Brian has been giving his son some accounting assistance but doesn’t know whether the money he has received is classed as a gift or income.
I am being paid the full Age Pension and have helped my son out this year with his financial affairs, for which he has given me $2536 in appreciation for this assistance. Would this be viewed as a gift by Centrelink and not declarable or income which should be declared?
A. Provided by Department of Human Services
Based on the details supplied, this would be considered a one-off gift received in appreciation for assistance provided to his son and not an hourly rate or wage for provision of services. If this is the case, a one-off gift received by a pension customer is not assessed as income. Brian will however need to advise the Department of Human Services if there has been any change to his assets (for example bank balances) as a result of receiving these funds.