Loading
musicxtn(I'm new)I'm new
6 Jan 2024

Hello ATO officer and Happy New Year. My parents who are in their 80s (both retired) wish to gift me and my family around 250K. We are overseas and are fine with our laws in where we live. However, I would like to know what the Gift Tax would be on the total amount and if there is a total lifetime maximum gift that one could give? If so, what are the tax implications on that?

Finally, is there a difference between giving me a gift vs me and my family members separately? Or is that counted as one gift?


Thanks in advance and sorry to bother you. They plan to speak with their accountant as well but I gathered I could as ATO directly.



27,873 views
2 replies
27,873 views
2 replies

Most helpful response

Most helpful replyATO Certified Response

YianaATO(Community Support)Community Support
ATO Certified Response7 Jan 2024

Hi there @musicxtn


Happy new year to you as well!


Good news! There's no gift tax for your parents as the gift givers or for yourself as the gift receiver.


There's no limit on how much money you can give as a gift and gifted money isn't included as assessable income so you don't need to declare it. All that to say, so no tax needs to be paid on it.


But, if the money goes on to produce income (through bank interest for example), then you'd pay tax on that income.


It's up to your parents on how they decide to give out the gift money to yourself and your family members.


Have a read of our Tax on gifts and inheritances article for more info.

All replies

Most helpful replyATO Certified Response

YianaATO(Community Support)Community Support
ATO Certified Response7 Jan 2024

Hi there @musicxtn


Happy new year to you as well!


Good news! There's no gift tax for your parents as the gift givers or for yourself as the gift receiver.


There's no limit on how much money you can give as a gift and gifted money isn't included as assessable income so you don't need to declare it. All that to say, so no tax needs to be paid on it.


But, if the money goes on to produce income (through bank interest for example), then you'd pay tax on that income.


It's up to your parents on how they decide to give out the gift money to yourself and your family members.


Have a read of our Tax on gifts and inheritances article for more info.

TimD(Initiate)Initiate
16 Feb 2024

If your elderly parents are receiving an age pension from Centrelink (or intend on applying for one in the near future), then there may be some issues with Centrelink's gifting rules. Depending on their circumstance this would be worth considering before making a substantial gift.

Featured articles

Setting up an ATO payment plan

5 Nov 2025 · 6 min read time

Can’t sign in to myGov to access ATO online services?

2 Dec 2025 · 3 min read time

Linking your myGov account to the ATO

24 Aug 2025 · 3 min read time

Top liked users

  1. BroncosvRabbits

    (Devotee)

    61 likes

  2. mi_guv_eye_d

    (Master)

    36 likes

  3. PayrollDeanne

    (Taxicorn)

    32 likes

  4. taxfriend

    (Superuser)

    27 likes

  5. Peter_Clyne

    (Superuser)

    26 likes

Top contributors

  1. BroncosvRabbits

    (Devotee)

    303contributions

  2. mi_guv_eye_d

    (Master)

    285contributions

  3. YellowPotato

    (Taxicorn)

    203contributions

  4. YEP

    (Devotee)

    129contributions

  5. taxfriend

    (Superuser)

    129contributions

Loading
Is there a maximum gift amount before it attracts tax? | ATO Community