Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
I am looking to buy a house and my mum who lives overseas has an Australian Broker share trading account ( non tax resident status) in Sydney since 2012. She is willing to sell most of her shares ( approx $300,000) and help me put up a bigger deposit on the house.
Can the $300,000 be treated as a cash gift to me when she transfers the money from her Australian Broker account to my bank account. I understand cash gifts are not taxable when I receive them.
She had previously indicated that this was going to be my share of her estate when she passes ie my inheritance.
When I mentioned the potential capital gains tax on sale of shares to my parents they seem a little confused. They said that when they made a decision in 2012 to invest in Australian shares there was no CGT on share investments then.
Has there been a change in the tax treatment since then which they are not aware of ?.