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Ask Deborah Awyzio Your Own Question
Deborah Awyzio
Deborah Awyzio, Solicitor
Category: Australia Law
Satisfied Customers: 863
Experience:  Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience
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I am a retired pensioner - age 77. My brother in New Zealand

Customer Question

I am a retired pensioner - age 77. My brother in New Zealand who died last
year, bequested me $150,000 which I have put into a Pensioner Account.
I have advised Centrelink who have adjusted my pension.
Is there is anything more I should be doing. I believe this is tax free ?
Thank you.
Submitted: 1 year ago.
Category: Australia Law
Expert:  Leon replied 1 year ago.
Good Afternoon
My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise Please understand this is not legal advise but a guide to assist you.
The money is not taxable it is tax free
You pension is subject to an income test and an asset test
I believe it may be the interest earned on the money that is affecting you.
Have they said why they have adjusted it? Is it because of the interest you are now earning or because your assets have exceeded the amount for the full pension?