GIVEAWAYS: Let's talk gifting.
GIVEAWAYS: Let's talk gifting. contributed

Gifting and the transfer of assets

GIFTING is a term used when a person or their partner gives away assets, including transferring assets for less than market value, and does not receive adequate consideration for the gift or transfer in the form of money, goods or services.

The gifting rules allow gifts of:

  • $10,000 in a single financial year (for a single person or couple combined);
  • $30,000 over a five-year rolling period. The rolling five-year period is the current financial year plus the previous four financial years.

Any unused limits may not be accumulated from year to year. 

Gifts in excess of the above limits are:

  • Included as an asset until the fifth anniversary of the date of the gift.
  • Deemed to earn income in the same way as financial assets.

Any amounts disposed of or gifted in the five years immediately before a person was granted an income support payment can also be considered and will be used in asset and income assessments for Centrelink purposes.

Gifting includes:

  • Money or any asset transferred to members of the family or other relatives
  • Gifts to other people or charities
  • Gifts to private trusts or companies where a person or their partner are not the controller of the trust or company
  • Assets sold for less than their market value
  • Relinquishing control of a private trust or company
  • If this is done, a person will be considered to have gifted all the assets held by the trust or company
  • Transferring shares in a private company or units in a fixed trust and full market value is not received for them.

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