All Topics / Finance / Does Declarable Income include Money Gift?

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  • Profile photo of kenzelkenzel
    Member
    @kenzel
    Join Date: 2007
    Post Count: 51
    September 20, 2007 - 9:23 pm

    Hi All,

    Hypothetically, if one were to receive over 12k from someone as a gift (for a house dep.) does one have to pay tax on it or declare it as an income to the taxman?

    Thanks,
    Ken

    Profile photo of elkamelkam
    Member
    @elkam
    Join Date: 2006
    Post Count: 722
    September 21, 2007 - 1:06 am

    No. Australia has no tax on gifts of money, thank goodness.

    If part of your deposit will be from a gift your lender will probably require a stat dec  signed by whoever made you the gift declaring the money as a gift.

    Cheers
    Elka

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