With many older Australians struggling to make ends meet on an Age Pension, gifts from family members can be a god-send. YOURLifeChoices subscriber Joe would like to know how much he can gift his parents each year without affecting their pension payments.
How much can I gift per year to my parents who are both on a part pension?
A. Provided by Centrelink
Certain types of income are exempt from the income test which means they are not included when working out the rate of payment you receive. The good news is that if you receive a pension, any periodic payments from immediate relatives (father, mother, son, daughter, brother or sister) are classed as exempt.
For more information on Exempt Income, try YOURLifeChoices simple shortcut to Centrelink’s website.
However Joe, if you are in receipt of any Centrelink benefits then gifting rules may apply to such payments.