taxs on inheritence

Does anyone know about being taxed on an inheritance from Canada in Oz?

The Australian Taxation system taxes Australian RESIDENTS on their worldwide income, of almost any sort, but there are exemptions.

Here is one quote from the ATO website:
"If you inherit a house that was the deceased’s main residence, any capital gain on its subsequent disposal may be exempt. However, until this is known, you should keep records of relevant costs incurred by you, the deceased or their trustee or executor."

I cannot post the link yet, as I am a new member, but do a search on the Australian google for "Records relating to inheritance" and the top result should be the correct ATO web page. (Australian Tax Office)

This topic got be curious, so I also looked up the same thing - this kinda sums it up on the ATO web site. From my interpretation, if it's only cash that is being transferred to you, and it was already taxed in Canada from the sale of its originating asset (capital gains or any applicable income taxes), then it's not taxable in Australia.

If you receive an asset, then capital gains taxes on you may eventually apply.

If the deceased's assets are put into an ongoing income trust, and you get periodic income from that trust, then it's treated like any other foreign income.

I can't post a link either because of the same reasons as britzinoz, but if you go to the Australian google site and enter "tax obligations of beneficiaries", then the first link that shows up is where I got the above information from.

Thanks so much, you were both very helpful. It looks like in the clear;)