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  #41  
Old 22.08.2015, 18:21
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Re: gift from parents: tax question

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Transaction above 10k are flagged, so what? So salary is flagged each month for many, I did a £50k debit card transaction last week, I make 10k transfers on a regular basis business as normal.
It's all legal so I don't care in the least, my payment to the tax office will also be flagged.......
Thank you for your reply.
But to avoid flagging/reporting or whatever, it would be sufficient to transfer larger amounts in several (even many) separate installments over time of say Fr.4'990.--?

Is it also true that I am supposed to declare in my taxes money that has been given (gifted) to me (wired/electronic bank transfer) from any source, including overseas?
If so, from what amount do they need to know?
Is not declaring it the equivalent of tax evasion as these gifts are part of annual income?
Does spending it (all) before 31.12 of the year in question actually change anything?
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  #42  
Old 22.08.2015, 18:43
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Re: gift from parents: tax question

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Thank you for your reply.
But to avoid flagging/reporting or whatever, it would be sufficient to transfer larger amounts in several (even many) separate installments over time of say Fr.4'990.--?

Is it also true that I am supposed to declare in my taxes money that has been given (gifted) to me (wired/electronic bank transfer) from any source, including overseas?
If so, from what amount do they need to know?
Is not declaring it the equivalent of tax evasion as these gifts are part of annual income?
Does spending it (all) before 31.12 of the year in question actually change anything?
It's Chf 10k and above that gets flagged, meaning somebody will look at it and if he feels it is laundering or tax avoidance or similar he has a duty to report it.

Think of business, think how many + Chf 10k transactions there are.....

Multiple Chf 9'999.-- payment s will also receive attention, it just takes a bit longer.
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  #43  
Old 22.08.2015, 18:49
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Re: gift from parents: tax question

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Is it also true that I am supposed to declare in my taxes money that has been given (gifted) to me (wired/electronic bank transfer) from any source, including overseas?
If so, from what amount do they need to know?
Is not declaring it the equivalent of tax evasion as these gifts are part of annual income?
Does spending it (all) before 31.12 of the year in question actually change anything?
It's probably one of those things that varies from canton to canton but here it tells you on the tax form ( or the booklet that comes with it) the amounts above which gifts received have to be declared.

If it's not in your account on 31.12 it won't be declared as part of your fortune.
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  #44  
Old 22.08.2015, 19:22
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Re: gift from parents: tax question

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It's Chf 10k and above that gets flagged, meaning somebody will look at it and if he feels it is laundering or tax avoidance or similar he has a duty to report it.

Think of business, think how many + Chf 10k transactions there are.....

Multiple Chf 9'999.-- payment s will also receive attention, it just takes a bit longer.
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It's probably one of those things that varies from canton to canton but here it tells you on the tax form ( or the booklet that comes with it) the amounts above which gifts received have to be declared.

If it's not in your account on 31.12 it won't be declared as part of your fortune.
Thank you for your replies.
Checked the current years tax instruction booklet.
Aargau allows gifts to be received up to Fr.2'000.-- (tax free), over that amount they should be declared in your tax returns as 'received gifts'. Of course if they are still in your account on 31.12, then they also then form part of your moveable assets.

They go on to specify however that gifts received from parents, grandparents or spouses are tax free.
Meaning it would be wise for me to receive money from my grandfather, rather than from my sister or my aunt, as that way there is no upper limit whatsoever. I suppose though I have to bear in mind how much will be in the account at the end of the year though.

From what amount upwards will I have to pay tax on my moveable assets (fortune)?
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  #45  
Old 22.08.2015, 19:39
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Re: gift from parents: tax question

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Thank you for your replies.
Checked the current years tax instruction booklet.
Aargau allows gifts to be received up to Fr.2'000.-- (tax free), over that amount they should be declared in your tax returns as 'received gifts'. Of course if they are still in your account on 31.12, then they also then form part of your moveable assets.

They go on to specify however that gifts received from parents, grandparents or spouses are tax free.
Meaning it would be wise for me to receive money from my grandfather, rather than from my sister or my aunt, as that way there is no upper limit whatsoever. I suppose though I have to bear in mind how much will be in the account at the end of the year though.

From what amount upwards will I have to pay tax on my moveable assets (fortune)?
I wouldn't worry too much about your fortune, unless you have millions the amount if tax you have to pay is very low.
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  #46  
Old 22.08.2015, 21:40
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Re: gift from parents: tax question

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I wouldn't worry too much about your fortune, unless you have millions the amount if tax you have to pay is very low.
Checked. You're right, the amount is quite small.

Declaring Fr.10'000.-- assets means you're liable to pay Fr.11.-- in tax, that's 0.11%.
The percentage seems to increase slightly the more you declare.
Fr.170'000.-- assets gives a Fr.201.-- liability or 0.118%,
and Fr.300'000.-- means a Fr.380.-- addition to one's taxes or 0.127%.

What is unclear/not specified though is if this is movable assets only or all assets i.e. including owned property/immobile assets.
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  #47  
Old 22.08.2015, 22:48
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Re: gift from parents: tax question

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Thank you for your reply.
But to avoid flagging/reporting or whatever, it would be sufficient to transfer larger amounts in several (even many) separate installments over time of say Fr.4'990.--?

Is it also true that I am supposed to declare in my taxes money that has been given (gifted) to me (wired/electronic bank transfer) from any source, including overseas?
If so, from what amount do they need to know?
Is not declaring it the equivalent of tax evasion as these gifts are part of annual income?
Does spending it (all) before 31.12 of the year in question actually change anything?
No need to tell anyone anything if its not income .
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  #48  
Old 22.08.2015, 22:53
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Re: gift from parents: tax question

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Checked. You're right, the amount is quite small.

Declaring Fr.10'000.-- assets means you're liable to pay Fr.11.-- in tax, that's 0.11%.
The percentage seems to increase slightly the more you declare.
Fr.170'000.-- assets gives a Fr.201.-- liability or 0.118%,
and Fr.300'000.-- means a Fr.380.-- addition to one's taxes or 0.127%.

What is unclear/not specified though is if this is movable assets only or all assets i.e. including owned property/immobile assets.
You can probably deduct more than that in management fees, in zh you make money by declaring the first 5 million or so as deductions exceed extra tax payable
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  #49  
Old 22.08.2015, 23:04
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Re: gift from parents: tax question

Taxability of gifts is subject to Kanton and Gemeinde. E.g. in St. Gallen gifts within the family are tax free, without any limits. See for instance this overview (in german).

Clawback on gifts is possible, also subject to Kanton, up to ten years after the gift happened seems to be typical. However, for this to happen there may be additonal hurdles. In St. Gallen there's an additional requirement of some minimal annual taxable income, if memory serves that threshold is 150'000CHF.

The best thing is to ask your Gemeinde as well as that of your mother. Plus, if the answers were to contradict each other, to inquire as to how that contradiction would be solved.
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