My parents want to give me 270,000 to buy a house. Do I have to pay tax on it...

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03-19-2008, 09:13 AM

John M

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My parents want to give me 270,000 to buy a house. Do I have to pay tax on it...

...under Australian tax laws? My parents want to give me 270,000 to buy a house. Do I have to pay tax on it under Australian tax laws? If the money was a loan that I had to pay back would it still be classified as a gift? If that loophole exists, what sort of documentation would you need to verify that was indeed a loan and not a gift?

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