Hello Community,
My dad, who lives in France, is planning to gift my brother and me a 50% share each of his house while continuing to live in it. I am an Australian tax resident and would like to know if receiving a gift of overseas property has any financial or tax consequences for me in Australia? Do I need to include this gift in my next tax return? Many thanks!
Hi @Devalue1190,
Receiving a gift of property from your dad in France won't create an immediate tax liability for you in Australia, and you don't need to declare the gift itself in your tax return. In Australia, gifts are generally not considered income and aren't taxable, regardless of whether they come from an Australian resident or a foreign resident.
However, there are some situations where tax may apply. CGT may become relevant later when you eventually sell or dispose of your share of the property. At that time, you'll need to consider whether a capital gain or loss has been made.
Once you own the property, you'll also need to declare any income it produces. For example, if the property is rented out and you receive rental income from your 50% share, that income becomes part of your assessable income and must be included in your Australian tax return.
Hi @Devalue1190,
Receiving a gift of property from your dad in France won't create an immediate tax liability for you in Australia, and you don't need to declare the gift itself in your tax return. In Australia, gifts are generally not considered income and aren't taxable, regardless of whether they come from an Australian resident or a foreign resident.
However, there are some situations where tax may apply. CGT may become relevant later when you eventually sell or dispose of your share of the property. At that time, you'll need to consider whether a capital gain or loss has been made.
Once you own the property, you'll also need to declare any income it produces. For example, if the property is rented out and you receive rental income from your 50% share, that income becomes part of your assessable income and must be included in your Australian tax return.
Hello Rachel,
Thank you very much for your reply and clarification!
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