How Much Tax Do You Pay When Gifting Money To Family Members?
How Much Tax Do You Pay When Gifting Money To Family Members? Source: AAP
It is important to distinguish a gift from income. This is because there are no taxes on gifts, but there are on income. Rewards or small gifts such as cash birthday presents (however, gifts may be taxable if they are large amounts or you receive them as part of a business-like activity or in relation to your income-earning activities as an employee or contractor).
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