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Wonderingaloud

Moving money from UK to Aus

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    Hello

    I have been in Australia for 6 years and my mother in law has downsized her UK property and wants to give her sons (one of which is my husband) some money. The amount is in the region of £10,000. 

    My question is regarding not so much the transfer as we have moved money before, but the ATO and what they are likely to take off in tax, and are there any legal ways to avoid this (in the states don’t they have a one-off type system?) 

    Apologies if this is not the right area to post this question. 

    Thanks

     


    Due to escalating bills and budgetary cuts in the NHS, unfortunately, the light at the end of the tunnel has had to be switched off.

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    Moneycorp

    Moneycorp

    Sorry for the delay. 

    You should consult with your Accountant about this so they can advise you appropriately.

    See here from the ATO website on gifts:

    https://www.ato.gov.au/Individuals/Income-and-deductions/Income-you-must-declare/Amounts-not-included-as-income/

    Also from the site (seems to contradict itself a little):

    Receiving a gift of money is not considered assessable income. This is because it is not from an income producing activity.

    To determine whether or not it should be included as assessable income you would have to consider:

    • The motive of the donor
    • How often you receive it
    • If the gift is used to replace income

    Regards

    Andy


    Director - Vista Financial Services - Financial Advisor for Poms in Oz - UK Pension Transfers / Financial Advice

    Andrew@vistafs.com.au FPA Member, Adv Dip FP www.vistafs.com.au Ph: 08 8381 7177

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