Income tax: are monetary gifts received by a child or any interest earned on investing such money treated as 'excepted assessable income'?

TD 93/148 explains that genuine monetary gifts received by a child are not assessable for any purpose of the Income Tax Assessment Act 1936 or Income Tax Assessment Act 1997. However, interest earned on such gifts is assessable.

TD 93/148 is replaced by Taxation Determination TD 2017/11 issued on 26 April 2017 which consolidates the ATO's views on who is assessed on interest on bank accounts, including children's savings accounts. Further guidance on children's income is also available on www.ato.gov.au .