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Inheritance

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Newbie

Views 1682

Replies 2

A relative who lived in the UK passed away and left me a share in their house as part of the will.  The executor sold the house and sent me my share of the proceeds.

The house was my relatives primary dwelling and she had lived there for over 60 years.

Does the fact that my relative was not an Australian resident have any implications or would it be classes as a deceased estate by the ATO?

 

Thanks

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi  @JohnS

 

Welcome to our community.

 

@macfanboy comment is correct. There are no inheritance or estate taxes in Australia. If you want to understand this subject more See Deceased estates

 

Thanks for your first post.

Kind regards

MarkA

2 REPLIES 2

Taxicorn

Replies 0

I wouldn't worry about any inheritance money received as it is not taxable.

Only if you earn income from that money (ie interest).

 

Most helpful response

ATO Community Support

Replies 0

Hi  @JohnS

 

Welcome to our community.

 

@macfanboy comment is correct. There are no inheritance or estate taxes in Australia. If you want to understand this subject more See Deceased estates

 

Thanks for your first post.

Kind regards

MarkA