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Money from parents overseas subjected to tax?

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Dear ATO,

 

My parents just sold a property in Singapore and would like to transfer the money (AUD 1.5 million) to Australia for me and my sisters as a gift. Will this money i.e. $1.5 mil subject to tax in Australia?

 

I have documents (Letter of Offer to purchase and Invoice) to support that this money is indeed from the selling of the property in Singapore. Do I need to provide anymore documents or evidence

 

Thank you.

 

 

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Hi @Abigail,

 

Welcome to our Community!

 

We've answered a similar query previously on our Community about Receiving large sum of money as gift from overseas.

 

We can provide general information here on our Community so if you'd like to receive a more tailored response relating to your specific situation, you can write to us to request a private ruling. Private rulings are binding advice from us that explains our view on how the tax law applies to specific situations, they are a free service and we aim to respond within 28 days from receiving your request.

 

Thanks, JodieH.

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @Abigail,

 

Welcome to our Community!

 

We've answered a similar query previously on our Community about Receiving large sum of money as gift from overseas.

 

We can provide general information here on our Community so if you'd like to receive a more tailored response relating to your specific situation, you can write to us to request a private ruling. Private rulings are binding advice from us that explains our view on how the tax law applies to specific situations, they are a free service and we aim to respond within 28 days from receiving your request.

 

Thanks, JodieH.