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Tax-free gift query

Discussion in 'Introductions' started by Coshigoggles, 24th Aug, 2011.

  1. Coshigoggles

    Coshigoggles New Member

    Joined:
    24th Aug, 2011
    Posts:
    1
    Location:
    NSW
    My husband and I are expecting a cash gift from Canada to the amount of $100,000 within the next two months. The money is a share of a deceased relatives estate (of his) where there was no will. The money is intended to help us buy a home. We are low income earners and are concerned that this money could be regarded as taxable income, and that my husband's child support payments will sky rocket. Will the tax office see the money as income? We will endeavour to get a home loan within the month or two after we get the money in the bank. Any accurate information you can shed is appreciated.
     
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    Shouldn' pose any problems from the Australian side in terms of income tax, but it could affect centrelink payments and possibly child support payments - you should have a look at the CSA website.