Gifting cash/money in Australia...??

Question

Just a general question about gifting money to others (in Australia)...

If I needed to gift (give) say for example $50,000 in cash to a family member (who does not receive any centrelink payments).......and I receive the Family Tax Benefit would it effect the amount I receive for the FTB??

Or are there any other charges I would need to know about (either for myself or the receiver of the money)??

Any help would be great!

Answer 1

You are talking about 2 separate issues.

The gifting rules apply to the giver of the gift of money or property not the receiver. If you (the giver) were on any social security entitlements with Centrelink, then the gifting rules would apply to you.

The Family Tax Benefit is provided by the Family Assistance Office by meeting basic eligibility conditions. Nothing on their website states that there are any gifting rules and I've never heard of issues with gifting regarding their payments. If you want to make sure, call them on 13 6150.