Inheritance - cash - pay tax ?

Question

I am an individual about to inherit some money from a deceased estate in Australia.

Do I have to pay tax on this ? Is it considered as income ? Do I declare it in my tax return ?

Answer 1

No, you do not need to pay tax on money you inherit.  However you DO need to pay tax on anything you earn from it..  eg if you put it in a savings account you need to pay tax on the money you earn.

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