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We gifted our 15-year-old grandkids $100,000. Will they have to pay tax?

Noel Whittaker Money columnist October 1, 2025 — 5.01am Advertisement

In January 2024, we gave our twin granddaughters $50,000 each. They had just turned 15. Both are still at school but also work part-time. It’s not an issue for us as we’re not government pensioners, but we’re wondering if there are any tax implications. The girls have placed the money in term deposits.

Minors face two different tax rates. All income from work, and the earnings on money invested from that work, are taxed at normal adult rates – so the first $18,200 is tax-free. Unfortunately, people under 18 also face a special tax on unearned income, which is the earnings on money that ha

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