Announcements
Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
Still not sure? Ask the Community

ATO Community

Re: Tax implications of inheritance from NZ Family Trust

This post is archived and may not be up-to-date.

I'm new

Views 1122

Replies 1

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.

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

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.

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.