A gift of money is not taxed in the hands of the receipient but of the gift is from a party to friends who are not related then does the ATO look at the circumstances. These friends helped me out significantly during a period of turmoil. However they are not related in any way and the amount is substantial and might be considered more than is warranted by the circumstances.
Gifts are generally not taxable. The recipient does not need to include a genuine gift in their tax return; however, the giver will be responsible for the tax burden. If the payment is connected to business or income‑earning activities then it may not be considered a gift.
Where a gift is significant, the ATO may review the circumstances to confirm that it is genuinely a gift and not income or compensation. Keeping appropriate records to demonstrate the payment is a gift is recommended.
If you’re unsure or concerned, it’s best to speak with a registered tax agent or contact the ATO on 13 28 61 to discuss the specifics.
Amounts you do not include as income | Australian Taxation Office
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