Hello ATO,
how much money can I receive from my parents back home in India to my Australian account via bank transfer?
is there any tax on the transferred amount?
thanks
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15,791 views1 replies
1 replies
15,791 views
1 replies
Hi @Aman_pec420,
As far as tax goes, there isn't a limit on how much money you can receive as a gift. Gifted income isn't taxable in Australia, so there wouldn't be any tax implications around you receiving that money into your account. The only thing to consider is whether that money will go on to produce income (for example through earning bank interest), because this amount will be considered taxable.
We have an article about tax on gifts and inheritances that answers some of the common questions about this topic that you might find helpful.
All replies
Hi @Aman_pec420,
As far as tax goes, there isn't a limit on how much money you can receive as a gift. Gifted income isn't taxable in Australia, so there wouldn't be any tax implications around you receiving that money into your account. The only thing to consider is whether that money will go on to produce income (for example through earning bank interest), because this amount will be considered taxable.
We have an article about tax on gifts and inheritances that answers some of the common questions about this topic that you might find helpful.
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