Inheritance law is very complicated subject that are best understood and applied by family lawyers. As an individual it’s advisable for you to gain some knowledge about inheritance as this will decide how your assets, property and personal goods will be distributed. As of now there is a steady flow of reforms in the Australian inheritance laws as the country government is working towards uniform norms of succession in the country.
Tax obligations of beneficiaries
Most beneficiaries of a specific will are liable for payment of tax which will be in proportion to their share of inheritance. The bank capital is already taxed so additional taxes need not be paid. Any valuable assets that are passed on come with capital gain tax. The same rules are applicable for real estates which are situated overseas.
Some asset transfers can happen without capital gain tax charges if the asset is passed on to a legal representative or a direct beneficiary. In the same way asset transfer from a legal representative to a beneficiary is also exempted from taxes.
Conditions in which capital gain tax is levied
A family lawyer will tell you that capital gain tax will be levied if one person involved in asset transfer is a foreign national. If assets are transferred to a church, be it for charity or for profit organisation then CGT will be charged. The capital gain tax is levied on the day of demise of the person and this tax is usually applied on shares, financial and property investment.
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