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Inheritance Tax - How does it work overseas?

Discussion in 'General Investing Discussion' started by Sk3tChY, 31st Jul, 2009.

  1. Sk3tChY

    Sk3tChY Well-Known Member

    4th Aug, 2007
    Sydney, NSW
    Well recently my grandmother passed away unfortunately and has left some sort of money to me, as well as my father and aunt of course.

    Originally I didn't know there was an Inheritance tax, and personally I think it should be outlawed, it's double-taxing!! Anyway..

    She lived overseas in Ireland and as far as I know was an Irish resident and what not. My father and I both live and reside in Australia. I'm an Australian resident, I'm not to sure about my father, I think he's still an Irish/UK resident.

    How would this 'inheritance tax' work? According to Irish law/tax or Australia law/tax..?

    Is there any way of avoiding or getting around it? I think they mentioned if you get it in cash or something you don't have to pay it?

    Any help would be much appreciated, thx guys.
  2. Rob G.

    Rob G. Well-Known Member

    6th Jun, 2007
    Melbourne, VIC
    No "inheritance tax" in Australia. There may be death duties and CGT issues in the Ireland.

    A cash bequest is generally tax free in Australia unless maybe in the form of an annuity.

    CGT acts as a de facto "inheritance tax" in Australia on CGT assets, but you only mentioned cash.