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chackdi(Newbie)Newbie
16 Sept 2022

My relative who is not an Australian resident for tax purpose is visiting Australia and he wants to transfer money (around AUD 50K) to Australia for his expenses.

Since he does not have an Australian Bank account, he would like to transfer it to my Australian Bank account. I am an Australian resident for tax purpose.

Will I have any tax implications for the money transferred from overseas to my bank account? Am I liable to pay tax for the money received from overseas to my account?


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686 views
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Most helpful reply

GabbyATO(Community Support)Community Support
17 Sept 2022

Hi @chackdi,


Transfers between accounts like this one would not be subject to tax as it is a private arrangement, and would fall under our definition of gifted money. You would need to pay tax on any interest this money earns in your Australian bank account, though.


It would be a good idea to keep some form of documentation saying that this money is not associated with any kind of business transaction (for example, an email from the person transferring the money).


The page linked above goes through some examples and scenarios that might help you out.

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Most helpful reply

GabbyATO(Community Support)Community Support
17 Sept 2022

Hi @chackdi,


Transfers between accounts like this one would not be subject to tax as it is a private arrangement, and would fall under our definition of gifted money. You would need to pay tax on any interest this money earns in your Australian bank account, though.


It would be a good idea to keep some form of documentation saying that this money is not associated with any kind of business transaction (for example, an email from the person transferring the money).


The page linked above goes through some examples and scenarios that might help you out.

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Overseas Transfer from from relative to my Australian Account - Tax implecation | ATO Community