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Borrowing Money

Newbie

Views 139

Replies 2

Hi,

 

I want to borrow $50,000 from my friend overseas for a homeloan deposit. It will just be through a single brank transaction. I will pay the money back later (in a few years based on my financial situation).

 

1- Do I need to report to ATO?

2- Is it going to be taxed?

3- Do I need to have a contract with my friend?

 

Thank you,

 

 

 

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 1

hi @Sehash

 

Assuming this is just for a home for you to live in:

  1. No.
  2. No.
  3. No, but it might make your friend feel more comfortable.

Hope this helps.

 

2 REPLIES 2

Most helpful response

Former Community Support

Replies 1

hi @Sehash

 

Assuming this is just for a home for you to live in:

  1. No.
  2. No.
  3. No, but it might make your friend feel more comfortable.

Hope this helps.

 

Newbie

Replies 0

 

Thank you so much. Yes, it is for a home to live in.