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_Srb1(Newbie)Newbie
9 May 2021

hi, my father in New Zealand wants to make a once off gift payment into my Australian bank account. The amount is approx $AU 15,000 which I will transfer straight into my personal loan (so I will only have the interest left for me to pay the loan completely out).

I appreciate that I will have to declare this $AU 15,000 money gift on my 2020/2021 tax return, however I am checking to see if I will have to pay tax on some of it (as it seems that the amount the ATO state that the amount a person can be gifted in Australia is only up to $10,000 per year.

many Thanks,

SRB1

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TaxedoMask(Devotee)Devotee
10 May 2021

There's no limit on gifting - if its out of genuine love and affection / due to a private/domestic arrangement nor do you need to disclose it on your tax return.

The $10,000 limit refers to Centerlink implications - see here.

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Gift money from NZ to Australia | ATO Community