What is a Gifting Declaration?
A gifting declaration is a legally binding document saying money being given is a gift and doesn't need to be repaid.
As a Gifting Declaration is a Statutory Declaration it must be witnessed by:
- a Justice of the Peace (JP), JP's don't charge for their services.
- a solicitor or notary public, You may have to pay for their services.
- a Registrar or Deputy Registrar of the District Court or the High Court, or
- authorised staff in some government agencies.
If you are thinking of giving your child money to assist them to buy a house your child's bank may require you to sign a Gifting Declaration. It prevents you from taking legal action to recover money from the other party which helps protect the bank's interest. It doesn't prevent the other party from paying you back but legally they don't have to.
It’s your responsibility to make sure your declaration is correct and meets all the necessary legal requirements. It’s a crime to make a false declaration.
If you have other children you aren't giving any money you may want to draw up another document stating that their share of your Estate is reduced by the same amount to even things up. Or give the other children the same amount.
You can view and download a template of a Gifting Declaration below.
- Last updated on .