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  1. #1
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    Default Capital gains and centrelink payments

    Hi,I'm trying to find information about centrelink payments and capital gains. I'm planning to sell my investment property this fiscal year and will make a capital gain. I will earn no other income except net investment loss for this particular property. My question is does centrelink view a capital gain as taxable income or separately? I'm wanting to update my centrelink and don't know if I include my approximate capital gain or not?

  2. #2
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    Hi Lauren, I work at the Australian Government Department of Human Services in a team that responds to enquiries about Centrelink on social media sites like this one.

    For Family Tax Benefit purposes, capital gains are included in a family's adjusted taxable income as assessed by the Australian Taxation Office (ATO). So estimates of taxable income should include any expected capital gains.

    Hope that helps.

  3. #3
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    HelloThank you for this reply. If my income is $0 but I make a capital gain of $70,000 (which is subjected to 50% discount as its been held for more than 12 months), then centrelink views my taxable income as $35,000 for this fiscal year? Is that right?

  4. #4
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    You should contact the ATO to ascertain what part of your capital gains are income. The ATO contact number is 13 2865. Centrelink does provide Financial Information Services, to assist you in making informed financial decisions. You can contact a Financial Information Service Officer on 132 300.

    Cheers.


 

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