I was wondering if i'm 64 and make a single $5000 lump sum payment into my super does this affect my ability to get a pension when applying for it- will they consider it as 'gifting'. To my understanding if i say give 5k to my relative it comes under 'gifting'. Would the asessors look into personal super contributions and say the same? ( i understand under the assest test it has to be over 250k total to affect pension)
Super Personal Contribution Can Affect Pension?
funnysht on 18/06/2020 - 20:00
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thanks.i unpublished my previous post because it was posted in the wrong thread!
Correct,
to explain it a little differently, when applying for a pension the total value of your superannuation is considered as part of your assets, just like money in the bank, hence as you say in effect you are just shifting assets around.
i thought it would be similar to say applying for youth allowance etc..if you have $5k in your account they ask you to use that first then apply, or if they see that you gifted $5k then they say you need to explain that.
But if nots that's good
The aged pension is different, and thats what I was talking about. I think you understand but just clarifying that.
Also on a related point. If you do gift say $5K eg to a friend/family/enemy, (again not a gift if its to your super) then it is classified as an asset for 5 years from date of gift. After 5 years its no longer classified as an asset of yours.
If you are still talking about the age pension, that 5-year "deferred asset" only applies if you gift more than $10,000 a year, or more than $30,000 over 5 years.
No. You are still the ultimate beneficiary. The situation you are describing is analogous to moving it to another one of your bank accounts.