Vince Hopgood (Paul Hogan) is a recently divorced theater owner with some serious tax problems. When Vince learns that a new tax loophole for live-in gay couples would allow him to keep his property, he asks his best friend, Ralph (Michael Caton), to pose as his lover. In order to fool the taxman, the gruff, small-town Aussie pals make a clueless attempt to act like a homosexual couple. Along the way, they befriend actual gays and reevaluate stereotypes of the gay community.