G'day there,
Allow me to propose an entirely hypothetical situation, done simply so that all somersoft members who choose to respond may exercise and demonstrate their sound knowledge of the glorious Australian / State tax legislation.
Say a (hypothetical) young person was soon to graduate from university, and an older relative wished to give them a cash gift, both as congratulations and to assist in their starting of life. However the gifter currently receives pension benefits from Centrelink, which I believe puts a twist in the tale.
My questions regarding this entirely hypothetical situation are thus:
1) When must this cash gift be declared to the kind and benovelent ATO? At the tax submission of the young person made at end of the 12/13 Financial Year?
2) Could the hypothetical young person simply claim that the gift was received from another (non-pension receiving) relative?
2) Could the hypothetical young person avoid detection altogether by simply depositing the cash sum in small deposits to their bank account over a period of say 6 months and thus not declare the cash gift on their tax submission?
Thanks for taking the time to read this entirely hypothetical scenario and offer your thoughts on the best course of (hypothetical) action...
Allow me to propose an entirely hypothetical situation, done simply so that all somersoft members who choose to respond may exercise and demonstrate their sound knowledge of the glorious Australian / State tax legislation.
Say a (hypothetical) young person was soon to graduate from university, and an older relative wished to give them a cash gift, both as congratulations and to assist in their starting of life. However the gifter currently receives pension benefits from Centrelink, which I believe puts a twist in the tale.
My questions regarding this entirely hypothetical situation are thus:
1) When must this cash gift be declared to the kind and benovelent ATO? At the tax submission of the young person made at end of the 12/13 Financial Year?
2) Could the hypothetical young person simply claim that the gift was received from another (non-pension receiving) relative?
2) Could the hypothetical young person avoid detection altogether by simply depositing the cash sum in small deposits to their bank account over a period of say 6 months and thus not declare the cash gift on their tax submission?
Thanks for taking the time to read this entirely hypothetical scenario and offer your thoughts on the best course of (hypothetical) action...