Where to bank a small inheritance

[Hihat]

Hi, I am expecting to receive a small inheritance when my parent passes away and was wondering where it might be best to bank the money. I have a Thai bank account and also an Australian bank account. Would this be taxable and if it is how best to avoid paying tax on this amount?

 

Thanks.

[ukrules]

Not sure about the tax angle but if I were you I'd open a dual currency account with someone like Bangkok Bank, you can then move it into Baht as you need it or as the Baht varies in exchange rate.

 

 

[Peterw42]

There is no Tax on inheritance in Australia. The best place to bank the money would be dependant on your personal circumstances, age, pensioner, other assets in Australia, investing the money, living off the money etc. Bank interest rates would be similar in both countries.

[Hihat]

1 hour ago, Peterw42 said:

There is no Tax on inheritance in Australia. The best place to bank the money would be dependant on your personal circumstances, age, pensioner, other assets in Australia, investing the money, living off the money etc. Bank interest rates would be similar in both countries.

Thanks for the advice..yes I am on the aged pension from Australia. Just wasn't sure if that would be affected by my inheritance.

[HLover]

Admittedly, I am not a tax expert but I can inform you of a place to turn your small inheritance into a very small inheritance.

:-)

[FNQ]

10 hours ago, Hihat said:

Thanks for the advice..yes I am on the aged pension from Australia. Just wasn't sure if that would be affected by my inheritance.

You are allowed to have aprox  $250.000 in bank (cash) without affecting your pension (single) . Also you can put it into your super A/C, then Centrelink will Deem what interest you earn against your pension of which your allowed to earn monies up to aprox $5000 without affecting your pension. Which is a lot of interest! hope this helps.

[1FinickyOne]

Just be careful and try and have something to show for it... much better than dribbling it away. Be thoughtful. It likely won't matter much which bank you deposit the money in - more important is what you do with it. 

[Rimmer]

A troll post has been removed

[KKr]

small as in "a small inheritance" has different meanings to different people.
In any case, as suggested earlier, I agree that it is a good idea to make sure you remember what it was spend on.
Take a cruise around the world in pleasurable company,
buy a house, 
or put it on the side to use for health insurance premiums. 
Good Luck, and sorry that your relatives passed on.

[davidst01]

Buy  a trezor hardware wallet. Register at Independant reserve exchange in Sydney. Buy bitcoin. Send it to the hardware wallet. Sit on it for 2 yrs. It will be worth 5 times as much or more. Maybe 10 fold increase. Also buy some Bitcoin cash as a hedge. Bitcoin is cheap now at 10,000 per coin. Its probably going to rise to 30k or 50k by next xmas

 

good luck

[LPCustom69]

1 hour ago, davidst01 said:

Buy  a trezor hardware wallet. Register at Independant reserve exchange in Sydney. Buy bitcoin. Send it to the hardware wallet. Sit on it for 2 yrs. It will be worth 5 times as much or more. Maybe 10 fold increase. Also buy some Bitcoin cash as a hedge. Bitcoin is cheap now at 10,000 per coin. Its probably going to rise to 30k or 50k by next xmas

 

good luck

Seriously?

[bazza73]

If you don't need the money immediately, probably best to bank it in Australia. You can transfer it to Thailand at your leisure afterwards. There will not be any inheritance tax on it.

The Age Pension will only be affected if you exceed the minimum asset limit, as another poster has said. It does have to be reported to Centrelink, unless you are one of those people who think they can fly under the radar.

I notice you are getting unsolicited investment advice in response to the original question. Bitcoin reminds me of the pump-and-dump stock boiler rooms.

 

[vagabondingshane]

2 hours ago, LPCustom69 said:

Seriously?

My thoughts exactly. It's going to implode like housing market, gold, and stck/retirement accounts. Robbing Peter to pay Paul... 

[keithpa]

6 hours ago, FNQ said:

You are allowed to have aprox  $250.000 in bank (cash) without affecting your pension (single) . Also you can put it into your super A/C, then Centrelink will Deem what interest you earn against your pension of which your allowed to earn monies up to aprox $5000 without affecting your pension. Which is a lot of interest! hope this helps.

I didnt know a person on an age pension  could make  superannuation  payments.

[Nemises]

Buy Thai gold and keep it safely in Thailand. Don’t tell Centrelink so as to keep your pension.

[F4UCorsair]

 

I don't know what you consider small, $5,000?   $20,000?  $50,000?

 

If I was you, I'd open a Commsec account online, and buy Australian shares.   VHY (Vanguard High Yield) is actually a managed fund with very, very low fees, and is paying a reasonable, franked dividend.  It made up of shares from the top ten to fifteen trading on the ASX.

 

You may not see the capital gains that some of the individual shares have returned, but you also won't see the losses those shares have given, e.g., CBA has been very volatile over the past few years, $96.00 down to $69.00, currently trading at about $81.00.   CBA is, or was when I last looked, one of the shares in VHY, as are a couple of the miners.

 

There's plenty of info online about VHY for you to peruse.

 

If you wanted to buy individual shares, I don't think you could ignore the banks, ANZ, CBA, NAB and WBC.

 

The income may have to be decalared to the Social Security Dept.

 

Good luck..

 

 

[khunPer]

17 hours ago, Hihat said:

Thanks for the advice..yes I am on the aged pension from Australia. Just wasn't sure if that would be affected by my inheritance.

If you plan to use the money, or the dividend/interest from the money, in Thailand, you should consider to "invest" part of your inheritance in Thailand to avoid currency exchange rate fluctuation. You have several ways to invest savings in Thailand and gain an outcome. There is a recent thread here about "Bringing savings into Thailand..." that might be interesting for you.