Questions from parents asking about gifting money to children have been quite common this year, say advisers.
Question: Can you please explain the Centrelink gifting rules? My sister rang Centrelink and was advised she could give as much money as she wants to her children before reaching the government age pension age and that this won’t affect her eligibility for the full age pension. It will only affect it if she gives gifts to her children after she is already receiving the age pension.
As someone who expects to be entitled to the full government age pension when she qualifies at 67, knowledge of the gifting rules will be essential to your sister, says Perri, especially if she expects they might apply to her in the foreseeable future.If this is her expectation and she proposes to make large gifts to her children, it may not be realistic.
That said, the age pension rules, says Perri, do allow you to gift up to $10,000 a year or a maximum $30,000 over five years without this upsetting an entitlement to government benefits. She must, however, be aware of a retrospective element in the rules where excessive gifts made within five years of becoming eligible for the pension can be counted once she starts the pension.
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