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whanata(Newbie)Newbie
17 Oct 2022

Hi,


I saw this question https://community.ato.gov.au/s/question/a0J9s0000001GZZ/p00040007 and I was wondering around the tax implication of my parents gifting me money to help buy property.


If for example, my parents gift me $500,000 while I'm looking for a place (first home to live in), would there be any tax implication around this?


I understand I would probably have to pay taxes on the interest rate, but do I have to pay CGT on that received amount too?

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11,261 views
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GabbyATO(Community Support)Community Support
17 Oct 2022

Hi @whanata,


If your parents want to gift you money to help you purchase property there aren't any tax implications on this (other than income from interest, as you've said). You wouldn't have to pay CGT on this either.


We have an article on tax on gifts and inheritances that goes through some common questions that you might find helpful :)

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Most helpful reply

GabbyATO(Community Support)Community Support
17 Oct 2022

Hi @whanata,


If your parents want to gift you money to help you purchase property there aren't any tax implications on this (other than income from interest, as you've said). You wouldn't have to pay CGT on this either.


We have an article on tax on gifts and inheritances that goes through some common questions that you might find helpful :)

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