Loading
This thread is archived and the information may not be up-to-date. You can't reply to this thread.
LadyT(Newbie)Newbie
11 Jan 2023

Hi, my father wants to give a very generous present to my first child’s birth but he is in Russia and therefore at the moment unable to do regular bank transfer because of the situation.. I’m trying to figure out if receiving USDT as a gift from them and then depositing it into fiat(AUD) straight away into my bank account will be taxable? It is about 100.000AUD which is something he was saving for his grandchildren. I know that if it was a normal bank transfer of gift money from family it wouldn’t be taxable, but if crypto is our only way to get this done can we also not pay tax?

2,707 views
3 replies
2,707 views
3 replies

Most helpful response

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
12 Jan 2023

receiving USDT as a gift from them and then depositing it into fiat(AUD) straight away into my bank account will be taxable?


No CGT if done on the same day + no income tax on gifts.


Need to keep records to show that it is not money laundering.


All replies

Most helpful reply

Bruce4Tax(Taxicorn)Taxicorn
12 Jan 2023

receiving USDT as a gift from them and then depositing it into fiat(AUD) straight away into my bank account will be taxable?


No CGT if done on the same day + no income tax on gifts.


Need to keep records to show that it is not money laundering.


hodl_l00t(Dynamo)Dynamo
16 Mar 2023

Hey Lady,


Genuine gifts that you receive are not taxed when they are received.


However, when you sell the USDT, it may be taxed (e.g. as capital gain/ loss).


Since the time between when you received the gift of USDT and when you sold the USDT is minimal, it is unlikely that the USDT has changed much in value. In which case the gain or loss would be close to zero in practice. Some of the crypto tax software, like Syla, allow you track the gifted amounts so you get the correct cost base.


As the amounts involved are large, you might also consider documenting the gift in some manner.


(edited by moderator 16/03/23)

Featured articles

How to work out your tax residency

15 Apr 2026 · 8 min read time

Crypto and your taxes

4 Dec 2023 · 9 min read time

Top liked users

  1. Taxduck

    (Taxicorn)

    1247 likes

  2. Bruce4Tax

    (Taxicorn)

    1115 likes

  3. YellowPotato

    (Taxicorn)

    327 likes

  4. Ken_Oath

    (Master)

    199 likes

  5. knaresbro

    (Devotee)

    138 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    3393contributions

  2. Taxduck

    (Taxicorn)

    2773contributions

  3. YellowPotato

    (Taxicorn)

    863contributions

  4. knaresbro

    (Devotee)

    293contributions

  5. TobyJDodd

    (Devotee)

    176contributions

Loading
receive crypto as a gift from my family overseas | ATO Community