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Jensencat(I'm new)I'm new
24 Apr 2025

Hi,


I will shortly be coming into an inheritance from a deceased estate in the UK. I have paid all local (UK) inheritance taxes. The inheritance is via both a property sale that was a main residence & cash. There is no capital gain on the sale, so I assume no CGT. The property will be sold within 2 years & was owned by the deceased. My question is, do I have to report the inheritance to the ATO on my yearly tax return once the money is transferred from the UK into my Australian account? I understand that if any interest is earned from the proceeds, it will be declarable at a later date & tax paid on the interest. I am an Australian citizen for tax purposes.

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YellowPotato(Taxicorn)Taxicorn
24 Apr 2025

There is no tax on the inheritance itself in Australia. Income generated from it would be taxable. https://community.ato.gov.au/s/article/a079s0000009GnFAAU/tax-on-gifts-and-inheritances


There is no capital gain on the sale, so I assume no CGT. The property will be sold within 2 years & was owned by the deceased.

  • You may want to check with tax agent.
  • The inheritance CGT main residence exemption depends on the tax residency of the deceased.
    • "If you are a foreign resident, or the deceased was a foreign resident, you are generally not entitled to the main residence exemption when you sell the property."

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