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Re: Overseas parents

Newbie

Views 56

Replies 2

Hello.

Im going to buy a house/townhouse in the next few months. Im a tax paying citizens of Australia.

My overseas parents intent to gift  me a sum of money of about 200k-300k  to help me on the purchase of the property, they have payed the tax on this money in their own country. Will I need to pay tax on this gift.

Thanks.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 1

No, there is NO gift tax in Australia & you will only pay interest on any amount earned on the money in an Australian bank account

2 REPLIES 2

Most helpful response

Devotee

Replies 1

No, there is NO gift tax in Australia & you will only pay interest on any amount earned on the money in an Australian bank account

Taxicorn

Replies 0

@Brian1985 

 

Just keep records showing that it was a gift and not income.