Borrowing money from friend

 Author: aloha21(Initiate)Initiate

1 Nov 2022

Hi ATO,

I'm going to borrow nearly 100k from my parents for homeloan. It will be a bank transfer and he already paid income tax for his earning (ie. the 100k). There is no interest to be charged.

Question:

1. Do we need to prepare any documentation to ATO to make sure this is not treated as income and not to be taxed? Like making a note in transaction detail this is to lend to someone? or do we need to lodge something to ATO?
2. I will return this fund maybe on a weekly basis until full 100k is repaid, will this pattern bring ATO's attention and how do we avoid this issue?
3. Any other tax implication?

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