Will there be any tax implication if parent give gift money a few times in a year?

 Author: GabbyATO(Community Support)Community Support

10 Oct 2022

Hi @Syloh,

Nope, gifted money is not considered assessable income so it wouldn't be taxable! However, if you're gifted money regularly then it's reported as target foreign income which doesn't have tax applied but used for other tests. If they're gifting you significant amounts of money you may want to keep some kind of proof (i.e., an email or letter stating that the money is a gift), just in case we ever ask.

However, if the gifted money goes on to produce income for you (for example bank interest) that would be taxable.

We also have an article on tax on gifts that goes through some common questions about this.