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Winding up overseas business

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Hi,

 

I am winding up my deceased parents' overseas business (both are non australian tax resident). After paying all A/C payables and sorting out the local tax, it has some money left in the bank account. I am going to transfer it under my name.

 

Do I need to report it in my tax return? How?

 

Regards,

Maisy

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Most helpful response

Devotee

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If I undertand this correctly, there will be surplus funds from the wind up of your parents company. This surplus would then be transferred to you. It is likely that this simply represents the transfer of private funds.

 

If this is correct, there are no tax implications for you in Australia.

1 REPLY 1

Most helpful response

Devotee

Replies 0

If I undertand this correctly, there will be surplus funds from the wind up of your parents company. This surplus would then be transferred to you. It is likely that this simply represents the transfer of private funds.

 

If this is correct, there are no tax implications for you in Australia.