Can inheritance money affect FTA or FTB or baby bonus/maternity leave payments?
My DH may have some inheritance money coming to him, not sure of when it will come through or how much it will be (could be $10,000 or could be up to 50,000). Just wondering if i have to consider it when working out whether to go for baby bonus or the other one.
Also, does anyone know if it affect tax thresholds etc ? (i know that is not a centrelink qu)
ta
I'm definately no expert, but I'm pretty certain that inheritance payments aren't taxed at all and aren't considered income (at least that was the case a few years ago).
The only area where it is a bit muddied is when property is involved. If property of the deceased is sold 2 years (or more) after the person died then the estate may be liable for capital gains tax (there are host of factors in this though). But as far as I know it is the estate that pays the tax. Once the tax is paid/accounted for the remaining money is then paid to the beneficiaries.
HTH
https://www.bellybelly.com.au/forums...-works-154593/
There was a thread about this earier this year. Not sure about baby bonus or ppl though.