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Hey, i have a car loan here in australia and the interest rate is bit much, so i’m thinking to pat my loan off by the help from my family living overseas and i’m gonna return their money slowly without interest. Do i have to pay tax on the money i receive in my bank account from overseas or have to answer or inform anyone about it?
As its not income only a gift from family you would not have to pay tax on the money. I would keep records of the loan and what it is used on just incase you are asked in the future.
As its not income only a gift from family you would not have to pay tax on the money. I would keep records of the loan and what it is used on just incase you are asked in the future.
