I've been gifted around $20k from a family member who sold a house overseas. Unfortunately it's all in cash.
I want to deposit it in the bank to pay off some debts/home loan but I don't want to raise any alarm bells. I've been told has been done legally, but no one wants a call from the bank/ATO/police🙂
I'm aware there's some red flags if you deposit over $10k, but would there be the same issues if you deposited $5k four times over a couple of months? Or will this look like an income to the ATO?