My family overseas wants to gift us $50,000 to help with our children's school fees. Do I need to declare it with the ATO? What supporting documentation, if any, is required?
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You have an amazing family, it’s wonderful they wish to help with your children’s education.
As a gift there is no tax payable on the gifted amount and it does not form part of your assessable income regardless of the amount they wish to gift. However if the money goes on to produce income for you, as an example, bank interest then the interest earned will become part of your assessable income and you would declare that amount.
We have a great article on the Community page that covers this topic I have included the link for you.
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You have an amazing family, it’s wonderful they wish to help with your children’s education.
As a gift there is no tax payable on the gifted amount and it does not form part of your assessable income regardless of the amount they wish to gift. However if the money goes on to produce income for you, as an example, bank interest then the interest earned will become part of your assessable income and you would declare that amount.
We have a great article on the Community page that covers this topic I have included the link for you.
Tax on gifts and inheritances.
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