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Gifting money

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saminoz2005 Members Profile Send Private Message Find Members Posts Add to Buddy List Newbie Joined: 29/July/2012 Location: Australia Posts: 1	Quote Reply Topic: Gifting money Posted: 29/July/2012 at 16:49
	A family member wants to gift a large sum of money to us - that they might need back in years to come. Are there any implications to do this? Not sure if i'm asking in the right forum. Thanks
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MartinO Members Profile Send Private Message Find Members Posts Add to Buddy List Moderator Group Joined: 02/March/2009 Location: Australia Posts: 12090	Quote Reply Posted: 29/July/2012 at 20:37
	A gift is a gift, it is not the same as a loan. If they give you something it is yours, and they cannot demand it back, if they want you to mind something for them, they still own it and they will not avoid tax or the assets tests (or the reason for this action) as they still own it. More information will help us with a better answer.
	I am NOT a lawyer. Anything said is NOT legal advice. Please post your legal questions in a forum rather than sending a PM. Thanks.
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