Centrelink has access to your Bank Account. They will know exactly how much is there. Transferring now would raise their heckles. I do not know how they allow gifts to your kids in your particular situation.
If the original Retrenchment payment was done via the bank, they will know as well.
Cheating Centrelink will come back like a boomerang, may take 2 years, but then you are in for it, including interest.
Best policy is to be honest.
