Child Maintenance Taxable
February 27th, 2009
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Question: Does anyone know if an inheritance would be classed as taxable income?
I know someone whose parents died, leaving them a fairly large sum of money (around AU$60 000). Their ex-spouse is trying to claim a portion of it as child maintenance/support, but I was under the impression that it isn't classed as taxabe income as it is a "gift" and Child Support is supposed to be based upon taxable income...?. Does anyone know about this or had it happen to them?
Answer: Not quite sure how it works in AU, but in the US, inheritances and life insurance proceeds are completely non-taxable.
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