Ask Expert


Overseas money transferrals

Noel Whittaker | October 8 2008 | The Sydney Morning Herald & The Age (subscribe)

Will income tax be payable for gift money transferred from overseas?

Q.

My overseas parents would like to transfer an amount into my account here in Australia as a gift. What income tax will I have to pay and is there a limit on the amount gifted?



A.

There is no gift tax in Australia and there should be no initial tax consequences. However, if you invest the money you will pay normal tax on the returns from the investment.

Printer friendly version  Printer friendly version      Email to a friend  Email to a friend


top



Advertise with us | Contact us | Site map | About us
Privacy Policy | Conditions of Use | Membership Agreement

Copyright © 2008. Any unauthorised use or copying prohibited.

Check my portfolio for
» Shares
» Managed funds
» Networth
Create a portfolio


Each week financial advisor Noel Whittaker answers your questions.

Topics include:
» Mortgages
» Managed funds
» Superannuation
Ask a question now

Help

eNewsletter
Let our enewsletter Money Sense help you with your finances. Subscribe now.
See sample newsletter