Inheritance and tax [#43]

Inheritance can be taxing. At this difficult time in your life, inheriting the family home, heirlooms, or investments can come with its own set of challenges.
H&R Block's Mark Chapman joins Money's Julia Newbould to discuss what you need to be aware of if you are the beneficiary of a will.
Does Australia have an inheritance tax?
Do you have to pay tax if you inherit the family home?
When it comes to CGT, what are the best choices when dealing with an inheritance of property?
What is tax-exempt?
Should you seek advice if making a will?
#friendswithmoney #julianewbould #h&rblock #markchapman
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Website: moneymag.com.au
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[@paulchilvers5032]

Should probably have been named CGT on inheritance. No mention of inheritance taxation on whatbmay be one of the largest assets, Superannuation!

[@silversun119]

I thought someone inheriting a pre 1985 investment property also had a grace period to sell it before incurring CGT?

[@nireeburr]

What if one daughter got the home and all it’s issues and the other daughter got life insurance & $150k in gold bullion? Both are meant to be equal amounts . One stays in the home with broken heart..& the issues to fix. The other skips to WA taking across state lines? Now living the dream life never to return home.
Who’s going to get tax bill if selling either?
I know who’s hurting a hell of a lot more ..

[@mindofown]

What about the inheritance of a non-residential property that was a weekend beach house?

[@moneymagazineaustralia]

"...this will be inherited either for its original cost on purchase (if it was purchased after 20 September 1985) or for its market value at the date of death if it was a so-called pre-CGT asset (ie, it was purchased before 20 September 1985). Capital gains tax will only arise on the ultimate sale of the asset by the estate or beneficiary. The gain will be worked out as sales proceeds - base cost (either cost or MV at the date of death)."

[@mindofown]

@@moneymagazineaustralia Thankyou for responding, also does the 50% discount on CGT apply if you hold on to the property for at least 12 months before you sell it?