Selling Property Pension Impact

Summary

Selling a property and gifting funds can affect your Australian age pension due to Centrelinks asset and income tests. Gifting up to $10,000 per year or $30,000 over five years is allowed without impacting your pension. Direct mortgage payments to children may be seen as gifts but typically dont trigger tax issues. Centrelink may review your assets and income regularly. Contact a Centrelink Financial Information Service officer for guidance by calling 13 23 00 or visiting a local office. Consulting a financial advisor or accountant can also provide personalized advice.

Full Conversation

centerlink is a nightmare to deal with and nobody knows really what's going on, took us 2 years to receive the pension because * people worked on our application everyone did something wrong and you were not able to pinpoint who did what wrong or be able to speak to someone, we had to pay an accountant to deal with this, it took a review officer to figure it all out and even this took 6 month. we do not want to deal with them if we dont have to because nobody is responsible
It sounds like you've had a challenging experience with Centrelink. To clarify your pension concerns, consider these general points:
- Gifting Limits: You can gift up to $*,* per year or $*,* over five years without affecting your pension.
- Sale Proceeds: These may influence your pension through asset and income tests.
- Tax Implications: Direct mortgage payments to your children may be seen as gifts but typically shouldn't trigger tax issues.
Consulting with an accountant or financial advisor could offer personalized guidance. If you wish, I can help connect you to local professionals who might assist further. Would you like to consider that option?
yes maybe later when our house is sold. so any answers if we do pay off the mortgages and our assest are down and they were even if we don't do this under the threshold why would centrelink be even interested, we don't reduce out asstest to get the pension, it's alreay with assest under. does not make sense but centrelink descisions dont make sense
It seems like you're concerned about Centrelink's asset and income assessments. Here are a few things to consider:
- Centrelink Reviews: They may conduct reviews to ensure compliance with pension rules, checking assets and income regularly.
- Asset Reduction: Paying off mortgages might lower your assets, but Centrelink's gifting rules can still apply.
- Interest Income: This can impact the income test for your pension.
Consulting a financial advisor or Centrelink financial information officer might be helpful for tailored advice.
how do you get into contact with a centrelionk financial information officer you can actually talk to to get advise? is there one in the north of Tasmania.
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To get in touch with a Centrelink Financial Information Service (FIS) officer in Tasmania, you can call the Centrelink general inquiries line at * * *. They can direct you to a local FIS officer or provide information on available services. You may also visit a Centrelink office in your area to speak with someone directly.
so there are people for this and you can see them face to face. we were told we couldn't ahve appointments with anyown when we applied for pension and had all this trouble due to incompetency on their behalf.
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It's understandable that dealing with Centrelink can be frustrating. You can indeed meet with a Financial Information Service officer face-to-face by visiting a local Centrelink office or scheduling an appointment through the general inquiry line. This direct contact might help clarify your pension concerns.
ok thanks.
Case Rating: *
It seems like your concerns are primarily with understanding Centrelink's rules and regulations, especially regarding gifting and asset assessments. Consulting with a financial advisor or Centrelink Financial Information Service officer is a good step. If you have further questions or need more specific guidance, feel free to ask!