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Friends With Money #43: Inheritance and tax

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Inheritance can be taxing. At this difficult time in your life, inheriting the family home, heirlooms, or investments can come with its own set of challenges.

This week on the Friends With Money Podcast, H&R Block's Mark Chapman joins Money's Julia Newbould to discuss what you need to be aware of if you are the beneficiary of a will. They discuss:

  • Does Australia have an inheritance tax?
  • Do you have to pay tax if you inherit the family home?
  • When it comes to CGT, what are the best choices when dealing with an inheritance of property?
  • What is tax-exempt?
  • Should you seek advice about making a will?

friends with money podcast inheritance and tax

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What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

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You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

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Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.

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The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

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New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.

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Yes, full episodes with closed captions are available on YouTube.

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Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

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Julia Newbould was editor-at-large and later managing editor of Money from November 2019 to February 2022. She was previously editor of Financial Planning and Super Review magazines; managing editor at InvestorInfo and at Morningstar Australia. Julia co-authored The Joy of Money, a book on women and personal finance. She holds a Bachelor of Economics from the University of Sydney where she serves on the alumni council.

Mark Chapman is director of tax communications at H&R Block, Australia's largest firm of tax accountants, and is a regular contributor to Money. Mark is a Chartered Accountant, CPA and Chartered Tax Adviser and holds a Masters of Tax Law from the University of New South Wales. Previously, he was a tax adviser for over 20 years, specialising in individual and small business tax, in both the UK and Australia. As well as operating his own private practice, Mark spent seven years as a Senior Director with the Australian Taxation Office. He is the author of Life and Taxes: A Look at Life Through Tax. Connect with Mark Chapman on LinkedIn.
Comments
Kerri Moore
April 23, 2022 8.31am

My concern is leaving my inheritance to my children and they will give it to their children who really don't deserve it

I'm not ruling from the grave it's just we have worked very hard for this money and I only wish there is another way

Mary Fernando
August 6, 2022 8.20pm

To save everybody all the tax and handing down the inheritance I decided to give all away to several animal charities. Animals do not do us humans any harm. However humans have caused the extinction of so many animals here in Australia. Yes the fire, drought and floods have all contributed to the loss of native wildlife but most of the damage has been identified as caused by humans. I regularly donate to several animals charities. That is the least I can do to help reverse the damage already done. I feel grateful I am able to make a small contribution to the voiceless animals of the planet. I am not a millionaire trying to avoid tax. I am aged pensioner who worked hard all my life. My son does not deserve one cent of my small wealth. He has never contributed to my welfare even in old age. Cheers.

Doug Clements
April 23, 2022 1.14pm

Thank you