hope someone can help me with this one!
A family member wants to gift me his yacht as he needs to offload
his assets due to personal reasons.
Does a gift from a family member count towards
my tax threshold etc?
i don't want to be stung next year at tax time cos I am helping
out a family member.
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15-09-2012 22:17 #1Senior Member
- Join Date
- Aug 2008
Tax and gifts from family?
15-09-2012 22:29 #2Senior Member
- Join Date
- Oct 2007
I'd recommend that both you and said family member get some professional legal and financial advise.
If they are doing this to avoid tax, get centrelink benefits, hide stuff from bankruptcy proceedings, hide stuff due to any legal proceedings etc it can have ramifications for both of you, and, depending on why they want to hide stuff, it can be clawed bank by certain legal bodies anyhow.
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