Hi, I'm a permanent resident in Australia. My brother is a Chinese citizen and lives in China. He is moving out from China to Thailand. Is there any tax issue if he transfers all his savings from China to my Australia bank account? I will return his money to his new foreign bank account once he moved to Thailand. It will be a big amount of money,few hundreds of thousands Australia dollars.
Also, do I need to declare this amount of money to ATO?
Hi @Sasha1717,
Yes that is allowed, and you won't have to declare the amount with us. This type of transfer would fall under gifted income, which isn't taxable.
However, if the money goes on to produce any income for you (for example if it earns interest in your bank account) you would be taxed on that.
Our article on tax on gifts and inheritances goes through some common questions about this issue.
Hi @Sasha1717,
Yes that is allowed, and you won't have to declare the amount with us. This type of transfer would fall under gifted income, which isn't taxable.
However, if the money goes on to produce any income for you (for example if it earns interest in your bank account) you would be taxed on that.
Our article on tax on gifts and inheritances goes through some common questions about this issue.
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