My family (my wife, kids, and I) have been living in Australia for about three years. We are permanent residents and don’t own a home yet.
My family back home (my brother, my mum, and my sister-in-law) would like to send me money (~200,000 AUD) as a gift to help us buy a house. However, there’s a strange regulation in my home country that makes this a bit complicated: individuals are not allowed to send more than $200 USD to someone else’s account overseas. The only way to exceed that limit is by transferring money from an account in your name to an overseas account also in your name.
So, in order to make this work, they would need to transfer the money to a bank account under my name in my home country. Then, I could transfer it from that account to my account here in Australia.
I understand that this should qualify as a gift and therefore, shouldn’t be taxed when the money enters Australia, is that correct?
Do I need to provide any specific documentation to show that the money is a gift?
Since I’d be transferring the money from an overseas account in my name to another account in my name in Australia, would that cause any issues?
Thanks in advance.
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