Fatma Sleiman, from Glenroy in Melbourne, was paid $107,000 in childcare fee assistance and more than $40,000 in carer payments, A Current Affair reports.
But she wasn't entitled to the benefits because of her income from a property she owns and was self-employed at the time.
According to the programme, Ms Sleiman owns two properties and has a speedboat parked in the driveway of her home.
The Department of Human Services says Ms Sleiman received the payments after a mistake was made when assessing her income.
She was not entitled to any help with childcare and only entitled to $4,195 in carer payments, court documents say.
Ms Sleiman owes $147,629 as well as $2,850 for legal costs, according to ACA.
Last month, it was revealed that Centrelink overpaid $2.84 billion to welfare recipients in the last financial year but the Turnbull government only recouped half the cash.
The new Human Services Minister Michael Keenan blamed human error and fraud for the overpayments.
'It is important that system operates with integrity, that people are not overpaid more than they are entitled to,' he said.
'If you have been defrauding the system, you can expect us to come down on you like a tonne of bricks.'
The Human Services department has only recovered $1.64 billion in overpayments.
Last year, the Turnbull government copped criticism for mistakenly sending robo-debt recovery notices to 20,000 people.
