Inheritance Tax in Australia

There is no inheritance tax in Australia. Federal and State governments do not tax the value of a deceased estate and beneficiaries of a Will are not required to pay a tax on their entitlement.

Although there is no direct tax on inheritances, tax obligations may arise for:

• The estate before it is distributed to beneficiaries
• The beneficiaries once they receive their inheritance

It is important for executors to understand the tax obligations that may arise when administering a deceased estate and for beneficiaries to be aware of the financial consequences of inheriting estate assets. This blog provides practical and relevant information regarding some of the main tax considerations when deceased estates are administered and then inherited.

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