Do I need to pay tax if I inherited money from New Zealand and received it in Australia?
You should really seek some professional advice from an Accountant who can investigate your individual circumstances are give you some personalised expert advice, but I will try and assist as much as possible. Am I right to assume that you have received money as a beneficiary of a deceased estate? If so, the tax obligations for yourself will depend on the nature of the distribution yu have received. Assuming that you have received an income (revenue not capital) distribution, as an Australia tax resident you will be liable for tax on this income for the year which relates to the day you became presently entitled to the income (not when you received it as cash). It will form part of your taxable income and the amount of tax you pay will depend on how much your total taxable income is since tax for an individual is calculated on a marginal rate basis. It is impossible for me to give you an exact figure wothout knowledge of all your income and deductions information and the amount of this
