My friend is inheriting a foreign annuity/life insurance from a deceased relative as a lump sum. She would like to know if this is taxable. She has to fill out a Form W BEN. Please advise. Thank you.
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Hi @raani
Is your friend an Australian resident? There's no tax on inheritances here, by the sounds of it if they're getting a lump sum payment it's not taxed. It's only things like property or shares etc then CGT applies when they're sold.
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Hi @raani
Is your friend an Australian resident? There's no tax on inheritances here, by the sounds of it if they're getting a lump sum payment it's not taxed. It's only things like property or shares etc then CGT applies when they're sold.
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