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Edited version of private advice
Authorisation Number: 1051651152790
Date of advice: 25 March 2020
Ruling
Subject: Assessable income - gift of money
Question
Is the money given to you by family members included in your assessable income?
Answer
No. The gift of money does not have the characteristics of income. The money is not earned, nor does it have any element of regularity or periodicity. The money is being given to you because of the familial relationship between you and the family members and not in respect of, or in relation to, any income-producing activity of yours. It is being given to you voluntarily by way of benefaction and no material benefit or advantage will be received by the family members in return. The money is a gift and is not included in your assessable income.
This ruling applies for the following period
Year ending 30 June 20XX
The scheme commenced on
1 July 20XX
Relevant facts and circumstances
Family members are giving you money.
The money is being given to you voluntarily.
The family members do not expect anything in return for the money.
The family members will not materially benefit from the gift.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 6-5