{"id":3484,"date":"2024-08-29T06:36:16","date_gmt":"2024-08-29T06:36:16","guid":{"rendered":"https:\/\/blog.villages.com.au\/?p=3484"},"modified":"2024-08-29T06:54:50","modified_gmt":"2024-08-29T06:54:50","slug":"making-best-use-of-the-gifting-rules","status":"publish","type":"post","link":"https:\/\/blog.villages.com.au\/retirement\/making-best-use-of-the-gifting-rules\/","title":{"rendered":"Making best use of the gifting rules"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3484\" class=\"elementor elementor-3484\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8a27d59 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8a27d59\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1f154d7\" data-id=\"1f154d7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a858bdb elementor-drop-cap-yes elementor-drop-cap-view-stacked elementor-widget elementor-widget-text-editor\" data-id=\"a858bdb\" data-element_type=\"widget\" data-settings=\"{&quot;drop_cap&quot;:&quot;yes&quot;}\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>A <strong>very popular question when looking to retire is: how much can I gift without Centrelink stepping in?<\/strong><\/p>\n<p>There are likely to be family members to think of, or perhaps you want to help financially if someone dear suffers a misfortune.<\/p>\n<p>The answer is gift as much as you like.<\/p>\n<p>Services Australia only allows people to reduce their 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<p>It\u2019s important to note that gifting above the allowable thresholds will not negatively impact a person&#8217;s Centrelink eligibility or payment. Rather, these rules prevent the person from gifting significant assets to increase pension entitlements.<\/p>\n<p>The gifting threshold is the same for both single individuals and couples; couples do not receive a per-person threshold.<\/p>\n<p>What is a gift?<\/p>\n<ul>\n<li><strong>Gifting money directly<\/strong><\/li>\n<li><strong>Selling an asset to someone for less than its market value \u2013 for example, giving a new car to your daughter for a nominal $1,000<\/strong><\/li>\n<li><strong>Paying for something on behalf of someone<\/strong><\/li>\n<li><strong>Putting money into a family trust you do not control, or<\/strong><\/li>\n<li><strong>Making excessive donations to an institution<\/strong><\/li>\n<\/ul>\n<p><br><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-028f8ad elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"028f8ad\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5012f6b\" data-id=\"5012f6b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3199b54 elementor-widget elementor-widget-video\" data-id=\"3199b54\" data-element_type=\"widget\" data-settings=\"{&quot;youtube_url&quot;:&quot;https:\\\/\\\/www.youtube.com\\\/watch?v=vrHy92nzEzU&quot;,&quot;video_type&quot;:&quot;youtube&quot;,&quot;controls&quot;:&quot;yes&quot;}\" data-widget_type=\"video.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-video .elementor-widget-container{overflow:hidden;transform:translateZ(0)}.elementor-widget-video .elementor-wrapper{aspect-ratio:var(--video-aspect-ratio)}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{height:100%;width:100%;display:flex;border:none;background-color:#000}@supports not (aspect-ratio:1\/1){.elementor-widget-video .elementor-wrapper{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% \/ var(--video-aspect-ratio))}.elementor-widget-video .elementor-wrapper iframe,.elementor-widget-video .elementor-wrapper video{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .elementor-open-inline .elementor-custom-embed-image-overlay{position:absolute;top:0;right:0;bottom:0;left:0;background-size:cover;background-position:50%}.elementor-widget-video .elementor-custom-embed-image-overlay{cursor:pointer;text-align:center}.elementor-widget-video .elementor-custom-embed-image-overlay:hover .elementor-custom-embed-play i{opacity:1}.elementor-widget-video .elementor-custom-embed-image-overlay img{display:block;width:100%;aspect-ratio:var(--video-aspect-ratio);-o-object-fit:cover;object-fit:cover;-o-object-position:center center;object-position:center center}@supports not (aspect-ratio:1\/1){.elementor-widget-video .elementor-custom-embed-image-overlay{position:relative;overflow:hidden;height:0;padding-bottom:calc(100% \/ var(--video-aspect-ratio))}.elementor-widget-video .elementor-custom-embed-image-overlay img{position:absolute;top:0;right:0;bottom:0;left:0}}.elementor-widget-video .e-hosted-video .elementor-video{-o-object-fit:cover;object-fit:cover}.e-con-inner>.elementor-widget-video,.e-con>.elementor-widget-video{width:var(--container-widget-width);--flex-grow:var(--container-widget-flex-grow)}<\/style>\t\t<div class=\"elementor-wrapper elementor-open-inline\">\n\t\t\t<div class=\"elementor-video\"><\/div>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-583273b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"583273b\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5a74489\" data-id=\"5a74489\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fdde7e0 elementor-widget elementor-widget-text-editor\" data-id=\"fdde7e0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><strong>Selling a house<\/strong><\/p><p>Services Australia may include a gifted amount in your income and assets tests.<\/p><p>For example, you own a property worth $380,000. But you sell it to your child for $200,000. Services Australia would assess the $180,000 difference as a gift.<\/p><p>In some cases, Services Australia won\u2019t include it in your income and assets tests. For example, you own a house valued at $380,000. You sell it for $350,000 on the open market. This is because it was the best offer on that date and you didn\u2019t think it was a good idea to wait for a higher offer due to circumstances.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-ae760f5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"ae760f5\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-86e4a9a\" data-id=\"86e4a9a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f45e36 elementor-widget elementor-widget-text-editor\" data-id=\"2f45e36\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><em>The information provided is for informational purposes only and should not be construed as financial, investment, or legal advice.\u00a0 Always consult with a qualified financial advisor or legal professional before making any investment decisions.<\/em><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A very popular question when looking to retire is: how much can I gift without Centrelink stepping in? There are likely to be family members to think of, or perhaps you want to help financially if someone dear suffers a misfortune. The answer is gift&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3485,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","om_disable_all_campaigns":false,"_mi_skip_tracking":false,"footnotes":""},"categories":[71,70],"tags":[],"class_list":["post-3484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-money","category-retirement"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/3484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/comments?post=3484"}],"version-history":[{"count":7,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/3484\/revisions"}],"predecessor-version":[{"id":3494,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/posts\/3484\/revisions\/3494"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media\/3485"}],"wp:attachment":[{"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/media?parent=3484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/categories?post=3484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.villages.com.au/blog\/wp-json\/wp\/v2\/tags?post=3484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}