Hi all I got a phone call from mum this arvo, my parents have sold a property and are generously giving the money (not a loan) to my sister and I, roughly $200k each. I was wondering will I have to pay tax on this money? I looked up the ato site but couldnt find anything.
cheers guys and girls.
If you received property or shares – that would be a different story.
But with cash – there shouldn' t be any tax consequence as your parents would have settled any CGT tax within their individual tax returns. You cannot be taxed on the proceeds twice. Tried to find a back up on the ATO site – but can't find one either.
Fletcher Tax Accountants
http://www.fletchertaxaccountants.com.auYour parents should consider whether these gifts will affect their current or future entitlement to Centrelink benefits.
thanks for response guys, yeah the terms were my sister and I will pay any capital gains tax, im worried the ato will be suspicious of me having 200k all of a sudden. Shouldnt affect pension because they wouldnt get much anyway if they hadnt sold the property i think.
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