Q1.It's your money, you can do what you like with it.

Q2. Yes, no CGT for either of you.

Q3. Paying $240k to enter a Retirement village, you will be considered a Homeowner by Centrelink.

Your Pension will reduce somewhat due to gifting the $200k to kids. In the eyes of Centrelink, you can gift $10000 in one financial year, so the $250k ($190k gift + $60K in the bank) will be a financial asset. However you can have up to $268k of assets and with the low deeming rates at the moment, the income test will not bother you either, so full pension still.

I suggest you get some proper advice about your plans and don't rely on contributors here. There are possible consequences for both you and your son in the USA. You will be sending a considerable amount overseas and there may be tax implications for him under USA tax laws. You cannot gift more than $10,000 in a year to anyone and it will have repercussions for you at Centrelink.

This is a classic example of the consequences of having an asset test on the Age Pension.

Recipients like Colin M should not be made to jump through these bureaucratic hoops.

How simpler it would be if the full pension were paid to all regardless of assets.

Ironically, he may still receive the full pension, but having had to sort through this bureaucratic

nit picking, penny pinching, bean counting nonsense. Good luck Colin M, hope you come

through it all with a full pension which is your right. I'll bet you earned it.

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Colin, I strongly recommend that you see a fully qualified financial adviser. A "qualified" legal adviser can give you "correct" advice, and word that advice in uncomplicated, easy to understand ways.

By going to www.myagedcare.gov.au/financial-support-and-advice you will find lots of help that will set you in the right direction.

NOTE: (And this is VERY important) ...... don't listen to unqualified people or other pensioners (unless the pensioner is legally trained in these matters). Why? Because often these unqualified people are merely presenting their opinions and beliefs. 

Correct legal advice on these complex matters will not cost you a fortune, it will be simplified, and you won't be making any mistakes.