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Edited version of private advice
Authorisation Number: 1052373089117
Date of advice: 14 March 2025
Ruling
Subject: Assessable income
Question 1
Does the money gifted to you by your family form part of your assessable income under section 6-5 of the Income Tax Assessment Act 1997?
Answer 1
No. The funds that are to be gifted to you by your parents do not have the features of ordinary income therefore are not considered assessable income.
This ruling applies for the following periods:
Year ending 30 June 20XX
Year ending 30 June 20XX
Year ending 30 June 20XX
The scheme commenced on:
1 July 20XX
Relevant facts and circumstances
This private ruling is based on the facts and circumstances set out below. If your facts and circumstances are different from those set out below, this private ruling has no effect, and you cannot rely on it. The fact sheet has more information about relying on your private ruling.
You live in Country A on permanent residency.
You have full time work in Country A.
Your parents live in Country B.
Your parents have expressed a desire to distribute funds to you.
The funds are a gift from your parents, derived from the sale of their personal assets.
The funds are not a source of income.
You do not work for your parents.
You are going to transfer the funds into a bank account located in Country A in your name.
The funds will be transferred in multiple transactions.
Your parents will prepare an undertaking stating that the funds are gifted funds, derived from the sale of their assets.
The funds that relate to this ruling will be transferred to your nominated Country A bank account during the 20XX-20XX, 20XX-20XX and 20XX-20XX income years.
You and your parents will provide accurate and genuine records of all transactions relating to these funds.
Relevant legislative provisions
Income Tax Assessment Act 1997 section 6-5