FAQ
Frequently Asked Questions
Is My Inheritance Taxable?
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.
I Recently Moved Permanently to Australia. Must I Pay Taxes on the Money I Transferred From Overseas?
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.
Must I Pay Taxes on Income I Earn While Working Overseas?
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.
I Am Years Behind in Lodging Tax Returns. What Should I Do?
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 are reduced.
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