Peter M. came to Australia from Germany in 2015. His mother had died from cancer in 2013, after a long and fulfilled life. Peter, who cared for his mother when she was sick, had never thought of his mother as being wealthy.
So it came as a complete shock when he discovered that she had left him a handsome inheritance: A six-digit figure. Peter now wants to bring this money to Australia. What are the legal implications, and how should Peter go about?*
Some of the main rules are:
- There's no inheritance tax in Australia, so Peter is free to transfer the entire amount to his Australian bank account.
- Saying that, Peter must ensure he complies with German tax law. For details go to the in Bonn.
- Generally speaking, Peter is best advised to transfer the money in several portions, not one big lump sum. This approach evens out the ups and downs of the daily exchange rate.
- In most cases, the niche players and online money changers will offer better exchange rates than the big banks. It certainly pays to shop around!
- Be aware of scammers and dodgy providers. Check their credentials. If in doubt, walk away and report them to police.
- For further information, go to ASIC's MoneySmart website. They have put together an .
