annual small gift exemption

[oaky9]

i have my ssia lying in the bank and my parents have a bridging term loan in both their names. i have read on this forum that u can gift any person 3000 tax free. so is it ok for me to gift my parents 3000 each and lodge 6000 in to their bridging term loan account. My brother can also do this if he is feeling gererous enough can anyone tell me if im right to do this and do i need to fill out any revenue forms .

 

[Ned_ie]

This is perfectly ok and no forms needed to be completed. One thing to make sure though is that there aare two lodgements of 3k each. So as to point to two separate gifts. Probably better to lodge to their current account and then they can transfer to the loan.

 

[oaky9]

thanks ned for the quick reply thats great.