My father died recently in NZ, leaving his family home and small share portfolio to us 3 kids, two of whom live in NZ and myself in Australia for the last 20 years. As is common in NZ a family trust was used for the inheritance. We intend to sell the home and share the proceeds. Do the Australian rules on inheriting property apply when a family trust exists? We were originally all 3 of us trustees, but I have resigned as trustee as a precaution, while all 3 of us remain beneficiaries. Under NZ tax law the proceeds are tax free and there is no CGT, and Australian law states that inheritance is generally tax free, but I am worried that as it's in a trust it may be treated differently over here. What should I do to ensure that the inheritance is treated as such and not subject to capital gains?
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308 views
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Hi @flyingkiwi
You did your research 😀
No. it's not treated differently.
You'd only pay tax if the property made income after death, like rent for example.
Here's some more info on inheritance tax as a beneficiary.
All replies
Hi @flyingkiwi
You did your research 😀
No. it's not treated differently.
You'd only pay tax if the property made income after death, like rent for example.
Here's some more info on inheritance tax as a beneficiary.
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