SumoPower
Sun Jun 09 2024
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7 answers
2126
How much money can you gift in Australia tax-free?｜The Department of Human Services sets a gifting limit of $10,000 in one financial year or $30,000 over five financial years. Gifts above these amounts may affect the recipient's eligibility for certain benefits.
Could you please elaborate on the tax-free gifting limits in Australia? I understand there's a threshold of $10,000 per financial year, but how does the $30,000 over five years work? Is it a cumulative amount, or can one individual gift up to $30,000 to a recipient within those five years? Additionally, could you explain the potential implications for the recipient if they receive gifts exceeding these amounts, and how it might affect their eligibility for certain benefits?
