I am 52, my wife is 50, we own our own home worth 1,000,000 and an investment property, 620,000.
We are currently paying 1250 a month extra on the loan for the property we eventually intend to reside.
In one year I would be giving her 12 payments of 180 plus one lump sum of 5,000, which comes to a total of 7,160.
A perfectly fit person making a modest gift to his daughter is highly unlikely to be accused of deliberate deprivation at a later date, in the way that an 80-year-old who has just been diagnosed with Alzheimers might if they started writing big cheques.The fact is, having been severely burnt, I didn't want to miss any recovery in the Target return which to my mind was the main culprit in the fall.Any shortfall in income could be made up by your wife taking lump sum super payments.The Growth Option I was in actually outperformed (in an ironic sense) the Balanced Option - minus 26 per cent to minus.5 per cent!You can make small gifts of up to 250 to as many people as you like scores if you want but you mustnt give any individual more than one of these gifts amounting to more than 250 or combine the 250 with another allowance (for.Two areas that you should be certain about before going ahead with your gift are your daughters benefit entitlement, if she claims anything.So, unless you are using these allowances on gifts to other members of your family as well as your daughter, it looks like you are in the clear on inheritance tax.I would now like to give her an additional 5,000 by way of a lump sum to help make up a shortfall in the deposit for a house that she and her partner are buying together.You may well wonder why I am still in mtaa.If they do, and she is not declaring contestant numbers on the voice something that she should be, that would be fraud.
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When these limits are exceeded the value of the gift is counted under both the assets and the income test.Q I have an smsf with two members.My super is about 45,400 in accumulation phase.Under the assets test does Centrelink ignore all of my wife's money in the fund when assessing my eligibility for a pension?If you were tragically to die within seven years of making the gift, then you still might not have to pay inheritance tax on your daughters money, because you could make use of various annual allowances.Since you have paid or will pay tax on your own income, as far as the taxman is concerned you can spend your money as you wish mending your roof, buying a new car, putting a bet on a horse or, indeed, ohio edison energy star rebate giving a cheque.I have 444,000 in super and my wife has 170,000.You can give away 3,000 in any one year completely free of inheritance tax.This would result in a reduction in your age pension of about 77 a fortnight..M.Gifting: What happens to your pension entitlement if you lend money, or give it away to relatives? .
If you are still working, or have regular pension or saving income, which it seems you do, and you are giving your daughter a payment every month and have done this for some time, then there would be no doubt that you fulfil this criterion.
As an unfortunate member of this fund I saw first my super shrink from 500,000 to 400,000 and then my pension shrink from its original 400,000 to 276,000 in 2009.