Tax on family gift

Discussion in 'Accounting & Tax' started by Mrsodale, 16th Nov, 2016.

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  1. Mrsodale

    Mrsodale New Member

    Joined:
    16th Nov, 2016
    Posts:
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    Location:
    Adelaide
    Hi!

    Just a couple of quick questions. My brother is inheriting some money from a family member, as I wasn't apart of the will can he gift us $30k or would we have to pay tax on that? (We don't want it to push us in to a higher tax bracket, I'm at stay at home mum but hubby works) It would be a one of payment that would be used to pay off debt and do a few renovations to the house.

    Any help would be greatly appreciated

    Emma
     
    Mrsodale, 16th Nov, 2016
    #1
  2. Strategic Wealth

    Strategic Wealth New Member

    Joined:
    1st Jul, 2015
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    Location:
    Hurstville, NSW
    Gifts are tax free in Australia. "However, gifts may be taxable if they are large amounts or you receive them as part of a business-like activity or in relation to your income-earning activities as an employee or contractor", as per ATO.
     
    Strategic Wealth, 17th Nov, 2016
    #2
    2 people like this.
  3. Mrsodale

    Mrsodale New Member

    Joined:
    16th Nov, 2016
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    Location:
    Adelaide
    Thanks for the reply.
     
    Mrsodale, 17th Nov, 2016
    #3
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