How much sits above the yearly exclusion.
A worked example
Starting figures
- Gift amount
- $40,000
- Yearly exclusion
- $18,000
- Recipients
- 1
What it returns
- Reportable amount
- $22,000
- Covered by exclusions
- $18,000
- Exclusion available
- $18,000
How to read the results
With the defaults above, reportable amount works out at $22,000.