Capital gains Tax

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Capital gains Tax

Postby max789 » Sat Aug 01, 2009 2:56 pm

If my parents donate money for me to buy a house, will I be subjected to Capital Gains tax on the money received ?
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Re: Capital gains Tax

Postby Miller » Sun Aug 02, 2009 2:16 pm

I think no. If you don't have any business relationships with your parents it should be considered as a personal gift and be exempt from GST.

Though as always I am probably wrong ;) Australian Masters Tax Guide - is thebest guy to check with.
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Re: Capital gains Tax

Postby wulfgar » Tue Oct 06, 2009 12:11 pm

Gifts and loans between family members are not subject to the same rules as other exchanges. Parents can loan money without tax to children. I don't know what the rules are for gifts. It would pay to check up on them or talk to an accountant.
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Re: Capital gains Tax

Postby donkeyB » Wed May 26, 2010 6:12 pm

It depends on the law of each government, and as far as I know, Aus Law doesn't say it needs tax. You'd better check the Law of Australia

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