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Gift Tax Australia
Martin Said:Do i need to pay tax on gift money from overseas?
We Answered:The interest on the gifted $30,000 is assessable income. You are entitled to a credit for the tax already paid.
Lynn Said:seeking information on legal tax shelters in australia ... not just negative gearing thanks?
We Answered:Oh Boy are you are waving a great big RED FLAG at the ATO with that scenario!. Tax shelters are a naughty word and the SCHEME (scheme is also a naughty word) you are asling about is not legal for tax purposes.
For tax purposes you must have INCURRED the expense and PAID it so you would only be able to claim a deduction for the actual amount that you donated and only if it is to registered deductible gift recipient (DGR). Any organisation that behaves as you describe would not get the ATO to approve them as a DGR- therefore you wouldnt be able to deduct any of it!!
I would also suggest to you that there are WHOPPING big penalties (and jail time) for "schemes" and behaviour classified as avoidance and or evasion!
Nicholas Said:In Australia, if you gift someone money is tax payable on the money?
We Answered:No, there is no tax payable on lottery winnings or gifts.
Florence Said:My mom will send me a digital piano from China to Australia,how much tax should I pay?Help!!!!!!!!!?
We Answered:Get her to write on the customs declaration that it's a gift. It shouldn't be subject to customs duty (tax) anyhow if it's worth less than $1,000. See the info on the gift concession here:
Betty Said:can i sell my home & gift the money 2 my children to purchase a home would i have tax problems australia?
We Answered:Australia doesn't impose gift or inheritance taxes. You didn't say which country your house was in or whether or not you're a resident for Australian tax purposes... maybe you should ask a qualified Australian accountant if you'd be subject to any Australian capital gains tax if, for any reasons, you were not entitled to a full main residence exemption. It's too complicated to discuss here and you'd need to provide so much more information than you have. But you can search for more info at www.ato.gov.au - the ATO aren't tax advisers, though.
Terrance Said:is there any way of escaping UK import tax on goods purchased from Australia?
We Answered:If you buy goods online from a country outside the European Union, for instance the USA, Canada, China, Australia
You will be charged:
Customs duty if the amount of duty is €10 (£7) or over
Import VAT if the value of the goods is €22 (£18) and over
Excise duty for some goods like alcohol and tobacco
Jim Said:Do I have to pay import tax or a tariff or duty fee if I buy an item from Australia and I live in the US?
We Answered:If you are paying, it is not a "genuine personal gift".
Is it really worth being charged with smuggling to save the tax on $140.
There is an exemption for goods up to $400 (this may have changed) that you bring back with you when returning from another country, with certain exceptions, but this does not apply to those you have shipped.
Additionally, anything you purchase from outside your home state and bring (or have shipped) to your home state may be subject to a "use" tax imposed by your home state. This usually applies only to things that would have been subject to sales tax if you had purchased them in your home state.
How much money can a parent gift to an adult child in Australia, before it is a problem for tax purposes or any other law?
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