How to hide money from Centrelink – Legally

Not a day goes by when I am not asked some form of question about how best to structure (hide) money to protect and improve a Centrelink benefit.

The question usually stems from the sale of a house, receipt of an inheritance or some other impetus.    

Whilst the term “hiding money” brings thoughts of illegal activity to mind, there are legitimate strategies available to you to preserve or enhance your eligibility for a Centrelink benefit.

The most effective strategy is adding money to superannuation.   Superannuation in accumulation phase is not assessed until you reach Age Pension age (this varies depending on your year of birth).  By adding money to the superannuation fund of a younger member of a couple, the older partner can benefit from an increased Age Pension payment. 

A similar strategy can be implemented for someone who retires before reaching Age Pension age and needs support from Centrelink.  There are restrictions around adding and accessing money from superannuation, therefore the strategy should be discussed with an appropriately qualified financial adviser before making any changes.

Other less generous yet effective strategies include:

  • Gifting – you are able to gift $10,000 pa and a maximum of $30,000 in any rolling 5-year period.  If you exceed these gifting limits in any way, you will be assessed as though you still have the money or asset. 
  • Prepaid funeral – prepaid funerals and funeral bonds up to the value of $13,250 are not assessed by Centrelink.  Buying one of these may assist in improving your benefit.
  • Spend it – Your home is not assessed by Centrelink therefore spending money on renovations and maintenance could help improve your Centrelink payment.  Spending money on things such as clothes or a holiday may also be helpful.  However, this is not something we recommend for clients because spending a dollar of your own money won’t result in you receiving a dollar from Centrelink.  Financially speaking, it is much better to preserve your wealth rather than whittle it away and rely on Centrelink.

I think it is also important to discuss the “elephant in the room”.  Hiding money under your bed is not a viable strategy.  Firstly, the cost of living is rising and if your money sits idle, your money is effectively losing value (purchasing power).  In addition, as people grow older and develop dementia, hidden money is often forgotten about.  Most importantly, if not declared, hiding money is fraudulent and can result in having to repay money received and criminal charges.  We’ve seen it many times before.

The strategies and advice mentioned above is of general nature only.  We strongly recommend you chat to someone who is appropriately qualified to discuss these matters and apply them to your personal circumstances.  If implemented incorrectly you could be in a worse off position.


  1. Jyoti Eagles on October 4, 2019 at 7:36 pm

    I am 68 and receive a pension. I own my home (value $300,000) and have no super. My mother just died and I will inherit about $150,000. It is in shares which she has had for some time. Will I have to pay capital gains if I sell them now ? I heard that if I hold on to them fir 12 months the tax is halved. Is this true? Will Centrelink make me sell them to live on? How long can I have the money or shares before it effects me as I want to move into another house?

    • The Muirfield Team on October 25, 2019 at 8:51 am

      Hi Jyoti

      There are quite a few things in play here. If your mother purchased the shares prior to 20 September 1985, you are deemed to have purchased them at the share price on date of death. If she purchased them after 20 September 1985, you will need to work out what she paid. When you eventually sell them, the difference between the purchase price and what you sell them for is a capital gain. This may be taxed. I suggest you consult an accountant to work out the tax implications.

      Under no circumstances can Centrelink or the the Government compel you to sell your shares, they simply include them in their assessment for determining your Age Pension.

      If you would like more information, please do not hesitate calling the office on 03 5224 2700

      All the best


  2. kerry walker on November 1, 2019 at 4:38 pm

    If I have shares and sell them to put into my superannuation will I still have to pay capital gains tax?

    • The Muirfield Team on November 19, 2019 at 8:42 pm

      Hi Kerry

      Yes, you may well need to pay capital gains tax if you sell your shares regardless of the fact you added the proceeds to superannuation.

      You should consult your Accountant regarding this matter.

      All the best


      • Dabbu on June 15, 2020 at 10:40 am

        I hv investment property , my purchase value was 540000$. And my loan is 395000$. I received family tax benefits from central link. My question is how do they calculate my asset.

        • The Muirfield Team on June 18, 2020 at 7:44 am

          Hi Dabbu

          The Family Tax Benefit, both part A and part B, are income dependent. The value of your home does not come into consideration, however, if you charge rent it will be considered taxable income which may impact your benefit.

          I trust this helps

          Stay safe


        • David on July 6, 2020 at 1:11 pm

          Im on newstart & in a depth housing apartment. I may be inherenting $300,000.00.
          If i do receive a large sum of money how do I stop it affecting my benefits & my apartment.

          • The Muirfield Team on July 8, 2020 at 2:08 pm

            Hi David

            Please call the office on 03 5224 2700 if you’d like to discuss the specifics of your situation.

            All the best

            Courtney Robinson

  3. Pete Roper on November 6, 2019 at 11:24 am

    Just a small point but, as I understand it, if I buy a $50,000 new car I still have to declare its value within my assets BUT it is now a “fire sale” value which could be as low as $40,000 immediately after I have left the show-room.
    Also can you confirm that if I pre-pay an overseas trip for say $30,000, then my assets immediately drop by that sum when the payment is made?

    • The Muirfield Team on November 19, 2019 at 8:47 pm

      Hi Peter

      You are correct in both instances. It’s important to ensure you place a reasonable value on your new car. Centrelink online valuation tools to ensure your estimation is reasonable.

      All the best

      Courtney Robinson

  4. Bill Evans on November 18, 2019 at 1:18 pm

    I’m single, 64 years old, own my own home, have approx. $550K in assets and I live on north coast of NSW.

    My family live in the ACT and after the recent fires, I am thinking of relocating to be closer to them. My home on the north coast is valued around $300k and a modest home in Canberra will cost me around $500k so I would have to use around $200-$250k (with stamp duty/moving costs etc) of my current assets to relocate.

    Under current Centrelink rules, will I be able to apply for a part-pension after reducing my assets to relocate? I note that Centrelink ‘gifting’ rules apply for 5 years prior to applying for pension.

    I would be grateful for your advice.



    • The Muirfield Team on November 19, 2019 at 8:51 pm

      Hi Bill

      As you’ve noted the home is not assessed when determining your eligibility for a benefit. If you use your personal savings to buy a more expensive home them you may become eligible for an Age Pension. I suggest you call our office on 03 5224 2700 to discuss your personal circumstances in more detail.

      All the best

      Courtney Robinson.

  5. James Green on November 21, 2019 at 1:12 am

    Cannot find anywhere at all after rephrasing about 15 times, information regarding:
    When my assets reduce by $1000 do I get an extra $3 a fortnight on my part aged pension?

    • The Muirfield Team on November 21, 2019 at 1:35 pm

      Hi James

      When Centrelink determine your rate of Age Pension benefit they use the income test and asset test. Both test are independent of each other and one of them could be the limiting factor for you. The rules you speak of to relate to the asset test. It may be that your rate of payment is limited by the income test. The are quite extensive rules surrounding your assessment for the Age Pension therefore I think it is best you call our office to discuss your personal circumstances rather than try and explain it via the website.

      Our number is 03 5224 2700

      All the best


  6. Carmen on December 12, 2019 at 8:14 pm

    Hello I have an apartment overseas which i have declared to Centrelink, I am now selling it and will transfer the money to australia in order to have a deposit for my house. It will be around $200,000. Im currently receiving payment from Centrelink for my 2 kids and have a concession card as I am not working due to mat leave and my partner earns below $60k per year.
    I am worried about transfering this money to my account and then Centrelink making me pay everything back. It is quite a bit of money but my intention is to put everything towards my house. How do I do this? thinking openning an account under my kids name and trasnferring there. Will I be ok with that? thanks

    • The Muirfield Team on December 17, 2019 at 8:47 am

      Hi Carmen

      By the sounds of it you have a complex situation on your hands. When you speak of Centrelink benefit for your children, I assume you are referring to the family tax benefit.

      If this is the case, repatriating money from overseas won’t necessarily impact your payment because it is not taxable income. With that being said, there are a few other complex issues to tackle.

      Please give the office a call on 03 5224 2700 to discuss things further.

      All the best

      Courtney Robinson

  7. jim wapling on December 30, 2019 at 1:34 pm

    can centelink access my bank accounts ……iif I receive a large sum of money can centrelink request details of where it came from and when and bank statements to prove it ?

    • The Muirfield Team on January 2, 2020 at 9:15 am

      Hi Jim

      Whilst Centrelink don’t have direct access to view your bank accounts, they do have data matching capabilities. It is your responsibility to update them in an honest and timely fashion. If you do not, over time they may audit you and ask you for bank statements to prove your financial history.

      We have seen numerous cases where people are forced to pay back significant sums of money.

      All the best

  8. Shane on January 20, 2020 at 10:55 am

    My mother is in a nursing home. I am a protected with our home after caring for both my perants
    And living with them for 10 years.
    My mother had assets bank account and car tot 86000.00
    But since June 2019 the facility has been taking a daily care fee .
    Of $69.00 per day. Being her P.O.A I have access to her account
    Her pension falls short of her fees .
    I needed to buy her an electric wheel chair out of her account.
    And numerous other comforts. Will the nursing home still bill me for this .
    Once her assets hits $49,500.

    • The Muirfield Team on January 20, 2020 at 5:00 pm

      Hi Shane

      For all residents, a basic daily care fee of $51.63 per day (current until 20 March 2020) is payable. Based on an individual’s financial means, further fees may be payable in the form of an Accommodation Payment or Contribution, a Means Tested Care Fee and Extra Services fees.

      Based on the information you have provided it appears your mother entered care under a partially supported arrangement. This may mean she has to pay a small daily Accommodation Contribution in addition to the basic daily fee.

      Based on what you have described, your mother should be in receipt of the maximum Centrelink Age Pension of $933.40 pf. If this does not cover your Aged Care fees, clients often use savings accumulated in the bank to meet the shortfall.

      I would encourage you to contact our office on 03 5224 2700 to discuss this in further detail should you wish.

      All the best

      Kate Officer

  9. Denise Timanus on January 22, 2020 at 12:23 pm

    We are a couple. Live in Austtalia, Own our home here. Have 180,000 in the bank.
    We get The NZ age pension plus and a small top up from centrelink. We have a 15,000 car. Second hand furniture and clothes.
    Otherwise no other assets. We are 70 and 72 years.
    My parents have just left us inheritence of aprox 160,000. From NZ yhe soli iyor has advised it will soon be deposited in our Koiny account.
    How will this affect our pension that has been in place for over 5 years?
    I need to have an operation costing abouy 15,000 and we want to do up our bathroom
    very soon.
    What should we do?

    • The Muirfield Team on January 31, 2020 at 10:54 am

      Hi Denise

      Australia and New Zealand have an agreement whereby they share responsibility for paying welfare benefits. If you circumstances change, you should update Centrelink who will in turn pass the information on to New Zealand. Based on the information you have provided it’s hard to ascertain whether it will impact your pension benefit. I suggest you call our office on 03 5224 2700 and I will be able to answer your question in more detail.

      All the best

      Courtney Robinson

  10. M.Ibrahim on January 27, 2020 at 8:47 pm

    kindly , i am asking your help to illustrate me why the centrelink online services delete the access to mange income and assets from my menu.
    first they put the income under assessed . then, they asked for documents. after that the delete the access to mange the income from the button of family income and assets. my question is why they took this step.

    • The Muirfield Team on January 31, 2020 at 11:07 am

      Hi Ibrahim

      Centrelink encourage you to update your income and assets via their online portal. When there are significant changes to your circumstances Centrelink require supporting documentation before they will implement the update. In some circumstances they will not allow you to amend the income or asset online and you must contact them directly. This sounds like it has happened to you.

      All the best

      Courtney Robinson

  11. Jac on February 4, 2020 at 2:38 pm

    My dad is the sole beneficiary of my mother’s estate, which is made up of a RAD from her aged care facility where she had been due to dementia. Everything else mum owned jointly with dad, so he should automatically inherit those. Dad is also the executor of mum’s estate and is thinking of paying the RAD to my sister & I directly from the estate. Will Centrelink be able to track this if it never hits dad’s own account?

    • The Muirfield Team on February 4, 2020 at 5:11 pm

      Hi Jacqui

      Centrelink rely on regular updates from recipients in order to accurately determine ones eligibility for support.

      They do not have access to your father’s bank account nor do they assume joint assets were transferred into his name.

      You will need to help Dad update Centrelink as to where your Mum’s assets were distributed.

      Please contact our office on 03 5224 2700 if you would like to discuss the practical implications.

      All the best

      Courtney Robinson

  12. jgp on February 26, 2020 at 3:05 pm

    Does my Centrelink aged pension payment get included into my assets (if it stays in my bank account) AND does the March adjustment each year use the same annual super(pension) asset amount (July)?


    • The Muirfield Team on March 2, 2020 at 10:32 am

      Hi there

      Centrelink include your bank balance when determining your level of assets. As a result, if your bank balance increases over time, it may impact your pension. As for your superannuation balance, your provider may update Centrelink on your behalf. Many do this twice a year. Centrelink determine your payment rate off the most recent data they have.

      All the best

      Courtney Robinson

      • J on March 4, 2020 at 10:38 am

        Thank you…to confirm…if the centrelink payment is left in my bank balance, does that payment show up as a higher asset total..(which seems very odd!) So if I don’t use it, it becomes an asset?

        • The Muirfield Team on March 10, 2020 at 3:06 pm

          Yes, by letting your bank accumulate you will have higher assets which may impact your Age Pension. With that being said, it may take a few years of not spending a cent before it will have a material impact.


          Courtney Robinson

  13. jenny Kennye on March 17, 2020 at 3:46 pm

    A inheritance of app 240,000 will come to me over this year. My husband is 65 in august will not transfer from disability to age pension until 66.5 years…. I am 63 and to transfer from wife to carer pension soon under new ruling… We have a mortgage of $20,000. a 80year old house in need of new bathroom and repair. Estmated $50,000 in cost.
    My understanding is this mortgage and repairs can be taken from the inheritance and will not be seen as asset until bank interest is received. What do I do .. do I have to prove in some way ie receipts as to how the money is spent???

    • The Muirfield Team on March 19, 2020 at 8:26 am

      Hi Jenny

      You are correct in saying money spent on principal home renovations and paying off the mortgage will reduce the amount Centrelink asssess.

      We advise clients to update Centrelink in two parts. First, let them know once you have received an inheritance payment. Second, provide a further update once you have spent the money. You can do this by simply providing a bank statement and a cover letter saying you have spent money on renovations. If they ask questions, you can point them to transactions on your statement which substantiate your claim.

      I’d be happy to chat on the phone to provide you a little more context about updating Centrelink. Our number is 03 5224 2700.


      Courtney Robinson

  14. Elkay on March 18, 2020 at 10:07 am

    My husband passed away a couple of months ago, I gave up work andwas receiving a carers payment and allowance, after his death this was paid for 14 weeks which ended last week. centrelink have advised the only other benefit to me is Newstart. I am 64 cant get aged pension until i am 67 and have always worked and intend to return to some part time work hopefully.
    I received my husbands life insurance pay out. i need to upgrade some things on our home and pay off the mortgage, keep paying rates, water power etc before I can sell the house and buy a smaller house for myself. Can or does Centrelink count the life insurance as an asset and therefore I would not even be eligible for the small Newstart payment they have advised to claim….Thank You

    • The Muirfield Team on March 19, 2020 at 8:36 am

      Hi Elkay

      Sorry to hear of your loss. What you’ve said sounds like you are largely across the Centrelink rules.

      The life insurance proceeds may or may not be counted depending on where you put them following the payout.

      For example, paying off your mortgage and doing works on your home will reduce the amount which is assessed. Adding to superannuation can also be of benefit though there are rules and we suggest you seek advice before doing this.

      Feel free to call our office on 03 5224 2700 if you require a more detailed answer.

      All the best

      Courtney Robinson

  15. Kelly merchant on March 26, 2020 at 7:01 pm

    My mum retired in her early 60’s with all of 40,
    000 super. She’s been using that to pay the mortgage and General loving costs for approximately 3 years. Since then she realised she can’t keep up with the cost so started to try and make income as a sole trader. It kid for itself but didn’t make more than $250 a week income. Since then she returned to child care in the last few weeks but now because of covid she can’t do that either. She has 3 children including myself who give her between $50 and maybe $150 a week each. It’s not convenient for my siblings who live far to pay cash every week. Is it possible to have an account that only we pay into that Centrelink doesn’t know about ?. As she is 63 in November she is not age pension age for about another 4 years but in my early 30’s I already have more super than that. Her only asset is her house which she still pays a mortgage for and is worth $200k if she’s lucky

    • The Muirfield Team on March 27, 2020 at 8:08 am

      Hi Kelly

      By the sounds of your mother’s circumstances she may be eligible for Newstart Allowance (recently renamed to Jobseeker). Whilst there is an activity test, she may be able to meet this by volunteering 15 hours per week. At present the Jobseeker allowance carries an additional $550 pf coronavirus stimulus allowance. I strongly urge you to look into this. In addition, it is not illegal for family members to support each other and it will not impact your mothers Centrelink payment if you all decide to help her out. If you go down the route of setting up a bank in her name to deposit into, it will be assessed by Centrelink though by the sounds of the level of money you’re talking about it won’t likely have much, if any, of an impact.

      Feel free to call our office on 03 5224 2700 to discuss this further if you’d like.

      All the best

      Courtney Robinson

  16. Tristan on April 2, 2020 at 4:29 pm

    I’m on Youth Allowance. About 3 weeks ago, I had sold some shares for significant loss. Then a few days ago I earned a small profit when selling other shares. Do I need to report this as a type of income to Centrelink ? Because combined with the shares I sold for loss 3 weeks ago, I still made a loss overall. Please help. I really appreciate your advice

    • The Muirfield Team on April 3, 2020 at 2:04 pm

      Hi Tristan

      For starters, Centrelink do not consider capital gains income (or losses for that matter). From their perspective, if you have made a loss then your overall assets will be lower and vice versa if you make a gain. Your job is to update Centrleink any time you buy or sell an asset and they’ll do the rest of the calculations.

      I hope this helps.


      • Edo on May 24, 2020 at 12:34 pm

        Hi, so if I made capital gain from sale of a property in late 2019 but lets say the money was all gone within a short time and nothing left now, what impact would this have on me applying for a centrelink income support now ? Thank you.

        • The Muirfield Team on May 25, 2020 at 10:40 am

          Hi there

          Centrelink assess your income and assets at the time of application. Apart from gifting and a few other things, they are not concerned about what you have done in the past. Simply declare what you own and earn and they will make an assessment.

          I hope that helps.


          Courtney Robinson

  17. jude rollin on April 14, 2020 at 9:32 am

    I am 60 years old, unemployed and have been living frugally off term deposits, the last few years. The rates are so low now; I am eating quickly through my savings. I have too much cash assets for the dole. Can I put a non concessional cash contribution to my super (only $3000. cash in it at the moment) and apply to centrelink ? Will my money be tracked and considered hiding money to gain the unemployment benefits ?

    • The Muirfield Team on April 14, 2020 at 10:08 am

      Hi Jude, a great question and definitely one our advisers are qualified in answering. I suggest you give the office a call on (03) 5224 2700 to discuss.

  18. Alan on May 18, 2020 at 1:35 pm

    My wife and I are 63 years old retirees on a super allocated pension but have lost a substantial amount of investment due to covid-19. To preserve what is left is it possible to apply for jobseeker and continue with my allocated pension until we are back on our feet?

    • The Muirfield Team on May 20, 2020 at 9:14 am

      Hi Alan

      There is a distinct possibility you may be eligible for Jobseeker allowance given the Government have temporarily removed the asset test threshold. That being said, there are other criteria you need to consider. I suggest you call our office on 03 5224 2700 and I can give you a clearer idea of your eligibility.

      All the best

      Courtney Robinson

  19. Quinn on June 4, 2020 at 11:14 am

    I am getting a inheritance of about $100,000. I need to put it somewhere as it is not enough yet to buy a house. If I put it into super, I cannot get it back out can I? DOB: 1963. Any suggestions on where it can earn interest without centrelink knowing or getting taxed.

    • The Muirfield Team on June 9, 2020 at 2:10 pm

      Hi there

      Unfortunately your question requires us to give more than general advice. Generally speaking the only assets that are not assessed by Centrelink are your home or Superannuation if you are under Age Pension age.

      If you’d like us to consider your personal circumstances, please call us on 03 5224 2700.

  20. Tania Robinson on June 7, 2020 at 1:35 pm

    If I have $8500 in bank account, $5000 of that just got paid into my account from super money and I want to apply for the aged pension will this affect the amount that I get paid

    • The Muirfield Team on June 9, 2020 at 2:08 pm

      Hi Tania

      Unfortunately we would need more information to properly assess whether cash in your bank account will impact your Age Pension benefit.

      If you would like to discuss things in more detail, please call our office on 03 5224 2700

  21. Gough on June 14, 2020 at 2:55 pm

    I am on jobseeker and will inherit approximately 60 thousand $$ from my late Mother’s estate when it is settled in 6-9 months. I know I can gift 10 thousand to someone (deeming) and I intend to spend around 10 thousand on car repairs, new clothes, a new computer and paying off my credit card, going to the dentist, nothing extravagant but as I’ve been unemployed several years I’ve been living on a shoestring. I don’t own any property and am renting. Centrelink says a one off inheritance is exempt unless you put it in the bank. I doubt it’s even possible to not have it deposited initially in to my account? Can I put the remainder in a non interest bank account or some other non income generating type to not have it lower my benefit payment?
    I am 50 years old and have a congenitally deteriative disease, my life expectancy is approx 60. I don’t want to put it in to Super as I’d like to access it when needed for medical care & quality of life, or if my car carks it etc I also intend to purchase a funeral bond of around 6-7K.

    • The Muirfield Team on June 18, 2020 at 8:17 am

      Hi Gough

      Sorry to hear of your circumstances. Unfortunately I feel you have been provided some misinformation from Centrelink. Once you receive the inheritance it will be assessed just like any other money you have. If left in the bank, the inheritance will be included under the asset test as well as deemed to earn an income under the income test. As you have touched on, adding to superannuation may be of benefit because superannuation is not assessed until you reach age pension age, however, there are access issues to consider.

      It is important to note your rate of payment isn’t impacted by your level of assets, it simply cuts out if your assets exceed $473,750 as a single, non-home owner. By the time you have spent some money on personal upkeep, assuming to keep the remaining balance in the bank, it will be deemed to earn an income.

      Please give the office a call on 03 5224 2700 to discuss the impact on your situation.

      All the best


  22. WAZZA NOTTAGE on June 15, 2020 at 1:25 pm

    I’m on the Disability Support Pension and will in the course of this year will receive an inheritance . Will my pension be affected upon final receipt of the inheritance and would i be able to open a Superannuation account to possibly put that money into?

    • The Muirfield Team on June 15, 2020 at 4:55 pm

      Hi there

      Centrelink rules allow superannuation to be held in accumulation phase and it will not be assessed for determining your benefit until you reach Age Pension age.

      To answer your question, yes, it may be possible to add your inheritance to superannuation to protect your DSP payment. However in considering this move it is important to consider super contribution rules and limits as well as access restrictions. I’d be happy to have a chat if you call our office on 03 5224 2700.

      All the best


  23. Lizzy Smith on June 17, 2020 at 2:28 pm

    My husband will be receiving a gift of $50,000 from his mother overseas at the end of the year. We’re both on jobseeker at the moment and a few years off the pension. How will this affect us?

    • The Muirfield Team on June 18, 2020 at 8:04 am

      Hi Lizzy

      To fully ascertain the impact your inheritance will have on your payment, I will need a lot more information. If you’d like to chat further, please call our office on 03 5224 2700.

      Your rate of payment is dictated by an income test. If you decide to leave the $50,000 inheritance in the bank, it will be deemed to earn an income which may impact your rate of payment.

      There is also an asset test. A couple can have assets of $394,500 before losing Jobseeker. Assets assessed by Centrelink do not include your home or superannuation, provided you are not drawing a pension from it. The asset threshold has been put on a temporary hold due to COVID though we expect it to return in the coming months.

      As I said earlier, I feel a quick phone call will be more useful to answer your question, Lizzy.



  24. Alan on June 19, 2020 at 8:56 am

    When Centrelink jobseeker reintroduce the asset threshold will I be able to continue with my $7,000pa superannuation allocated pension or will my super balance of $345,000 be then counted as an asset and put me over the Centrelink asset limit.

    • The Muirfield Team on June 23, 2020 at 12:03 pm

      Hi Alan

      The rules state that superannuation in accumulation phase is not assessed by Centrelink until you reach Age Pension age. Once you begin drawing a regular pension your account is assessed by Centrelink, regardless of your age.

      Without knowing your personal circumstances I can’t comment on the impact this change will have on your benefit. If you’d like to chat further, please call our office on 03 5224 2700.

      All the best


  25. Jem on June 22, 2020 at 9:19 pm

    Hi there, my mother whom is on the aged penion was left $80,000 inheritance. She offset that amount off her mortgage and would now like to start to take it out of the mortgage and back into her everyday savings account to spend. Are there any centrelink implications around this for her? Many thanks for your help.

    • The Muirfield Team on June 23, 2020 at 12:16 pm

      Hi Jem

      I would need to get more information to provide you with an accurate answer. To discuss her circumstances, please call our office on 03 5224 2700.

      As a starting point I can give you some general advice. Money that is used to pay off a mortgage on a principal residence will no longer be assessed by Centrelink. This does not include adding money to an offset account. Money in an offset account is included for Centrelink means testing purposes. Moving money from an offset account to a savings account will have no impact, both are fully assessable by Centrelink.

      I trust this points you in the right direction.

      All the best


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