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Post by Banjo on Dec 23, 2011 15:57:40 GMT 7
How much to give? CHRISTMAS is a time of giving. The problem is if you receive the age pension, giving too much can get you into trouble with Centrelink. To ensure people do not maximise their eligibility for a pension, limits have been placed on how much can be given away. A single person or couple cannot give away more than $10,000 in cash and assets in a year. In addition, they can also not give more than $30,000 over a five-year period. When these limits are exceeded the value of the gift is counted under both the assets and the income test. Read more: www.smh.com.au/money/planning/how-much-to-give-20111223-1p7qx.html#ixzz1hLXSCQHv
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