The festive season is a time of giving, not just the kind of wrapped gifts under the tree, but the financial ones that help children or grandchildren to buy their first car, pay for a home deposit or cover school fees. As a result, many senior Australians ask, “How much can I gift?”

The answer? As much as you want. While Centrelink has rules about how gifts are assessed, there is no limit on what you can actually give. For pension purposes, whether you’re single or a couple, the first $10,000 per financial year, with no more than $30,000 over five years, is exempt.

As the festive season rolls around, the giving of financial gifts is often a point of interest for retirees and pensioners.Credit: Dominic Lorrimer

Anything above is treated as a “deprived asset” for five years – meaning it’s counted as an asset and deemed to earn income just like it........

© The Sydney Morning Herald