Loading
tonyttt(Newbie)Newbie
17 Jan 2024

Hi all,


My parents are selling a house oversea and will gift me the money (i.e., 1 million AUD). After receiving the money, I will gift a portion of it (i.e., 600k AUD) to my sister who is also living in Australia. I am currently a permanent resident, but my sister is not. I have some questions:

  • Do I need to pay tax for it? If yes, do I need to pay tax for 1M AUD or 400k AUD?
  • Do I or my sister need to pay tax for the 600k AUD gift?
  • Do I or my sister need to declare anything in the tax return?

Thanks

Tony


3,077 views
1 replies
3,077 views
1 replies

Most helpful response

Most helpful reply

RileyATO(Community Moderator)Community Moderator
17 Jan 2024

Hi @tonyttt,


There's no tax on gifts or inheritance in Australia and neither yourself or your sister will need to declare it on your returns. However, as it's a large sum of money we may ask you about it after you lodge your return - if that happens a simple letter/ email from your parents stating that the money is a gift would suffice.


We've got an article all about tax on gifts and inheritances if you'd like to check it out.

All replies

Most helpful reply

RileyATO(Community Moderator)Community Moderator
17 Jan 2024

Hi @tonyttt,


There's no tax on gifts or inheritance in Australia and neither yourself or your sister will need to declare it on your returns. However, as it's a large sum of money we may ask you about it after you lodge your return - if that happens a simple letter/ email from your parents stating that the money is a gift would suffice.


We've got an article all about tax on gifts and inheritances if you'd like to check it out.

Liked by tonyttt

Featured articles

Tax tips for managing your side hustle

22 Apr 2024 · 6 min read time

Tax on gifts and inheritances

15 Apr 2026 · 5 min read time

How much tax should I pay on a second job? Claiming the tax-free threshold

15 Apr 2026 · 4 min read time

Top liked users

  1. Bruce4Tax

    (Taxicorn)

    3260 likes

  2. Taxduck

    (Taxicorn)

    2069 likes

  3. PayrollDeanne

    (Taxicorn)

    816 likes

  4. YellowPotato

    (Taxicorn)

    529 likes

  5. knaresbro

    (Devotee)

    364 likes

Top contributors

  1. Bruce4Tax

    (Taxicorn)

    10399contributions

  2. Taxduck

    (Taxicorn)

    4762contributions

  3. PayrollDeanne

    (Taxicorn)

    2061contributions

  4. YellowPotato

    (Taxicorn)

    1352contributions

  5. YEP

    (Devotee)

    837contributions

Loading
Tax for inheritance/gift from parents | ATO Community