Gift or income

Please forgive me if this is the wrong section.

I need help regarding gifted money and whether it will be considered income by the ATO. My situation is this: over the years I have done freelance work for my fathers company billing towards $8k perhaps 4-5 months out of the year. For six months this year I also worked for him as an employee.

On the side he's gifted me $170k basically to earn high interest on his money in my name. The money was paid over a few months early this year in sums of $10-20k at a time. I got uncomfortable with this when he asked for $70k back in cash. Now I feel it looks like embezzling. Any advice on how the ATO might see it. I searched and searched their website but to no avail. From my understanding the nexus could easily be established but maybe it's complicated because he's also related? Then on top of that the money was paid in sums consistent with past invoices and overa period of time. It was ore employment but during subcontract. From his side the money was received as winnings.

Any advice or have I dug myself into a great big hole?
Thanks in advance.