19. Gift $XXX to increase your Centrelink Entitlements We recommend that you gift $XXX to <gift recipient> from your XXX account / investment. We estimate that this will reduce your Centrelink assessable assets by this amount which will in turn increase your Centrelink entitlements by $XXX per fortnight ($XXX p.a.). Benefits:
Gifting cash or assets up to $10,000 per annum and no more than$30,000 over 5-year limits, will reduce your assessable assets and increase your Centrelink entitlements. You will have more income to help meet your everyday living costs. You can assist <Gift recipient> by providing $XXX to <outline how the money is to be used>.
Points to Consider:
You will no longer have this cash at your disposal for spending. You will only receive a small increase in your Centrelink payment relatively to the gift you make. The long-term value of this lump sum is potentially more than the additional payment you will receive. Centrelink payments are subject to legislative change which may impact the amount of your entitlement in the future. Gifting to reduce your Centrelink assessable assets is subject to a $10,000 limit in one year and $30,000 limit over 5 years. If you have already gifted cash or assets, it may impact the estimates of your entitlement here.
20. Apply for Jobseeker Payment We recommend that you apply for Jobseeker with Centrelink. This will help you to meet your living expenses whilst you look for a new job. We estimate, based on your current income and assets, you will be eligible for $XXX per fortnight ($XXX p.a.). Benefits:
Jobseeker will give you a fortnightly payment that you can use to meet your living expenses. You will also get access to a Health Care Card providing discounts on bills and medical costs.
Points to Consider:
Payment of Jobseeker is subject to a waiting period depending on your asset level. We estimate that your waiting period will be XX weeks. Centrelink payments are subject to legislative change which may impact the amount of your entitlement in the future. Jobseeker is only payable whilst you are looking for work. Proof must be provided to Centrelink on request. You may work part time however your payment will be reduced for income earnt. You must notify Centrelink of any significant changes, within 14 days, for a review of your entitlements.
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