For immediate, life-threatening mental health emergencies, call Triple Zero (000).
For non-life-threatening support, call a mental health helpline like:
13 Yarn: Ph. 13 92 76
Lifeline: Ph. 13 11 14
Beyond Blue: Ph. 1300 224 636
MensLine Australia: Ph. 1300 789 978
01
Superannuation trustee requirements in valuing accounts for social security purposes
WWhen assets are valued for social security means testing, they are generally required to be valued at their market value. For superannuation the accepted value is generally the individual’s total account balance from their latest statement.Superannuation fund trustees are required to report member balances ahead of the March and September asset valuation periods
Beyond this, trustees are not required to report any intra-year movements in account balance. Where there is any material change in value, it is up to the individual to notify Services Australia through the revaluation process above.
If you are unable to access the pension due to these circumstances, I would ask that you please contact Melinda Kee, who will pass your details on to the Office of Minister Dr Daniel Mulino, as his office will follow up on this.
02
Valuing superannuation accounts for ATO purposes
Superannuation trustees are also required to report member account balances to the ATO each year as at 30 June, for the purpose of determining the member’s total superannuation balance. The ATO calculates this amount, which is used to determine eligibility for several superannuation concessions and rules.
- The value that is required is the total amount of benefit payment the individual would be entitled to if they ceased their interest at the time. Superannuation funds commonly report this as the member’s account balance on that date, although some may make adjustments for costs/fees that would be involved in realising their benefit payout.
Generally there are no other rules that are impacted by a change in someone’s balance within a financial year.
If you are unable to access the pension due to these circumstances, I would ask that you please contact Melinda Kee, who will pass your details on to the Office of Minister Dr Daniel Mulino, as his office will follow up on this.
03
Information for Shield/First Guardian Investors
Services Australia have been advised to assess the value of the affected investments based on revised financial statements or income stream schedules obtained from the fund administrators. In effect, this means the value of the investments would be assessed as zero (or close to zero) for social security purposes, until further information became available.
On 25 September 2025, the owner of Shield, Macquarie Investment Management (Macquarie), announced that it would guarantee the return of 100% of the net capital each client had originally invested in Shield. Once these payments are made to affected income support recipients, they will be treated under the normal asset test provisions (details will depend on whether the recipient places these amounts into a new superannuation account or into a cash account).
As there has been no further information in relation to the return of capital for First Guardian clients, affected recipients’ investments in this fund continue to be treated according to the revised financial statements. This may change in future once any return of capital becomes clear.
Clients of Shield or First Guardian whose investments have been affected by this issue should be encouraged to contact Services Australia (Centrelink) on 132 300 or by visiting a local service centre to discuss any impact on their entitlement to income support payments.
General Information on Aged Pension Eligibility
Valuing superannuation accounts for social security means testing purposes
- Once an individual reaches Age Pension age, their superannuation counts towards the Age Pension assets test, and the income test (under the deeming rules for financial assets).
- Prior to Age Pension age, superannuation is generally exempt from means testing – the main exception being where they are already receiving an income stream from their super
- For means testing purposes, market-linked assets, including superannuation are generally revalued on 20 March and 20 September each year. An individual can also request a revaluation at any time.
- Where an individual requests a revaluation, they can provide updated asset values and supporting information to substantiate their claim to Services Australia.
- A revaluation must cover all the individual’s market-linked assets at the same time, they can not pick and choose specific assets to revalue.
- Where an investment fails, individuals may be able to request certain concessions under hardship rules. This generally requires a decision from the Social Security Secretary that the person would suffer severe financial hardship if concessions weren’t applied
- This may include disregarding the value of an ‘unrealisable asset’, where the person has taken all reasonable steps but cannot retrieve their capital.
- It may also include exempting the asset from the deeming rules, meaning the income that counted towards the income test from the asset would be $0.
- These concessions may be difficult to access for an individual’s superannuation account. Even if the underlying investments by the superannuation fund have collapsed it may be challenging to show that the superannuation itself is an ‘unrealisable asset’