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Justin G.
Justin G.
Mascot, NSW
22 Likes
2 Followers

What are the tax rules around gifting a large sum of money? Eg. $200k

2 years ago

Responses

Hi Justin,

There’s is no tax on gifting itself.

You may encounter capital gains tax if you gift an asset that is worth more now than when you bought it. Or if you sell an asset down to cash to gift the cash.

Regards
James

Hi Justin,

No tax implications of a gift to the recipient.

The person disposing of the asset may have some issues if he/she is attempting to enhance pension entitlements or if the gift is not money but an asset subject to income tax or capital gains tax.

Good luck,

Cheers, David

Comments

Thanks David, given it’s cash rather than an asset it appears that it’s tax free.

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