I am the sole beneficary of my brother's estate. He left me a parcel of Australian Shares. If I sell these shares is the Captial Gains Tax I need to pay based on the market value at the date of his death or do I have to find out the price he orginally paid for them?
Also I have heard of a 12 month rule where only 50% of the tax is payable if these shares are sold after this 12 month period. Would this apply to me? if I sell the shares within 12 months of receiving them would i pay the full amount of tax?A third question is - as I am a Centrelink Disability Pension (which is tax free), Is this pension included when calculating my taxable income for the purposes of calculating Capital Gains tax? ( as once an individuals income goes over $18200, tax is payable.)
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