I'm an Australian citizen, and financial resident, and I've just inherited a sum of money from a US IRA.
I'm struggling to find the correct information about:
- Taxation in Australia: from what I can tell, as the amount is an inheritance, I shouldn't be taxed in Australia, but I need to provide correct documentation. I can't find information about what that documentation is though.
- Taxation in the US: unless there is a treaty stating otherwise, the US takes a 30% tax from all IRA inheritances to foreign residents. My understanding is that the US and Australia do have a tax treaty, but I can't figure out if I can recoup some of that 30%.
I'd really appreciate any and all information that could help! I've tried to contact a number of accountants and financial advisors, but a lot of them only seem to help people dealing with amounts a lot larger than what I'm due to inherit, and the bank distributing the IRA hasn't been super helpful.
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