Dear Ms Wise, my father closed down his self-managed superannuation fund and moved his shares out of the fund. His plan was to sell them, pay the tax owing and then distribute the cash among us five kids. However, he passed away before this could be done. We have authorised the executors to sell the shares and pay the tax. This leaves $1.5 million to be distributed among us. Will I have to pay any more tax on the $300,000 I receive? And can I put it into super? I have $1.9 million in an accumulation account. Pat

A: The $300,000 inheritance is not taxable, as inheritances aren’t considered assessable income in Australia.