While a gift of money may seem like blessing, you should take into consideration how it will affect your Centrelink payments.
My mother is helping me purchase a car by gifting me a sum of money. My son suggested investing this amount in an ING account to gain some interest as the car will not be available for two months. How will this affect my Disability Support Pension (DSP) if at all?
A. The sum of money given to you by your mother will not be counted as an asset. However, if you were to place this money in an interest-bearing account, any interest earned will be deemed under the income test and may affect your DSP, depending on your current circumstances.
You should contact Centrelink on 13 2300 to discuss your circumstances prior to making any decision.