Dear all,
My uncle from overseas would like to provide a one-off money gift (possibly A$50k) to me.
1. This is not taxable right?
2. Do I need to declare to ATO? If yes, when? When I receive it or at tax return?
3. Do I need to keep a documentation that this is a money gift from a relative?
4. I believe my bank that receives this money from overseas, will report to AUSTRAC directly is that right? Do I need to do anything myself?
Just want to ensure I do the right thing.
Thanks all!
My uncle from overseas would like to provide a one-off money gift (possibly A$50k) to me.
1. This is not taxable right?
2. Do I need to declare to ATO? If yes, when? When I receive it or at tax return?
3. Do I need to keep a documentation that this is a money gift from a relative?
4. I believe my bank that receives this money from overseas, will report to AUSTRAC directly is that right? Do I need to do anything myself?
Just want to ensure I do the right thing.
Thanks all!