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Hello @Yousufkhan
There is no specific limit on the amount of normal currency or cryptocurrency that can be gifted at any time.
But there is a likely capital gains cost for your parents if they purchase cryptocurrency and then transfer it to you as a gift.
The act of the change of ownership of the cryptocurrency from them to you triggers a CGT event. They have to declare any gain or loss occurring between the value in AUD of the crypto when it is transferred and the value in AUD when it was purchased. I'm not an expert in cryptocurrency, however, I'm fairly certain they would not be able to buy the crypto in your name, they would have to purchase it in theirs.
There won't be a CGT risk for them if they simply gift you the funds in AUD, and then you purchase your own cryptocurrency.
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Hello @Yousufkhan
There is no specific limit on the amount of normal currency or cryptocurrency that can be gifted at any time.
But there is a likely capital gains cost for your parents if they purchase cryptocurrency and then transfer it to you as a gift.
The act of the change of ownership of the cryptocurrency from them to you triggers a CGT event. They have to declare any gain or loss occurring between the value in AUD of the crypto when it is transferred and the value in AUD when it was purchased. I'm not an expert in cryptocurrency, however, I'm fairly certain they would not be able to buy the crypto in your name, they would have to purchase it in theirs.
There won't be a CGT risk for them if they simply gift you the funds in AUD, and then you purchase your own cryptocurrency.
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