Before you give away your income and assets, it’s important to know how it can affect your payment.
Giving away your money or assets doesn’t always mean you’ll get a higher rate of pension.
Gifting is when you or your partner give away money, assets or income for less than full market value.
For example, it’s considered gifting if you buy a car for your child or give away shares.
Gifting can also apply to:
- your wages, or
We have rules around how much you can give away each year.
Any amount you gift above the allowable limits will count towards your assets for another 5 years. The allowable amount for a single person or a couple’s combined amount is:
- $10,000 AUD in a financial year, or
- $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 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 Multilingual Phone Service to speak to us in your language about Centrelink payments and services.