How Much Can You Gift Tax Free 2024 Australia. Before you or your partner make a gift,. That's right, there's no tax or penalty for gifting your kids any amount of money.

To be tax deductible, your donor’s gift must be covered by a gift type, the most common one being a gift of money of $2 or more. However, there are some occasions where tax may be payable, or capital gains tax (cgt) may apply.