Author: koroua63(Initiate)Initiate 26 July 2024
I have a similar situation where I am the executor of my Fathers estate in NZ, but I have been an AU resident for the past 23 years. I have been advised by the estate lawyers to seek tax advice in AU because their understanding is that because I am both an executor and beneficiary I would be taxed on the full estate value not just my potion the inheritance should I bring the money into AU.
“This is potentially quite complicated as the estate is overseas and so it is possible section 99B would apply to the distribution resulting in 47% tax on the whole amount. That being said, there may be applicable exemptions or disregards to avoid this, as the deceased estate has an Australian resident executor which is the same as a trustee of a trust being Australian resident, this will likely bring the deceased estate into being an Australian resident estate. It would then potentially benefit from the CGT disregard rules upon sale, but this would need further analysis of the finer details and any subsequent Australian administrative requirements which likely have not been considered.
I am not sure who to believe now.
Author: Deb_ATO(Community Support)Community Support 30 July 2024
Hi @koroua63
Looks like it's all getting a little tricky. If you need to get some specific advice, so you know what to believe when things get complex. Get in touch with our Tailored technical assistance team. They'll take all the info you've got about the estate and let you know about any exemptions or disregards you can put in place.
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