Overseas savings transfer

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(Newbie)Newbie

18 Apr 2021

Hello folks!

My partner and I want to seek advice. We're borrowing/requesting funds to buy our first home from my mother and relatives in the Philippines. We're not sure of how much we're going to transfer but it's within the range of 100-250k to provide a deposit for a home loan. My knowledge is we're required to pay tax on the interest earned once it's been transferred here, but we'd like to know what is the tax implication of transferring funds to our bank account.

Thank you very much for your help.

Kind regards,Karlo & Natalia

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