Dear Ms Wise, my father is a New Zealand citizen and has around $2 million in residential property, $1 million in commercial property, and $1 million in other investments. All are NZ assets held in a family trust of which my brother and I are both trustees and beneficiaries. We are Australian citizens. Although he is 75 and healthy, the time will come for dad to pass his wealth onto us. How will the Australian tax authorities view this transfer? Jason

The wisdom: Tim Lyford, a tax services partner at William Buck, says the starting point is to establish and understand the tax residency of all parties, including you, your brother, your father and the trust.