Description
This longer article explains Centrelinks ‘gifting’ rules in more detail and how they can affect the payment of an age pension. It uses a case study to show how gifts can still have an impact years later, which highlights the importance of planning ahead
Introduction
With Australia’s age pension being subject to an assets and income test, a simple way for part-pensioners to increase their pension payments is to give away some assets.
Not surprisingly the government is on to such an obvious strategy. It’s called gifting, and while it is perfectly legal for you to give away whatever you want whenever you want, if you exceed the relevant limits, Centrelink will continue to assess, what it calls “deprived assets”, for five years.
The limits...
To download and use this content, make sure you're logged in to the Library then hit the Download button.
No login details? Register here for full access.
