Transferring money from overseas to Australia as a loan for a Start up business

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(Newbie)Newbie

23 Mar 2021

Hi,

I am trying to bring in AUD $150,000 from Singapore as a loan a family member for my startup in Sydney. I have a 2 year temporary VISA and my father is not a resident in Australia.

We would have a written loan agreement between each other before this transfer is made. I would like to know what the tax implications(if any) be for us and if there was any process we needed to do before/during/or after we make the transfer to the Australian bank account.

Hoping to hear from you soon.

Thank you in advance.

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