Frequently Asked Questions
Below, we offer answers to several of the most common questions our clients ask. If your particular concern is not addressed here, please contact us. Our friendly, knowledgeable representatives are delighted to help.
No. Generally an inheritance when received as cash is not taxable. However, under certain circumstances, you may have to pay taxes on some portion of the bequest. Where assets, such as property and shares, are inherited tax could be payable when they are sold.
No. You don’t pay tax on the money you bring with you. However bank or investment interest you earn on that money after moving to Australia is taxable.
Yes. If you are a resident of Australia for income tax purposes you must pay taxes on income earned overseas unless the following applies to you:
- You have worked overseas continuously for over 90 days, AND
- You are working on a particular Australian government project, OR
- You are deployed there through an Australian government agency.
Lodge any outstanding tax returns ASAP, before you receive a notice from the Australian Tax Office (ATO). If you lodge the tax returns before the ATO notifies you the chances of paying late lodgment penalties of $170 for every 28 days the return is late, to a maximum of $850, are reduced.