centrelink and inheritance and tax

[skybie]

do you have to inform centrelink about inhertance?
also do you pay tax on it?

[briggsy's girl]

inheritance is dependent on what payments you are on and what you are doing with it. if you're on income support, then yes, you need to inform amount and what has been done with it. the principle amount won't make much difference, but it does form part of your assets, and you'll have a deemed income from interest if you put it in the bank. always better to be upfront, get the advice on your particular circumstances etc.

if you're on ftb only, it's up to the ATO to deem what is considered taxable income and for that to ripple across to FAO for your ftb. if they state x amount will be the taxable amount, then you need to notify FAO of that for your estimates.