Description
With a massive $3.5 trillion dollars expected to be inherited by Australians over the next 20 years, understanding how to manage these funds will be crucial for the average Australian. This article discusses tax and Centrelink implications of receiving an inheritance, the use of superannuation and family trusts, and highlights the importance of seeking advice both before and after receiving an inheritance.
Introduction
More than $3.5 trillion dollars in inherited funds are expected to change hands within Australia during the next 20 years, with Australians enjoying one of the highest inheritance payout rates anywhere in the world.
According to investment bank HSBC’s Future of Retirement report, Australians pass on average $561,000 to their heirs, almost four times the global average of $148,000, with two in every three Australians planning to leave an inheritance.
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