September 02, 2024

Luke on 2CC – Gifting and Centrelink, what you should know

18 minutes

Financial Planner Luke Smith joined 2CC Talking Canberra 1206AM in Money Matters, which aired live on Friday 30 August 2024. For many Australians a financial gift to adult children or grandchildren to help them on their own journey is something that many wish to do. It might be money they’ve saved or received from an inheritance. This episode aims to provide some general financial information about the implications of Gifting upon Centrelink. Like all financial matters, it makes sense to understand the financial implications of decisions before you enact them. Thank you for joining us live on 2CC or your favourite podcast streaming service with ‘The Strategy Stacker – Luke Talks Money’.

Key topics covered include:

Be aware you are free to gift assets to who you like.

There are however implications around gifts if you receive or want to receive benefits from Centrelink.

What is the asset test and the income test? Gifting is part of the Centrelink assessment.

How much can you gift to be impacted? Is there a time frame too?

How does Centrelink treat the assets you have gifted?

Is gifting just cash? Or is it other assets too?

Does moving money between spouses trigger gifting rules? No, it doesn’t!

Do the rules apply per person or per couple?

Can I spend money on my house to reduce my assets for the Centrelink test? Yes you can!

Luke shares his top tips to help you start thinking about gifting and Centrelink.

https://www.envisionfinancial.com.au/wp-content/uploads/2024/09/The-Strategy-Stacker-Luke-Talks-Money-30092024.mp3

This podcast is also available on Apple Podcasts and Spotify – ‘The Strategy Stacker – Luke Talks Money’

Do you need help with gifting as part of your retirement planning?

Seeking advice around retirement planning can help you make better financial decisions and provide more certainty around your retirement income. Make an appointment if you need help.

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement. Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your situation.

Luke will return to 2CC to talk about other ‘Money Matters’ next week. You can catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.

We look forward to your company again and Luke’s book Smart Money Strategy is out now.

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By Luke Smith