Taxation Determination

TD 93/148W

Income tax: are monetary gifts received by a child or any interest earned on investing such money treated as 'excepted assessable income'?

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Notice of Withdrawal

Taxation Determination TD 93/148 is withdrawn with effect from today.

1. TD 93/148 explains that genuine monetary gifts received by a child are not assessable for any purpose of the Income Tax Assessment Act 1936 or Income Tax Assessment Act 1997. However, interest earned on such gifts is assessable.

2. TD 93/148 is replaced by Taxation Determination TD 2017/11 issued on 26 April 2017 which consolidates the ATO's views on who is assessed on interest on bank accounts, including children's savings accounts. Further guidance on children's income is also available on www.ato.gov.au.

Commissioner of Taxation
26 April 2017

© AUSTRALIAN TAXATION OFFICE FOR THE COMMONWEALTH OF AUSTRALIA

You are free to copy, adapt, modify, transmit and distribute this material as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).

References

ATO references:
NO 1-A8PCUFB

ISSN: 2205-6211

Related Rulings/Determinations:

IT 330,
IT 2486 and
IT 2489

Subject References:
children's income,
gifts,
exempt income,
excepted assessable income

Legislative References:
ITAA 102AC,
102AE(1),
102AE(2)

TD 93/148 history
  Date: Version: Change:
  5 August 1993 Original ruling  
You are here 26 April 2017 Withdrawn