A parent would like to provide us with a large financial gift (>$10,000, <$100,000). I read conflicting information about how much could be received as a gift, some information suggested maximum $10,000 per annum (cap of $30,000 over 5 years), other stated as long as it's a bonefide gift there is no limit. Can you please let me know for sure which is the correct answer?
Does it matter if the money comes from overseas? I understand that we would need to pay tax on any interest earned from the amount received, but we want to clarify if we have to pay tax for receiving the money. Will it count as income?
On a slightly different subject, does inheritance count as income? Or is that the same situation, that tax is paid on interest earned, but not on inheritance money received?
Thank you.
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