Posted in Gifting Money

It’s not unusual for parents to want to help their children financially, perhaps to buy their first home, start a business, or get through a tough patch. Often this help comes in the form of an interest-free loan or even a handshake agreement. You can give an interest-free loan — but...

Helping family members financially, whether it is with a first home payment, school finance, or medical bills, is common in Australia. The distinction has actual legal, tax, and financial ramifications and goes beyond simple family generosity. Knowing the difference between a gift and a loan can ...