$30,000 Centrelink Pension Warning for Bank of Mum and Dad
If you're considering gifting money to help your children buy their first property, there are risks to consider about how this financial gift could impact your own budget. The Australian government has strict rules around gifts that can affect Centrelink payments, and failing to comply can jeopardize your financial welfare and benefits. Parents planning to help their children buy a home should tread carefully to avoid unintended consequences.
- Gifting money to children can have far-reaching implications for parents' retirement planning and financial security, as it may impact their ability to access government benefits or accumulate sufficient savings for old age.
- What specific steps can Centrelink take to educate the public about these rules and prevent potential abuse of the system?