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Tax implications of inheritance from NZ Family Trust

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I hold dual citizenship with New Zealand, my birth place, but have lived in Australia for almost 20 years. My parents in NZ put their home under a family trust arrangement, with my brother and myself as beneficiaries.  When my parents pass and the house is sold will there be Australian tax liabilities for me? Is this still considerered an inheritance for tax purposes?  Are there any further implications if I am added as a Trustee to the Trust?  Can you direct me to any sources of information?  Thanks.

 

 

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Devotee

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As an AUS resident you are taxed on worldwide income. Getting money from a family trust is NOT an inheritence (at least under Aus Law), and generally will be taxable (although I note trusts are a complicated area, some payments can be tax free).

 

To complicate that further, you are asking and AUS forum about a NZ trust...

 

A forum isn't the right place for your query. Go and see a professional with experience with NZ trusts.

1 REPLY 1

Most helpful response

Devotee

Replies 0

As an AUS resident you are taxed on worldwide income. Getting money from a family trust is NOT an inheritence (at least under Aus Law), and generally will be taxable (although I note trusts are a complicated area, some payments can be tax free).

 

To complicate that further, you are asking and AUS forum about a NZ trust...

 

A forum isn't the right place for your query. Go and see a professional with experience with NZ trusts.