The Barnetts

Wondered if anyone has had experience of submitting a tax return after receiving an inheritance from UK. Government already took their tax. As we know IHT is huge and I believe that as we have a treaty with UK, my tax return is usually very straight forward. A tax agent informed me they were not qualified to help and now I don't know where to start looking. Any help would be appreciated

Beoz

Just my hunch, if you paid your inheritance tax in the UK, and there is the double tax treaty, and there is no inheritance tax in the Oz, you are good to go.

A dual UK Oz taxation expert will be the trick.

Swerv-o

Is it cash or property/stocks and shares?


S

The Barnetts

Property was sold and Some shares were cashed in. All Split between two. My sister in UK and myself here in Au.
I will check out dual agent. Thanks for your help

h2oskineil

I asked our tax accountant last week...... As long as it isn't an asset and was cash, there is no problem and you do not need to declare as income.

Alan Collett

You should have no further tax to pay in Australia at this stage.

I recommend you do though make yourself aware of the future capital gains tax position upon a future disposal of any inherited and retained assets, and the income tax position in respect of income deriving from the same.

Best regards.

denzil73

Or just leave it in your UK bank account and use as you see fit. That's if you kept a UK account cos buy they come in useful