink doesn’t automatically update your financial information. If you’ve closed a super fund, sold shares, or wound up an investment—even decades ago—Centrelink may still think you own it unless we provide evidence. That’s why we may need to chase old statements or ask for proof from your super fund or bank. It helps us clean up your Centrelink records, avoid overpayments or underpayments, and make sure your Age Pension or Aged Care fees are assessed correctly.

The full explanation:

Over time, most people close bank accounts, consolidate super funds, sell shares, or close down managed investments. But here's the issue—Centrelink doesn’t automatically get told when this happens. They rely on you (or us) to update your records, and they assume everything is still there unless proven otherwise.

We regularly see situations where Centrelink is still listing:

  • Old term deposits that were closed years ago

  • Super funds that were rolled over or withdrawn

  • Shares or managed investments sold long ago

These outdated records can cause serious problems:

  • Your pension may be reduced or stopped

  • You could be overcharged Aged Care fees

  • Centrelink might issue penalties or request more documents later

Why proof is often needed:

Centrelink’s default setting is distrust. That might sound harsh, but their system is built to require proof. They won’t just take our word for it that your super fund is closed or your shares are gone. So, we often need to provide:

  • A closure statement from your super fund or bank

  • A final shareholding or managed fund statement

  • A bank statement showing where the money went (to prove it was not gifted)

For example, if you had a $50,000 super account that was closed and paid into your bank account, we may need to show:

  1. The closure letter or final statement from the super fund

  2. A bank statement showing that $50,000 being received

Why this matters:

We know this can feel like paperwork overload, especially when you know the account was closed years ago. But Centrelink needs a paper trail, or the assets stay on your record—and that can lead to incorrect means testing.

We’re here to help tidy up and update everything properly using our Centrelink Business Portal. It’s like spring-cleaning your financial file to ensure your payments and assessments are fair and accurate.

Once it's done, it can save you a world of hassle later on.