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.
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.Online contact form