Hi everybody
My parents are selling an investment property overseas and providing me with a cash gift.
They will pay capital gains tax on the sale of the property overseas (approximately 20.6 %) and will send the cash to me in Australia via electronic transfer. I anticipate stashing the cash by offsetting our PPOR loan.
My question is will I be liable for any tax in Australia on account of my parents gifting me the cash? I have never owned that property nor have I ever received any rental income from it.
Thank you all for your help.
My parents are selling an investment property overseas and providing me with a cash gift.
They will pay capital gains tax on the sale of the property overseas (approximately 20.6 %) and will send the cash to me in Australia via electronic transfer. I anticipate stashing the cash by offsetting our PPOR loan.
My question is will I be liable for any tax in Australia on account of my parents gifting me the cash? I have never owned that property nor have I ever received any rental income from it.
Thank you all for your help.