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Re: Gift

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We're thinking about helping our children by paying an allowance that would cover their rent. This will make it possible for one to resume uni study and the other to save a deposit for first home down the track. Do they need to declare this monetary assistance as taxable income? 

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Devotee

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No, gifts received do not constitute taxable income for receipient

1 REPLY 1

Most helpful response

Devotee

Replies 0

No, gifts received do not constitute taxable income for receipient