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Could you please clarify for me the tax implications of cash inheritance in Australia? I understand that there are no inheritance or estate taxes, but I'm concerned about other potential taxes. Would I be liable for capital gains tax if I decide to use the inherited cash to purchase an asset and later sell it? Also, if the cash is invested in shares or property that generates dividends or rental income, would I be required to pay income tax on those earnings? It would be helpful if you could provide some insight into these matters.
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