Hi, I am expecting to receive a large-ish sum of money from my parents who live overseas, and Im wondering what rules Australia has when it comes to monetary gifts. Luckily no one has died so this isn't a technically an inheritance. Not sure if it matters, but my parents are not Australian and have never lived in the country, and I am not a citizen either but I live here and am a resident for tax purposes.
Hi @tcassidy
Generally, a personal gift of funds you receive, when there is no connection to an income producing activity is not classed as assessable income and would not need to be declared on your tax return.
Refer to our ATO Community article Tax on gifts and inheritances, for further information.
If the money or asset has come from a foreign trust, even if received through another person, you may need to include the amount or value of the asset in your assessable income. You can find out more on ato.gov.au, about receiving payments from foreign trusts.
Hi @tcassidy
Generally, a personal gift of funds you receive, when there is no connection to an income producing activity is not classed as assessable income and would not need to be declared on your tax return.
Refer to our ATO Community article Tax on gifts and inheritances, for further information.
If the money or asset has come from a foreign trust, even if received through another person, you may need to include the amount or value of the asset in your assessable income. You can find out more on ato.gov.au, about receiving payments from foreign trusts.
Thank you @AshleyATO I appreciate your response.
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