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_leapm(Newbie)Newbie
25 July 2021

Hello, my parents are planning to give me some huge amount of money. It is very difficult to do it due to the foreign currency restriction from the country where they live.

We are planning to do it via USDT or other kinda of stable coin, I am going to open an account from btcmarkets which supports converting USDT to Australia Dollar, then withdraw it to my personall bank account. Just wonder if I need to pay tax? Also for the saftey of the fund, we plan to break the amount of money into 100K chunk, there are going to be a quite few transactions like this.To prove the USDT is a gift from my parents, what kinda of records my parents need to keep?

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847 views
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TonyATO(Community Support)Community Support
27 July 2021

Hello @leapm

Gifts of money given out of love are generally tax-free, unless you receive it as part of a business-like activity, such as an employee or contractor. If you're talking about cryptocurrency then yes there can be tax implications, have a look at transacting with cryptocurrency.

Also, where gifts may be tax-free, any income you earn from the money (like bank interest) will be taxable.

There is info on our website about tax records you need to keep.

:)

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Most helpful reply

TonyATO(Community Support)Community Support
27 July 2021

Hello @leapm

Gifts of money given out of love are generally tax-free, unless you receive it as part of a business-like activity, such as an employee or contractor. If you're talking about cryptocurrency then yes there can be tax implications, have a look at transacting with cryptocurrency.

Also, where gifts may be tax-free, any income you earn from the money (like bank interest) will be taxable.

There is info on our website about tax records you need to keep.

:)

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