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Receiving money from overseas

Newbie

Views 269

Replies 2

Hi

 

My parents who live overseas are in the process of selling a holiday home.  They would like to divide the proceeds of sale between the four children whilst they are still alive (one is 92 and the other 90).  If I receive this money, will it be classed as a 'gift' or 'partial inheritance' and will I have to pay tax on it?  What paperwork would I need to prove that it is a gift/partial inheritance?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 1

Hi @Maz4959,

 

If your parents are still living and send you money from overseas this is generally not declarable on your return. Our website provides information on this, you can view it using the link below.

 

If you wanted something in writing you could ask your parents to provide you with a letter, advising they have sent you a one off cash gift. 

 

Link -

Other amounts that are not taxable

 

All the best.

2 REPLIES 2

Most helpful response

ATO Community Support

Replies 1

Hi @Maz4959,

 

If your parents are still living and send you money from overseas this is generally not declarable on your return. Our website provides information on this, you can view it using the link below.

 

If you wanted something in writing you could ask your parents to provide you with a letter, advising they have sent you a one off cash gift. 

 

Link -

Other amounts that are not taxable

 

All the best.

Newbie

Replies 0

Thank you.