inheritance tax question?

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inheritance tax question?


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Old 01-28-2016, 10:14 AM
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inheritance tax question?

hi all,

I have a question regarding inheritance tax, could anyone help explain it for me please ?

My case is that, I have dual citizenship (Vietnamese and Australian), I am working in overseas right now, my father who is not an Australian will give me a house in the future. I consider this is an inherited asset.

My concern is, do I have to pay any tax for this asset complied with Australian taxation law?

I am waiting for any help

Thank you so much

Harry


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Old 01-30-2016, 01:12 PM
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That is considered a gift under qld law not an heritance. You don't pay tax on it. IS the house in your fathers name in Australia and he will then transfer it to you.? If so You will pay stamp duty on the transfer unless this is your first ever property anywhere in the world then you can claim the stamp duty exemption. This applies to Queensland property I work for qld lawyers but I suspect it's similar for other states

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Old 02-04-2016, 07:07 AM
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Quote:
Originally Posted by chicken999 View Post
That is considered a gift under qld law not an heritance. You don't pay tax on it. IS the house in your fathers name in Australia and he will then transfer it to you.? If so You will pay stamp duty on the transfer unless this is your first ever property anywhere in the world then you can claim the stamp duty exemption. This applies to Queensland property I work for qld lawyers but I suspect it's similar for other states

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Thanks Mr Chicken999,

The house is that my father will transfer the title is in Vietnam, not in Australia, I still declare tax for every financial year.

Regards

Harry


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