I am an Australian citizen and am living in Australia. My mother (overseas citizen) would like to gift me some money.
Is this a painting by Monet or money only? Gifts of money are not taxable regardless of the amount. Check out this Community article.
Tax on gifts and inheritances | ATO Community
No tax implications on receiving a cash gift (other than paying tax on the money you earn if you invest it). If it's a large sum, it's worth letting the bank know that it is coming and as a gift from your mother as they have reporting obligations on cash transfers over a certain amount and it may prevent delays. Worth also getting your mum to check there are no implications for her in her country such as whether is affects social security payments or similar .
22 Apr 2024 · 6 min read time
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