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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14105
Experience:  15years with H & R Block. Divisional leader, Instructor
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Do I pay tax in Australia on inheritance from overseas

Customer Question

Do I pay tax in Australia on inheritance from overseas
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.
Q: Do I pay tax in Australia on inheritance from overseasA: There is no inheritance tax in Australia. Assets acquired through inheritance and subsequently sold will be subject to capital gains tax though. You can refer the following document for more detailed information. http://www.merrotts.com.au/images/tax.pdf Let me know if I can be of further assistance to you regarding this matter.
Expert:  Robin D. replied 1 year ago.
Hello,It is true that there is no inheritance tax in Australia and statement about capital gains but there may be some tax obligations for beneficiaries, depending on the nature of any distribution they may receive.For Australian resident beneficiaries, the rules are the same, regardless of whether the deceased estate is in Australia or overseas. Where the income distribution from an overseas deceased estate has been subject to foreign tax, they may be entitled to a foreign income tax offset.If the trust distribution represents corpus of the deceased estate, no tax is payable by the deceased estate or the beneficiary. If income is received then that must be declared by the beneficiary. Beneficiaries will need to disclose that income distribution from the deceased estate in their personal tax return, and pay tax at the general individual tax rates.