Investing for grandkids

I am no genius in these matters but we had $6000 in the bank for each of my three grandchildren and us as the signatory, and Centrelink counted this as our assets for pension purposes. i.e. they reduced our pension. We changed the accounts to their names and addresses and we still contribute to the accounts. Another trap for pensioners?

A: Hi Graham,

Thanks for the feedback.

Possibly a trap.

Initially, it may have come down to a view on who controlled the account (see the ATO’s view on this), and no child TFN.

When you changed it – are they still assessing this under the assets test? If so, are they deeming it a gift?


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