I wish to, in the coming months, gift money approximately equal to the deposit for a place to live, rather than them paying rent. The amount would be in the vicintiy of $50K for each child. My wife and I are recently retired and now have a income account with our superannuation firm but the gift would come from an inhereitence, the money my wife and i dont really need but would like to simply pass onto our children. It is unlikely that we would ever need to receive a part-government pension due to our circumstances. The question then is: Is there a tax liability for giving my children assistance in procuring a place to live? Cheers Murray hopeful of some accurate and valid advice.
