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Thewonderer(Newbie)Newbie
25 Nov 2023

Myself and siblings are soon due to get money gifted/inherited from our living dad, I am wondering is there a maximum he can gift per child or in total at once and would the amount itself be free from tax by both the gifted and the person gifting, and a final question is if my dad was to open joint bank accounts with each sibling individually and deposit such gift/inheritance would that not bypass any limits or tax if there were any and also secure such inheritance for the child attached to each joint account in the event of our dad becoming deceased without the need for probate?

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2,871 views
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Taxduck(Taxicorn)Taxicorn
26 Nov 2023

Gifts and inheritances are tax free in Australia. (the amount is irrelevant)

The ATO define a gift by the following criteria:

  • There is a transfer of money or property
  • The transfer is made voluntarily
  • The donor does not expect anything in return for the gift
  • The donor does not materially benefit from the gift.

See this prior post. https://community.ato.gov.au/s/question/a0J9s0000001Hf9/p00044197




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