Friends With Money #43: Inheritances 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.

We discuss:

People sitting on bench looking out over beach after discussing inheritances and tax.

  • 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?

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Julia Newbould is one of the hosts of the Friends With Money podcast. 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.
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

Doug Clements
April 23, 2022 1.14pm

Thank you