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Borrowing money from relatives

Borrowing money from relatives

Old Oct 29th 2002, 7:22 am
  #1  
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Default Borrowing money from relatives

Hi,

We're thinking to borrow money from relatives back home to get a deposit for a mortgage. Is there any time limit (3 months?) for sending money to us in Australia?

Also, is there any time limit for transferring our own money to Australia? I thought that I had read something somewhere about a 3 month tax-free limit for bringing money into Australia.

Thanks in advance.
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Old Nov 1st 2002, 2:03 am
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Any advice?
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Old Nov 1st 2002, 4:36 am
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Default Re: Borrowing money from relatives

Originally posted by JustArrived
Hi,

We're thinking to borrow money from relatives back home to get a deposit for a mortgage. Is there any time limit (3 months?) for sending money to us in Australia?

Also, is there any time limit for transferring our own money to Australia? I thought that I had read something somewhere about a 3 month tax-free limit for bringing money into Australia.

Thanks in advance.
You can borrow money from relatives at any time.

You can transfer your own money into Australia at any time. The tax authorities would only be interested if you made capital gains significantly after you moved to Australia.
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Old Nov 4th 2002, 7:57 am
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Hi,

Thanks very much for the advice.
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