SandyBlueMountains Posted January 14, 2019 Share Posted January 14, 2019 Does anyone know a) Can a UK bank cheque in £’S be paid into an Australian bank account, and what would be the charges? And b) will Australia take a cut for tax from it, even though inheritance tax will have been paid in England? Thanks in advance! Sandy Quote Link to comment Share on other sites More sharing options...
rammygirl Posted January 14, 2019 Share Posted January 14, 2019 Taking a foreign currency cheque into a bank will incur charges and most likely a poor exchange rate. Can you get the money any other way? I think you will need to declare it to the ATO but any tax paid in the UK will be offset. Not sure if any tax will be due there is no inheritance tax imposed in Australia so probably none. Hopefully one of our resident accountants will be able to clarify. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted January 14, 2019 Share Posted January 14, 2019 (edited) There will be a fee to bank the cheque. You'd be better off opening an account with Moneycorp (or a similar company) and transferring it through them. If you join Moneycorp through these forums, they don't charge a fee. You must declare it on your tax return (and you also need to declare the tax you paid in the UK) but I have no idea whether it will be taxed and if so, how much Edited January 14, 2019 by Marisawright Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted January 20, 2019 Share Posted January 20, 2019 This is a receipt of capital that has already been subjected to UK Inheritance Tax considerations. So far as I recall there's no obligation to report it on your Australian tax return. Retain evidence of the background to the receipt on file - eg a communication from from the executor/s - in case the ATO ever asks about the nature of the sum received by you. Best regards. 1 Quote Link to comment Share on other sites More sharing options...
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