My mother is on the age pension and she has credit card debt of about 20k. I'm her son, and I would like to help her pay off the debt in full. Would this have any impact on her tax or age pension payments?
If it does impact on the tax and age pension. Would the strategy of gifting 10k each financial year avoid any impact?
Thanks for your time.
My mother is on the age pension and she has credit card debt of about 20k. I'm her son, and I would like to help her pay off the debt in full. Would this have any impact on her tax or age pension payments?
No tax issues - this is all about DSS tests.
If it does impact on the tax and age pension. Would the strategy of gifting 10k each financial year avoid any impact?
There are limits for gifting - see age pension DSS rules.
My mother is on the age pension and she has credit card debt of about 20k. I'm her son, and I would like to help her pay off the debt in full. Would this have any impact on her tax or age pension payments?
No tax issues - this is all about DSS tests.
If it does impact on the tax and age pension. Would the strategy of gifting 10k each financial year avoid any impact?
There are limits for gifting - see age pension DSS rules.
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