First the good news …

There are no death duties or inheritance taxes in Australia to reduce the family inheritance. However, capital gains tax will affect any item which is subsequently sold.

CAPITAL GAINS TAX

There is no tax payable until the property is sold either by the executors or by the beneficiary. Capital gains tax is charged on the difference between the net proceeds of sale, after allowing for costs of disposal, and the allowable cost base. The allowable cost base is made up basically of the acquisition cost plus any allowable expenditure. If the property is transferred directly to the beneficiary there is no tax payable on that transaction and the beneficiary inherits the cost base and pays tax on any net profit made when the asset is sold.

N.B. this is a generalised guide - you will need to consult a professional for information about your personal situation.