Overseas parents

[#1]

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.

[#2 · Accepted solution]

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

[#3]

@Brian1985 

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