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  1. #1
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    Default Anyone good with accountancy stuff?

    Hey all.
    Prob the most driest topic on the face of the earth so sorry in advance!

    My MIL is selling her house and she wants to gift her son ( my DH ) some cash. If our understanding is correct she can only give him $5K a year tax free.

    In order to increase this can she also give me $5K as his wife?

    If any accountants can advise that would be great!

    Thanks

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    Default Anyone good with accountancy stuff?

    I don’t think gifts are taxed in Australia. It may affect her pension entitlements etc but it’s not taxed so she could give you guys whatever sum of money she wants and neither you or her pay tax on this.
    Last edited by babyno1onboard; 10-12-2019 at 09:05.

  3. #3
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    Quote Originally Posted by babyno1onboard View Post
    I don’t think gifts are taxed in Australia. It may affect her pension entitlements etc but it’s not taxed so she could give you guys whatever sum of money she wants and neither you or her pay tax on this.
    Ah right. So she may lose part of her pension as she’s actively decided to give her cash away instead of keep it for herself?

    Do you know how they do the maths with that? Like if she gives us 10K how much will it affect her pension?

  4. The Following User Says Thank You to amiracle4me For This Useful Post:

    babyno1onboard (10-12-2019)

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    Quote Originally Posted by amiracle4me View Post
    Ah right. So she may lose part of her pension as she’s actively decided to give her cash away instead of keep it for herself?

    Do you know how they do the maths with that? Like if she gives us 10K how much will it affect her pension?
    Something like that. I’m not sure of the amounts, it would be best to look on the Centrelink website or something.

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    Quote Originally Posted by babyno1onboard View Post
    Something like that. I’m not sure of the amounts, it would be best to look on the Centrelink website or something.
    Cool, thank you

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    Gifts are definitely taxed above a certain amount. Check with the ato.
    It will effect centrelink too. There's a maximum you can gift. It's quite ridiculous, if your mother in law chose to spend $10k at the pokies, it's an expense. 10k to family and it's hiding money and deadly with poorly

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    Quote Originally Posted by Izy View Post
    Gifts are definitely taxed above a certain amount. Check with the ato.
    It will effect centrelink too. There's a maximum you can gift. It's quite ridiculous, if your mother in law chose to spend $10k at the pokies, it's an expense. 10k to family and it's hiding money and deadly with poorly
    Gifts are def not taxed if it’s a genuine gift.

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    Can she "loan" the money instead?

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    Quote Originally Posted by SJ565 View Post
    Can she "loan" the money instead?
    We’ve not looked into it tbh.

    For anyone reading along tho, looks like only $10k total can be gifted before it impacts the pension.

    https://www.humanservices.gov.au/ind...h-you-can-gift

    https://www.dva.gov.au/factsheet-is9...come-or-assets


 

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