I am currently on a parenting income support payment that is paid fortnightly by Centrelink. I have to declare my and my partner's fortnightly incomes to get correct payment. My partner has a fixed income from the employer and I have none.
Of recently, I have invested about 2k USD to a forex trading firm overseas, which trades for me and posts daily profit (they are not much (few tens) and loss based on trading. They are put to my online account with them. Unless I withdraw the amount to my bank a/c here in Aus, they are kept securely to my online account with them. I have not withdrawn any amount so far.
So, my question is:
I have not so far declared this to Centrelink as I'd no idea. So, given my circumstances, would you pls tell me how to do this. Do I have to declare these paltry amounts every fortnight even if I have not withdrawn the amount to my bank a/c in Aus?
or there is an efficient way to do this say on an annual basis.
I have seen DEEMING option in Centrelink website to account for this sort of activity but was not very sure of how this is done.
welcome your inputs and advice from members (who've been through such a situation) how to handle this issue.