Crypto currency transfer

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Bruce4Tax · Answer

My dad was holding few bitcoinetheream (he was living overseas) which i was not aware until last month. Unfortunately he passed away in Jan and his best friend (my godfather) called me and told me of his holding. My Mom is also aware of the holding. My Mom wants me to deal with the crypto now, means i can keep them as i am the only son.I do have an Australian exchange account. Can i tranfer the coin to my Australian exchnage? Will i have to pay the tax as soon as i transfer them to Australian exchnage or the tax only applies when i sell them? I am not trying to avoid paying tax but if its more then $200k, I may end up paying 45% of tax. Can i hold the coins for more then one year and pay tax only on 50% of the funds? If you are a beneficiary under a will, or an administered estate, then you are acquiring capital assets with a cost base. The value of the cost base depends on the circumstances. Most likely it is the value of the assets at date of death because they are not yet AUS CGT assets yet. https://community.ato.gov.au/t5/Personal-tax-questions/Foreign-Inheritance-which-includes-proceeds-from-sale-of-shares/td-p/129155 If you are not an estate beneficiary, then it is a gift from an estate beneficiary - same result here, but may be different in the estate country. Some countries tax estate assets severely before you even get them. In AUS, it will not be the whole amount that is taxable - only the capital gain, and then only on sale. Yes, 50% discount will apply after you hold them for more than 12 months. You should check to see what the tax result would be in the country of the estate - you may be better off if the estate sell the assets and pays tax over there. Can someone give me a best possible option on how to get this sorted? One of my friend told me that if I couldnt show the source, I may be involved with money laundring even though if i pay taxes..this doesnt sound right but I just want to do the right thing. Sounds right to me.

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