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Re: Inheritance evidence

Newbie

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Hi everyone,  I will unfortunately soon be getting an inheritance from a close family member in New Zealand. It will take a few months to get the estate wound up, maybe up to 12 months.  I think I'm correct when I say there will be no Australain taxes on the inheritance, but can anyone tell me what evidence I will need that the money is an inheritance?  A death certificate? Copy of the will?  

 

Thanks in advance. 

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Most helpful response

ATO Community Support

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Hi @Skev

 

Correct there will be no taxes on the inheritance but any income generated from the inheritance such as bank interest is assessable. Any related information that relates to it being an inheritance will be helpful information to retain and a death certificate and will is a good start.

 

Thanks, Ari 

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Skev

 

Correct there will be no taxes on the inheritance but any income generated from the inheritance such as bank interest is assessable. Any related information that relates to it being an inheritance will be helpful information to retain and a death certificate and will is a good start.

 

Thanks, Ari