My family — specifically my mother, father, and brother — who live overseas and are not Australian residents, are planning to each send me $60,000 as a gift. In total, I will be receiving $180,000 from them. Would this be considered a one-off gift from my family members (they are not ongoing sending this amount of money, just one off from each member)? Also, do I need to declare this to the ATO or inform the bank that the money is a gift?
Hi,
In your situation, receiving a total of $180,000 as one-off gifts from your overseas family members (who are not Australian residents) is not taxable in Australia, provided the money is not coming from a trust. Australia does not have a gift tax, and gifts - even large ones - are generally not included in your assessable income, so you don't need to pay income tax on it.
You also don’t need to report it to the ATO as income. However, it's a good idea to keep clear records showing the money was a gift (e.g. bank transfer references, a simple gift letter stating the amount, date, and that it’s non-repayable) in case the ATO ever ask (as they are likely to).
As for the bank - depending on the institution and the amount, they may ask about the source of funds under anti-money laundering (AML) rules. You can simply tell them it’s a personal gift from overseas family. In most cases, that’s sufficient, but again, documentation helps if they want more detail.
Hi,
In your situation, receiving a total of $180,000 as one-off gifts from your overseas family members (who are not Australian residents) is not taxable in Australia, provided the money is not coming from a trust. Australia does not have a gift tax, and gifts - even large ones - are generally not included in your assessable income, so you don't need to pay income tax on it.
You also don’t need to report it to the ATO as income. However, it's a good idea to keep clear records showing the money was a gift (e.g. bank transfer references, a simple gift letter stating the amount, date, and that it’s non-repayable) in case the ATO ever ask (as they are likely to).
As for the bank - depending on the institution and the amount, they may ask about the source of funds under anti-money laundering (AML) rules. You can simply tell them it’s a personal gift from overseas family. In most cases, that’s sufficient, but again, documentation helps if they want more detail.
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