Gifting money to family and friends

Discussion in 'Accounting & Tax' started by Rockstar, 2nd Apr, 2016.

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  1. Rockstar

    Rockstar Well-Known Member

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    Hi Folks, I have looked on the ATO website but couldn't find any clear guidelines on limits per financial year to gift money to private individuals?
    Has anyone any experience in this matter?

    Ta, RS
     
    Rockstar, 2nd Apr, 2016
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

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    It's your money, you can use it, gamble it or give it away.

    The only restriction is if you're doing it to deprive yourself and get the pension.
     
    Scott No Mates, 2nd Apr, 2016
    #2
  3. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Terry_w, 2nd Apr, 2016
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    markson likes this.
  4. Rockstar

    Rockstar Well-Known Member

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    Thanks Terry, but I still can't find the answer. Are there any $ thresholds per financial year if I want to help out a friend or family member?
     
    Rockstar, 2nd Apr, 2016
    #4
  5. Rockstar

    Rockstar Well-Known Member

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    Fortunately, I've got higher aspirations than that.:)
     
    Rockstar, 2nd Apr, 2016
    #5
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    There's your answer.
     
    Scott No Mates, 2nd Apr, 2016
    #6
  7. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    There are no legal restrictions preventing someone from giving their own money away. But watch out for the consequences.
     
    Terry_w, 2nd Apr, 2016
    #7
  8. Rockstar

    Rockstar Well-Known Member

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    Ok, thanks again Terry.
     
    Rockstar, 2nd Apr, 2016
    #8
  9. Ted Varrick

    Ted Varrick Well-Known Member

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    I hope a bunch of Nigerian email scammers aren't aware of this.
     
    Ted Varrick, 3rd Apr, 2016
    #9
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