We’re doing scheduled maintenance on ATO Community to bring you a bigger, better and brighter online community. You may see us go into read-only mode over the weekend while we do this. Don’t worry! You’ll still be able to search the site to find your answers.
My parents have sold an asset in their company and would like to gift the children the proceeds from that sale. The children are not shareholders or Directors in our parents company. What are the tax implications for the company (post any Capital Gains Tax or Yearly Income Tax). Also is their any tax implications for the children if gifted the money from a company they have no association with?