Inheritance

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Inheritance


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Old 02-16-2020, 09:17 AM
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Question Inheritance

Hi everyone,

If inheritance money is received in Australia from the UK, will it be liable for tax deductions?

Also the same if selling our UK home and transferring the money to Australia so we can buy our first property, would that also be liable?

Thanks for any replies. Xx


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Old 02-19-2020, 05:48 AM
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Originally Posted by Australiaherewecome! View Post
Hi everyone,

If inheritance money is received in Australia from the UK, will it be liable for tax deductions?

Also the same if selling our UK home and transferring the money to Australia so we can buy our first property, would that also be liable?

Thanks for any replies. Xx
To be honest you would need to consult an accountant. It would need to be declared at tax time but not sure the impact


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Old 02-19-2020, 06:58 AM
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Join Date: Jul 2015
Location: Australlia
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Quote:
Originally Posted by Australiaherewecome! View Post
Hi everyone,

If inheritance money is received in Australia from the UK, will it be liable for tax deductions?

Also the same if selling our UK home and transferring the money to Australia so we can buy our first property, would that also be liable?

Thanks for any replies. Xx
There is no inheritance tax in Australia. Obviously future income from it becomes taxable as part of your income.

https://www.ato.gov.au/individuals/d...ceased-estate/

On the sale of a UK property, if done within reasonable time of migrating, there is no tax issue.

If done later, it might get complicated with any increase in value, since around the date of move, being taxable. (Only the increase being taxable). This increase can be from improving FX rates or increasing property values, although that last part might be avoidable.

Complications might arise if the sale is 10 or 20 years after moving. No real issue if done within a few months after moving.

A quick note, if you have Premium bonds, the winnings are taxable in Australia...

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