I wish to assist my daughter in Australia buying a property, it looks like currency fare or similar is secure to lodge into her Australian account, the funds would be coming from my bank account here and sent via currency fare to my daughter,a Australian Bank account. Are there any tax implications I should be aware of. The threshold for gifting will not be reached.
Transfer large sum of money from Ireland to Australia
- Thread starter horse7
- Start date
I'd reconsider using currencyfair - see this thread
Currency Fair
Has anyone any idea what is happening? I’ve been unable to access money I sent for conversion on 16th May. The automatic response email has been disabled since Friday and no one answers phone calls. Even my threat last Friday to notify the regulatory authority has failed to elicit a response…
www.askaboutmoney.com
Brendan Burgess
Founder
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Hi horse
The implications of using Currency Fair are much more serious than the tax implications. Do not use it. Use Wise instead.
Brendan
The implications of using Currency Fair are much more serious than the tax implications. Do not use it. Use Wise instead.
Brendan
Brendan Burgess
Founder
- Messages
- 52,473
Cross border gifts are problematic.
You would need to check the Australian tax regime to see if she has any liability assuming she is resident and domiciled in Australia.
She should check that out.
Brendan
You would need to check the Australian tax regime to see if she has any liability assuming she is resident and domiciled in Australia.
She should check that out.
Brendan
Every_blooming
Registered User
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There is no gift / inheritance tax liability in Australia therefore no obligations to notify the ATO.