Hi
I am going to pay my daughter and her finance $20000 to help them that they have enough deposit(20%of loan ) to build a house without paying for bank nsurance .What kind of document I need to send to ATO to deduct it from my tax income.
I think that would be classified as a gift but that would be more of an issue for their bank, not the ATO.
I think that would be classified as a gift but that would be more of an issue for their bank, not the ATO.
Hi @Alavi1964,
@sydauthor, is correct it would be considered as a gift so has not tax consequences.
22 Apr 2024 · 6 min read time
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