One of the most common questions the team at Muirfields gets asked is “How much can Centrelink allow me to gift?”<\/p>\n
The simple answer is, as much as you like. While you can gift or transfer assets of any value, Centrelink only allows you to reduce your assessable assets by $10,000 per annum and a total of $30,000 over any five consecutive years. Anything in excess of these limits is classified as a deprived asset for five years, meaning it remains listed in your name for means testing purposes.<\/p>\n
It’s important to note that gifting above the allowable thresholds will not negatively impact your Centrelink eligibility or payment. Rather, these rules prevent you from gifting significant assets to increase pension entitlements.<\/p>\n
The gifting threshold is the same for both single individuals and couples; couples do not receive a per-person threshold.<\/p>\n
For clarity, a gift can include:<\/strong><\/p>\n Gifting money directly<\/p>\n Selling an asset to someone for less than its market value – for example, giving a new car to your daughter for a nominal $1,000<\/p>\n Paying for something on behalf of someone.<\/p>\n Putting money into a family trust you do not control, or<\/p>\n Making excessive donations to an institution<\/p>\n
![\"\"](\"https:\/\/static.timesnewsgroup.com.au\/prod\/uploads\/sites\/3\/2024\/08\/Management1_21829_tn.png\")