Inherit money
Hope some one can help. Relation died last year, did not feel that I could travel to to the U.K. 2 Daughters went in my place and knowing I will get some money when it is sorted, I said I would give them what they spent on fares and a bit more. $10.000 each. I have already helped another with $5.000. So do I have to ring Centrelink when money arrives, it will be a one off payment to me. Will I have to pay tax as it will be $25.000, $5.000 over what is allowed for the year. Thanks in advance . bluebird
Hiya bluebird, click on this link and scroll down to the heading “What doesn't count in the income test”
https://www.humanservices.gov.au/individuals/enablers/lump-sums-while-income-support/28961
You may find what you’re looking for.