Inheritance Tax: Key Differences Between Australia and Korea
Inheritance tax is an essential part of estate planning, and for individuals with connections to both Australia and Korea, understanding the differences between the 2 countries’ systems is crucial. While both countries impose taxes on inherited wealth, the specifics vary greatly. In this article, we’ll dive into the inheritance tax systems of Australia and Korea , comparing key features, exemptions, and practical implications for cross-border estates. 1. Inheritance Tax in Australia: Australia doesn’t have a traditional inheritance tax , but there are still tax implications when inheriting assets. It’s important to understand the indirect taxes that can come into play. Key Features: No Inheritance Tax : Unlike many other countries, Australia does not impose an inheritance tax on the transfer of assets after death. Capital Gains Tax (CGT) : Instead of inheritance tax, Australia has CGT, which may apply to inherited assets if they are sold. However, there’s an exempti...