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Re: Inheritance

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Newbie

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Replies 3

If I receive inheritance, what does that mean for my tax return?
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Best answer

Devotee Registered Tax Practitioner

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@Test @macfanboy @JoshuaW 

 

There may be Capital Gains Issues where the inheritance includes shares/property.

I agree with macfanboy if the inheritance was paid in cash.

 

This can be a complicated area and I would seek advice in person with a Tax Agent.

 

Duncan

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Community Manager

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Great question!
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Taxicorn

Replies 1

@Test 

Absolutely nothing. It is considered to be Non-Assessable.

 

What you do with it may have tax consequences e.g. interest from banks, dividends from shares.

Highlighted

Best answer

Devotee Registered Tax Practitioner

Replies 0

@Test @macfanboy @JoshuaW 

 

There may be Capital Gains Issues where the inheritance includes shares/property.

I agree with macfanboy if the inheritance was paid in cash.

 

This can be a complicated area and I would seek advice in person with a Tax Agent.

 

Duncan