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No. Genuine monetary gifts received by a child on special occasions such as birthdays or religious events are not assessable for any purpose of the Income Tax Assessment Act. Provided that the child is a "prescribed person" under section 102AC of the Act, any interest earned on the accumulation of such gifts is treated as "eligible assessable income" in terms of subsection 102AE(1) of the Act. Such interest is taxed at the higher rates applicable under Division 6AA.

Subsection 102AE(2) of the Act sets out the limited circumstances in which certain forms of income are deemed to be "excepted assessable income". Interest from accumulated gifts does not fall into any of the categories, as set out in that subsection. In particular, paragraph 102AE(2)(f), which refers to accumulations of excepted income, has no application to interest earned on monetary gifts.