Private ruling: Assessable income - gift of money
Date of advice: 25 March 2020
Published: May 2020
Ruling period: Year ending 30 June 20XX
Date scheme commenced: 1 July 20XX

Ruling: Q1: Is the money given to you by family members included in your assessable income? | A1: No. The gift of money does not have the characteristics of income. The money is not earned, nor does it have any element of regularity or periodicity. The money is being given to you because of the familial relationship between you and the family members and not in respect of, or in relation to, any income-producing activity of yours. It is being given to you voluntarily by way of benefaction and no material benefit or advantage will be received by the family members in return. The money is a gift and is not included in your assessable income.

Relevant facts and circumstances: Family members are giving you money. The money is being given to you voluntarily. The family members do not expect anything in return for the money. The family members will not materially benefit from the gift.

Relevant legislative provisions: Income Tax Assessment Act 1997 section 6-5