Question 1. I have received an inheritance from my mother $112,000 (my share of a family property). I studied Moneysmart, called my accountant and the ATO etc., but I’m still unsure about how much tax, if any, I need to pay on that. I’ve put the max into super this year $110,000 and I’m sacrificing 10 per cent of wages, and some non-concessional after tax also, but I’m under the limit. I am currently 67 and eligible for a full pension, but I chose to work to build my super etc.
My marginal tax rate seems to hover around 11 per cent as I’m on a variable/casual income. Therefore, I was planning on not applying for the concessional rate in July. Will I be exposed to capital gains on the sale of the property, only, or some additional tax as well? Thanks
