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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...

When comparing income taxes for salaried employees in Korea and Australia, many professionals wonder: which country takes a bigger cut from your paycheck? While both countries impose relatively high income taxes, their systems differ significantly in complexity, structure, and additional levies. Let’s break it down to see how each system affects take-home pay and financial planning. 1. Income Tax Structure:   One of the biggest differences between Korea and Australia’s tax systems is their complexity. South Korea: A Multi-Layered Tax System In Korea, salaried employees face a multi-layered taxation system that includes: National Income Tax: Progressive tax rates ranging from 6% to 45% . Local Income Tax: An additional 10% of the national tax , effectively increasing the total tax burden. Resident Tax: A small but mandatory tax at the local government level. Other Mandatory Contributions: Such as National Pension and National Health Insurance, which are deducted from sala...