Inheriting Property from Parents Australia: Complete Guide

Inheriting property from parents in Australia? Here's what you really need to know.

Feeling overwhelmed by paperwork, tax jargon and the emotional weight of inheritance? This guide explains how to navigate capital gains, exemptions, and your next steps with confidence.

✅ Key takeaways:

• ✅ No inheritance or estate tax applies in Australia—you don’t owe tax simply for inheriting property. 

• ✅ CGT only applies if you sell the inherited property—not at the time of inheritance. 

• ✅ The cost base used for CGT is either the deceased’s original purchase price (if bought after 20 Sept 1985) or the market value at date of death (for pre‑CGT assets). 

• ✅ If the property was your parents’ main residence and you sell it within two years, you may qualify for a full CGT exemption. Extensions may be granted in exceptional circumstances. 

• ✅ No stamp duty is payable on inheriting property—unless you transfer it to someone else or buy out other beneficiaries. 

• ✅ Options include: move in, sell, or rent out—each with distinct financial and tax implications. 

• ✅ If there are multiple beneficiaries, disputes are best avoided via mediation or buy‑outs; a court can force a sale—but usually only after mediation. 

? Ready to make informed decisions about your inherited property? Dive into the full guide to understand valuation, CGT considerations, and next steps in plain language via Inheriting Property from Parents in Australia: Complete Guide.

? Want to explore more tax solutions for individuals and small businesses? Visit Baron Accounting’s homepage.