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28 Apr 14 Deceased estates - ATO administrative treatment pending and post legislative amendments

In the 2011-12 Federal Budget, the government announced an intention to legislate the current ATO practice of allowing a testamentary trust to distribute an asset of a deceased person without a capital gains tax (CGT) taxing point occurring. The income tax law for deceased estates would also be rewritten using a principle-based format, and minor technical issues for deceased estates would be fixed.

In the 2012-13 Federal Budget, the government announced it would make a series of minor amendments to the 2011-12 Budget measure to ensure the proper functioning of the CGT provisions for deceased estates.

These changes are proposed to apply to CGT events happening on or after the day the legislation received royal assent, except for the roll-over that will apply where an intended beneficiary dies before administration is completed. This change will be backdated to apply to CGT events that happen in the 2006-07 and later income years.

For details of the ATO’s proposed administrative treatment of affected tax returns prior to, and following, the passage of the amending legislation, go here.

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