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windika(Initiate)Initiate
5 Feb 2024

Hi,

I am moving to Australia under 491 skilled regional visa in March 2024. My father is selling our family home and giving me 50% money as my inheritance. I have some questions regarding this process:

  1. When I am moving to Australia can I bring this inheritance money and will it be taxed during my initial migration?
  2. Can I convert this inheritance money in my original country into crypto stable coins and bring to Australia during my initial migration and will it be taxed when I convert to cash and transfer to Australian Bank account?
  3. I read that inheritance money is not taxed, so can I provide proof of sale of the family home, such as an affidavit by a lawyer in my home country?

Thanks

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425 views
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Bruce4Tax(Taxicorn)Taxicorn
6 Feb 2024

  1. Gifts are not taxable here
  2. Disposal of crypt is triggers capital gains tax issues - cost would be deemed to be market value on the day you become an AUS tax resident.
  3. It is not an inheritance - your father is still alive. It is a gift.


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Transferring Inheritance money via Crypto for a 491 Skilled Regional Visa holder? | ATO Community