With the Spring racing season upon us, a win on the horse may be on the cards but how will such a win affect your Centrelink payments?
Are Centrelink payments to age pensioners affected by any gambling wins in Tatts, pokies or racing? And if so, what about gambling losses – are they also taken into account?
A. Provided by Centrelink
The payment of a one-off win (such as a win on the pokies/Tattslotto/racing) which isn’t a form of ongoing business income will not be treated as income for any payment type. The same applies to inheritances or prizes and awards (such as winning $100 for best sponge at the local fair.)
However, these types of wins are considered assets, depending on where the amounts received are invested. If a customer wins a sum of money it will be considered an asset and may impact on the level of the customer’s payment, depending on the customer’s particular circumstances. For more information on Asset Tests, click YOURLifeChoices link to Centrelink.
If that money is put in the bank, it will be deemed to be earning income according to the deeming rate. Deemed income may affect your payment. Gambling losses are not taken into account when determining your rate of Age Pension. It’s really important to let Centrelink know about any changes to your circumstances to ensure that you don’t receive an overpayment.