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Tax refund on inheritance

Posted 28 January 2015 under Tax Q&A


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My partner inherited some money (from policies and investments) over the last financial year and paid a lot of tax on the payments. My question is, because he is not employed, can he claim any of the tax back?

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TaxTim TaxTim says:
29 January 2015 at 10:00

Unfortunately not, there is no ability to claim a refund on inheritance. Why did he pay tax and not the actual estate though?

Matieu says:
29 January 2015 at 16:01

Technically it was inheritance as it came from my father. But it was a policy payout from his work, and money from retirement annuities where I was named as beneficiary so the estate did not deal with it, it was paid directly to me.

TaxTim TaxTim says:
29 January 2015 at 22:07

Then the amounts would have been taxed as per the lumpsum tables and no deduction or claim can be made against this once off tax.


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