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11 Sep 13 Refinements to the income tax law in relation to deceased estates

In the 2011-12 Federal Budget, the former Labor 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 CGT taxing point occurring. The income tax law for deceased estates was also to be rewritten using a principle-based format and minor technical issues for deceased estates were to be fixed.

On 8 May 2012, as part of the 2012-13 Federal Budget, the former Labor 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 receives Royal Assent, except for one change, namely 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.

The ATO has now published the administrative treatment that it will apply pending the enactment of the changes.


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