My Father is set to inherit a mixed portfolio of shares (around $60,000). The Public Trustees have asked if he wishes to sell them or have them transferred into his name. He doesn't know what he'd do with the money if he sold them. Are there any tax advantages in having the Public Trustee cash them in for him or should he perhaps hold on to them for a few years? Has anyone here inherited shares and what did you do? I've suggested that he see a financial planner but he seems reluctant. I'd appreciate any advice. Cheers!
Keep or Sell Inherited Stocks and Shares?
freespirit on 15/02/2021 - 17:21
Comments
I know for a house, if you dont sell it within 2 years you pay taxes on it, if you sell it you pay no tax.
Talk to a solicitor.
Sorry this isn't true. You will pay whatever tax is payable regardless of when you sell it. I say whatever tax because the tax status of the property is also inherited. If the property is a PPoR that has never been used to derive income, then you'll pay no tax upon sale after inheriting it. If it was an IP, for a portion or whole of ownership, then you'll pay the tax liability when selling it after inheriting it.
You are right, i didnt want to get into the specifics of it, thats why i said talk to a solicitor at the end.
Why not just admit you were wrong.
This might help about taxes.
There is no inheritance tax in Australia but capital gains could apply from the date of death when shares are sold.
The public trustee fees are f8&*king high from my fathers estate settlement, so transfer them ASAP or get them sold ASAP and get away from the public trustee ASAP so you stop paying monthly fees and correspondence fees (think of a lawyer in that you pay for them to do ANYTHING!!!)
As @xuqi said get advice…..
- See a fee for service financial advisor.
- See #1
- I don't know what they fees are for public trustee, there is a CGT discount for holding 1 year but whether or not this is optimal would depends on your father's taxable income and when they plan to sell so see #1. I don't mean to sound rude his situation is just one where paying some dosh will be well worth it.
Definitely insist he find/use a trusted financial planner/accountant.