Australian Tax On A Legacy

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atalanta | 14:07 Thu 31st May 2018 | Business & Finance
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Say someone has emigrated to Australia and become an Australian citizen, and then inherits a considerable sum of money from a UK will. Assuming all UK inheritance tax is properly paid in the UK, is the Australian heir's money taxed again when it is received in Australia ?


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There's no inheritance tax in Australia. (Even if there was, it would only be payable by the estate, not by those who inherited from it).

Income tax doesn't apply either. (It would only apply to any earnings from what the beneficiary received. e.g. from interest received when the money was invested).

Capital Gains Tax doesn't apply either. (However if, say, the beneficiary was left property in the UK, and it later gained in value, that gain would count towards any liability they might have for CGT).

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