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You mean he didn't declare it to the bank? That may be an issue, but that should be between him and the bank. Were any statutory declarations or other evidence of it being a gift given to the bank? If the ATO audit then you appear to have proof that it is valid loan, possibly on commercial...

I was going to say something similar. If you told them bank it was a gift then it probably is evidence that it was a gift. What documentation do you have in place?