My mother lives overseas and I am an Australian resident for tax purposes. She plans to gift between A$80,000 to A$90,000 to me, by selling her shares and mutual fund investments. I intend to use the money as a deposit to buy a house. My queries are:
(a) Do I need to pay any tax in Australia?
(b) I know I have to declare any income/ profit generating from the gift amount, but do I have to make any declarations of the principal itself?