My overseas friend wants to send me gift money in Australia bank account. Is there any limitation on the amount or frequency. Does it imply any tax?
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Hey @newbiemgupta,
What a lovely friend!!
Firstly, there's no limit on the amount or frequency. So they can be as generous as they'd like to be!
Genuine gifts of money from family or friends aren't taxable income as long as they're not connected to business-like or income-earning activities that you're involved with. If you earn more money from their gift (eg you earn bank interest), then you'll need to report the bank interest you've earnt on the gifted amount.
I'd really suggest reading through our new article Tax on gifts and inheritances because you'll find everything you need to know :)
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Hey @newbiemgupta,
What a lovely friend!!
Firstly, there's no limit on the amount or frequency. So they can be as generous as they'd like to be!
Genuine gifts of money from family or friends aren't taxable income as long as they're not connected to business-like or income-earning activities that you're involved with. If you earn more money from their gift (eg you earn bank interest), then you'll need to report the bank interest you've earnt on the gifted amount.
I'd really suggest reading through our new article Tax on gifts and inheritances because you'll find everything you need to know :)
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