Social security means testing rules

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Gifting rules for social security means testing allow gifts of $10,000 per financial year and a maximum amount of $30,000 over a rolling five financial year period – amounts that exceed these limits are treated as “deprived assets”.

Deprived assets are counted as a person’s asset and subject to deeming under the Income Test for five years from the date of the gift. You cannot ‘bring forward’ the annual limits and access the $30,000 limit in one year. Where a person gifts $30,000 in one year, $20,000 is held as a deprived asset for five years.

However, amounts held as a deprived asset does not count towards a person’s annual gifting limit in the following year or their rolling five-year limit of $30,000. This means you could gift up to $10,000 in the second year and another $10,000 in the third year without increasing the amount held as a deprived asset.

These limits apply to both singles and couples combined meaning couples do not have the benefit of accessing two times these limits.


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