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Overseas inheritence (from sale of property)

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I'm new

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Hi ATO Community

Hoping for some guidance.

Here's a timeline:

1997 - Uncle 1 and 2 registered as joint owners of a property in Hong Kong (principal place of residence)

2007 - Uncle 1 dies. Uncle 2 becomes sole proprietor (principal place of residence)

2012 - Cousin A is added to the property title, essentially to protect the broader family's interest in the property (family, including my father, paid for the property ... Uncle 2 threatening to leave it to random organisation!) 

2015 - Uncle 2 passes away. Cousin A is sole registered proprietor. Property left vacant pending sale. 

2019 - Purchaser found - sale of property to third party.

 

I have essentially 'inherited' a share in the sale monies (my deceased father contributed to the purchase price, hence I will be receiving a share of the sale proceeds). I'm confused by the fact that Cousin A was part owner for a period.  

 

Do I need to pay any tax on this money? What sort of tax? What are the considerations?

 

Thanks so much in advance!

 

1 ACCEPTED SOLUTION

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Best answer

Taxicorn

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@Minimix 

 

So you have basically inherited money, not a share in the property?

 

If that is the case then there is no tax consequence on inheritance.

 

1 REPLY 1
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Best answer

Taxicorn

Replies 0

@Minimix 

 

So you have basically inherited money, not a share in the property?

 

If that is the case then there is no tax consequence on inheritance.