How will my gold bullion affect my pension income?

March 18, 2026 — 5:02am

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How is gold bullion categorised for Centrelink purposes – as an asset or as income? I am currently being assessed under the income test, so does this include the value of gold when it is purchased? If the value of the gold increases, does that affect my pension now or only when it is sold? Also, if I sell some gold, am I required to inform Centrelink if my income exceeds the deeming threshold, and if it does not exceed that threshold, can it remain unreported?

Gold bullion held as an investment is treated by Centrelink as a financial asset. It’s counted under the assets test and included in your pool of financial investments subject to deeming rules under the income test.

The market value of the gold is added to your other financial assets – bank accounts, shares, managed funds – and Centrelink applies standard deeming rates to that total to calculate your assessable income, regardless of whether the gold produces actual income.

Buying gold doesn’t create assessable income, but once you own it, the value must be declared to Centrelink. If the price rises or falls, that’s not treated as income, but the current value may affect your pension when reviewed.

When you sell gold, the proceeds aren’t treated as income – you’ve simply converted one financial asset to another. If the money goes into a bank account, it continues to be deemed.

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© The Sydney Morning Herald