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My Client the Deceased

Published on 04 Jun 2004 | Took place at City West Function Centre, West Perth, WA

Tax can greatly reduce the value of the transfer of assets from the deceased to the beneficiaries. It is important in both planning the Will and in advising the executor and/or beneficiaries after death to be aware of the significance of any tax impost. This seminar provided an overview and focussed on some problem areas concerning income tax and CGT. It also briefly dealt with stamp duty, GST and superannuation.

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Individual sessions

When two certainties collide 'death' and 'taxes'

Author(s):  Arlene MACDONALD This paper covers the following tax issues in estate planning:
- what are the general tax positions for the different taxes on death for both Will maker and beneficiaries? What are the confessional or punitive treatment?
- how does the 'rollover' operate? Is it merely a deferral, or a hidden burden? When is capital gain useful? What if there are losses?
- what is the difference between a CGT liability and the quantum of the liability (which may be minimal or insignificant)? Does it matter now that individuals and trusts are generally entitled to a 50% discount on capital gains made?
- why is adequate record keeping for CGT and other purposes even more important?

Materials from this session:

Peace of Mind Checkup

Author(s):  Peter NETTLETON This paper covers the following topics:
- what are the choices open to the Will maker and beneficiaries?
- how do you identify the different types of assets producing different types of income? How do you choose the appropriate beneficiaries? What executor/trustee powers are appropriate for maximum flexibility?
- what do you do when tax laws are constantly changing and cannot be anticipated even a year ahead let alone many years?

Materials from this session: