Australian Money Forum

[max789]

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

[Miller]

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.

[wulfgar]

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.

[donkeyB]

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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