I'm shortly to get around $350,000 from an inheritance from the UK. I want to give my two sons $50,000 each from this inheritance. Are there any tax implications associated in doing this (for myself or my sons, we are all working full time). Are there any limits on the amount i can gift them? I did read somewhere that i could only gift them $10,000 in one tax year.
Hi @Mingle65,
Inheritances aren't taxed in Australia, so there wouldn't be any tax implications around you receiving that money/dividing it between your sons. There also aren't any limits on how much money can be gifted in a year, so you can transfer the money to them however you'd like.
If the money goes on to produce income (for example through earning bank interest), this will become part of your taxable income. Other than that, it won't be taxable.
We also have an article about tax on gifts and inheritances that answers some of the common questions about this topic that you might find helpful. :)
Hi @Mingle65,
Inheritances aren't taxed in Australia, so there wouldn't be any tax implications around you receiving that money/dividing it between your sons. There also aren't any limits on how much money can be gifted in a year, so you can transfer the money to them however you'd like.
If the money goes on to produce income (for example through earning bank interest), this will become part of your taxable income. Other than that, it won't be taxable.
We also have an article about tax on gifts and inheritances that answers some of the common questions about this topic that you might find helpful. :)
22 Apr 2024 · 6 min read time
15 Apr 2026 · 5 min read time
15 Apr 2026 · 4 min read time
6,340 views
2 replies