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Itsmee(Initiate)Initiate
14 Nov 2021

If i transfer a large amount of money which is approx 50k to my friend within australia then does she or i need to pay any tax on any of that money? What are the tax obligations for both of us?

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1 replies
4,005 views
1 replies

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Most helpful replyATO Certified Response

RachATO(Community Support)Community Support
ATO Certified Response15 Nov 2021

Hi @Itsmee,


There's no tax obligation for either of you if the money is a genuine gift.



However, if it's being exchanged for services they're providing (for example as part of their income earning activities or business-like activities), then they'd need to declare the amount.

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Most helpful replyATO Certified Response

RachATO(Community Support)Community Support
ATO Certified Response15 Nov 2021

Hi @Itsmee,


There's no tax obligation for either of you if the money is a genuine gift.



However, if it's being exchanged for services they're providing (for example as part of their income earning activities or business-like activities), then they'd need to declare the amount.

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