Gifting may affect your payment
Before you give away your income and assets, it’s important you understand how it can affect your payment.
Giving away your money or assets doesn’t always mean you’ll get a higher rate of payment.
Gifting is when you and your partner give away money, assets and any income you may get for less than full market value.
Gifting can also apply to:
- your wages, or
For example, if you buy a car for your child, or give away shares.
We have rules around how much you can give away each year.
We’ll still count it as part of your assets for another 5 years if you give away:
- more than $10,000 AUD in a financial year, or
- more than $30,000 AUD in 5 financial years in a row
Contact our Financial Information Service for advice on making informed decisions about your financial matters. We have FIS officers located in all states and territories.
You can also go to our free seminars on planning, getting ready and living in retirement.
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Call the Multicultural Phone Service to speak to us in your language about Centrelink payments and services.