While there is no official inheritance tax, any assets you inherit may contribute to your income tax or result in capital gains taxes. To minimise the amount of tax that you will pay, it is recommended that you seek advice from a professional who can assist you in reducing your tax obligations.
If you are seeking ways to minimise your tax obligations, you will need to consider the following:
Type of asset you will inherit – including cash, shares, property, and gifts.
Each asset’s value.
How the asset will be paid – either as a regular payment or lump sum.
Your current financial situation – current tax obligations, income, and expenses.
Your current financial status – your income and revenue.