Tax Question - Gift
Jul 15th 2013, 6:52 am
#1
BE Enthusiast
Thread Starter
Joined: Nov 2005
Posts: 516
Tax Question - Gift
Hello,
Boring I know but I was wondering if anyone could advise on this tax question, my parents gave us $10k back in December 2012 and now it's tax time I am wondering if we will have to pay tax on this gift...... the money went straight into our normal current account.
Boring I know but I was wondering if anyone could advise on this tax question, my parents gave us $10k back in December 2012 and now it's tax time I am wondering if we will have to pay tax on this gift...... the money went straight into our normal current account.
Jul 15th 2013, 7:02 am
#2
(It's not my real name)
Joined: Sep 2002
Location: Ilukapool. WA
Posts: 12,467
Re: Tax Question - Gift
Don't think so. If they gift you cash on a regular basis that you use to live on then yes but a one off cash gift my understanding is no tax payable. You ought to call the ATO and conform that though.
Jul 15th 2013, 7:30 am
#3
BE Enthusiast
Joined: Jul 2013
Location: Old Bar Beach, NSW near Taree
Posts: 372
Re: Tax Question - Gift
It's not earned income and they probably paid their tax on it anyway. SWMBO got 60k in her auntie's will and that wasn't taxable. None of their business.
Jul 15th 2013, 8:08 pm
#4
Anything,Anytime,Anywhere
Joined: Jan 2004
Location: The Magic Roundabout
Posts: 8,141
Re: Tax Question - Gift
Tax to be paid only on the interest on your account (if interest is paid on the account) - as per normal (the rest is, like Mike said, none of their business).
Last edited by The Bloke; Jul 15th 2013 at 8:13 pm.
Jul 15th 2013, 8:56 pm
#5
Daffyd Duck
Joined: Jul 2008
Location: Paradise
Posts: 5,636
Re: Tax Question - Gift
Yeah its like winning lotto. Non taxable.
Jul 15th 2013, 9:15 pm
#6
Lost in BE Cyberspace
Joined: Mar 2008
Location: Sydney, NSW
Posts: 7,580
Re: Tax Question - Gift
Yippee! About to get a chunk from the UK from the sale of Dad's house.
Jul 16th 2013, 12:18 am
#7
BE Enthusiast
Joined: Jul 2013
Location: Old Bar Beach, NSW near Taree
Posts: 372
Re: Tax Question - Gift
With the current low interest rates even for Centrelink "deeming" purposes you'd need hundreds of thousands of dollars to earn enough interest to take your income out of the "free" zone.
Jul 17th 2013, 3:13 am
#8
BE Enthusiast
Thread Starter
Joined: Nov 2005
Posts: 516
Re: Tax Question - Gift
I must admit we spent it so fast there was no chance of interest being earned! Thanks for all the replies, I thought it was the case but thought I had better confirm.
