I'm retiring in 2023 with a large amount of super.I'd like to be able to gift my 2 adult children a substantial amount (ie 250$K each) to get into the housing market. I don't think there are any tax implications for me as I will not be on a govt pension or receiving any benefits, but does this get counted as income for them?
Gifts (other than capital assets that are subject to CGT) are generally not taxable to either the giver or receiver. Lots of other things to consider though (e.g. if your children are in a relationship and the relationship ends, etc)
Gifts (other than capital assets that are subject to CGT) are generally not taxable to either the giver or receiver. Lots of other things to consider though (e.g. if your children are in a relationship and the relationship ends, etc)
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