Halbert is an international student who came to study in Australia. After 2 years, he went back home for a holiday and was given 21,000 AUD by his parents as family support funds. Later on, he wired the money from his local bank account overseas to his bank account in Australia. Given that Halbert hasn't been working during his stay in Australia, does he have to report this transaction as part of his tax obligation in Australia? And why?

Answer rating: 100% (QA)

In Australia receiving money from overseas as a gift or family support fund is generally not considered taxable income and does not need to be reported as part of an individuals tax obligation Since H... View the full answer