Australia age pension and superannuation gifting rules

Retirees considering reducing their superannuation balances to qualify for the age pension should be aware of specific Centrelink gifting rules. A couple can give away $10,000 in a single financial year, up to a maximum of $30,000 over five financial years, without affecting their pension assessment.

Amounts exceeding these limits are still counted as assets for five years and are subject to deeming. Qualifying for even a part-age pension can provide benefits through a Pensioner Concession Card, offering cheaper medicines, bulk-billed medical appointments, and various state government concessions on electricity, water, transport, and council rates.

Alternatives to gifting superannuation include the Commonwealth Seniors Health Card, which provides concessions without an assets test. Additionally, proposed capital gains tax changes from July 2027 may include an exemption from the minimum 30 per cent tax for those receiving the age pension in the year of sale.