Gifting to family

Did you know that if you make a gift of money or other assets, your income support benefits such as the Age Pension and other Centrelink benefits may be affected?

There are rules about how much you can gift before your income support is likely to be affected.

Allowable gifting limits

You're allowed to gift up to $10,000 per financial year, limited to $30,000 over five financial years.

A maximum of $30,000 can be gifted over a rolling period of five financial years, but must not exceed $10,000 in any one year.*  

Examples of gifting

Here are some examples of gifting for Centrelink purposes:

  • buying a car for your daughter as a present
  • for giving a loan
  • transferring an asset such as a car or a house for less than its market value
  • paying school fees for a grandchild.

* Gifting https://www.humanservices.gov.au/customer/enablers/gifting

We're here to help

At TelstraSuper, we’re here to help you build a secure financial future. If you’re thinking about gifting to family, there could be financial implications. Contact TelstraSuper Financial Planning on 1300 033 166 or by filling in our online contact form.  

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