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Products & Services | Prepaid Funeral Plans, Centrelink and Tax |
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Prepaid Funeral Plans are exempt from Centrelink’s deeming provisions and are not included in asset or income test calculations for pension purposes. Similarly, the interest earned from Prepaid Funeral Plans is not taken into consideration as part of your earnings for income tax purposes. If for some reason you wish to cancel the prepaid arrangements, then the principal invested and the interest earned revert to you. It is then your responsibility to advise Centrelink and/or report to the interest earned to the Tax Office. |