Money gift from UK

[Elizabeth Jackson]

My mother in UK wishes to gift me a fairly large amount of money (~200GBP) to Australia. If we wire the money to my Australian account, what will be the tax implications? I am resident in Aus.

[Marisawright]

None as far as I know, but her bank is likely to charge her considerable fees.  If she is able to use a service like Moneycorp or Transferwise, you will get more of the money.

[Parley]

You have a UK bank account, probably easiest to stick it in there.

Do you have a debit card for that account ? If so just withdraw the cash from an ATM in Australia.

[Marisawright]

Very good point, Parley.   Avoid all potential problems by asking her to pay it into your Lloyds account.  

[Ken]

5 hours ago, Elizabeth Jackson said:

My mother in UK wishes to gift me a fairly large amount of money (~200GBP) to Australia. If we wire the money to my Australian account, what will be the tax implications? I am resident in Aus.

No tax implications on gifts - unless they become "regular and systematic" e.g. if she was paying you this amount every fortnight. Note that if you are an Australian citizen or permanent resident it makes no difference to the taxable nature of the payment whether it is paid into an Australian or foreign bank account.

[Elizabeth Jackson]

Thanks all, she will use a transfer company. I meant to say $200k - it’s going onto the mortgage, so definitely coming out of UK.