Miscellaneous 2019

Deceased estates, real property and real issues

Source: Taxation In Australia Journal Article

Published Date: 1 Dec 2019


Notwithstanding that death is generally not a taxing event, there are a number of complex legal and tax issues which need to be considered, particularly in relation to real property. An executor who sells real property will need to understand how the capital gains tax cost base and main residence rules apply. It is also relevant to beneficiaries who inherit property. Further, the manner in which an interest in property is passed to a beneficiary (for example, directly or via a testamentary trust or life interest) will affect the tax treatment of that interest. Finally, estate administration is rarely straightforward, and if a dispute or other complication arises over the distribution of assets, the parties may wish to resolve the issue by entering into a deed of family arrangement. This has its own set of tax risks and considerations.

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Miscellaneous 2019

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