Income tax: Income – when gifts are assessable income
A gift is not usually subject to income tax. We have released this interpretation statement and it considers the circumstances in which a gift is subject to income tax in the recipient's hands. The statement applies both to monetary gifts and to non-monetary gifts that are convertible to money. It does not apply to gifts that may be subject to fringe benefit tax or that are not subject to income tax but may be family scheme income for the purposes of Working for Families tax credits.