Financial Planner Luke Smith joined 2CC Talking Canberra in Money Matters, which aired live on Friday 21 November 2025. The topic for this week is the Centrelink Asset Test. This test is one of two tests or assessments that Centrelink will do around assessing your eligibility for government aged pension income benefits. The other test is the Centrelink Income Test. Luke explores the Asset Test in detail. As the end of year approaches, he’s been receiving lots of questions on this topic as many people start to think about retirement next year. Seeking good advice about retirement planning can give you a more certain and more confident retirement income.

But before they start the show Luke answers a listener’s question: Can I withdraw money from my transition to retirement pension, place it in a bank account and gift it to my children? In short, yes you can!

Thank you for joining us live on 2CC, YouTube, Spotify or your favourite podcast streaming service for ‘The Strategy Stacker – Luke Talks Money’.

Key topics covered include:

• What is the difference between the income test and the asset test?


• What does the asset test include?


• Remember the family home is exempt!


• If you have an investment property the value less any debt on the property is recorded as an asset.


• Under the asset test, what total assets can you have as a couple?


• Remember, this test gets indexed. While you may not be eligible today, you might be eligible in a year of two.


• A part pension still provides you with the other benefits on offer!


• Which test determines what pension you get? Is it the Asset test on the Income test?


• How does gifting money affect your age pension entitlements?


• Do gifting rules apply to a spouse?


• Does my younger spouse’s super form part of the Asset test?


• What does deeming mean and how does it affect Age Pension entitlements?


• Understand the impact of downsizing and how it impacts before your Age Pension before you make decisions. 


• Luke shares his tips to help you understand how the Asset Test works when you apply for the Age Pension and some strategies you may consider.

 

Our podcast is also available on Apple Podcasts, Spotify and YouTube – ‘The Strategy Stacker – Luke Talks Money’

 

Do you need help with strategies and planning for your retirement?

<figure class="wp-caption alignright" id="attachment_19408" style="width: 300px;"><figcaption class="wp-caption-text" id="caption-attachment-19408">Retirement planning should consider your eligibility for income through the Age Pension. The Assets Test is one of the assessments Centrelink will make. Seek advice if you need help to understand the rules before you apply.</figcaption></figure>

Luke as a Financial Planner can help you set up a financial planning strategy to help you achieve your personal financial goals, including investment, super and retirement (including transition to retirement). Simply make an appointment to confidentially discuss your goals. Call Envision Financial Services on 6260 4749. You can use the contact us form to make an appointment, for a confidential discussion about your own goals and situation. Luke can also refer you to an estate planning solicitor within his network at no cost. 

Luke will return to 2CC to talk about other ‘Money Matters’ next week, we hope you can join us. You can also catch up with ‘The Strategy Stacker – Luke Talks Money’ podcast at a time that suits you.

We look forward to your company again. Luke’s book Smart Money Strategy is out now.