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Gifting to a relative

Discussion in 'Accounting, Tax & Legal' started by Dallee, 23rd Dec, 2007.

  1. Dallee

    Dallee Member

    Joined:
    10th Jun, 2006
    Posts:
    7
    Location:
    ACT
    Can anyone point me to information about taxation, or not, of monetary gifts to siblings. I can't find anything on the ATO site, but that doesn't mean any gift would be tax-free! For background, the gift would be from a foreign discretionary family trust, taxed in my hands, as the lower-paid sibling, and then a portion sent, hopefully tax-free, to my brother. Dallee
     
  2. taxstar

    taxstar Active Member

    Joined:
    9th Nov, 2007
    Posts:
    25
    Location:
    Sydney, NSW
    We do not have gift tax in Australia, so if it is a bona fide gift, then it will be tax free to the recipient.

    You will be fine under your scenario.