We have been trying to find out if there is a limit to how much we can gift our eldest son and remain tax free. We have been getting mixed messages as it is a significant amount, is there a limit… thanks in advance
There is no tax on gifting to any level in Australia.
Depending on what the money has been doing in the past, you could have tax on selling assets to provide the cash.
I would suggest you spend some time with your accountant, financial planner and maybe a finance broker (if to help your son with financing) to make sure your plans are appropriate for YOUR situation.