My mother lives overseas and I am an Australian resident for tax purposes. She plans to gift between A$80,000 to A$90,000 to me, by selling her shares and mutual fund investments. I intend to use the money as a deposit to buy a house. My queries are:
(a) Do I need to pay any tax in Australia?
(b) I know I have to declare any income/ profit generating from the gift amount, but do I have to make any declarations of the principal itself?
Regards,
Sam77.
Hi @Sam77,
Gifted money generally is an amount not included as income. This means you don't pay tax on the amount, and you don't need to report the amount to us.
You will need to declare and pay tax for any interest that you receive as a result of the funds being in your name, like you've mentioned.
You can read about amounts you do not include as income on our website.
(1) No gist tax in Australia, jut keep proof it was a gift.
(2) No.
Hi @Sam77,
Gifted money generally is an amount not included as income. This means you don't pay tax on the amount, and you don't need to report the amount to us.
You will need to declare and pay tax for any interest that you receive as a result of the funds being in your name, like you've mentioned.
You can read about amounts you do not include as income on our website.
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