CGT discount for non-resident beneficiaries
Published on 09 Apr 2014
| Took place at The Tax Institute, Sydney, NSW
8 May 2012 has become a critical date for non-resident beneficiaries of Australian trust estates including beneficiaries of wills) as after that date the CGT discount on CGT events happening to the trustee will no longer attract the 50% general discount. The transitional rules and the interplay with Division 855 of the 1997 Act make a seemingly simple legislative endeavour exceedingly complicated.
This event covered:
- how the denial of discount rules generally operate
- their specific application to beneficiaries of Australian resident trusts
- the interplay with Division 855
- the transitional valuation method of apportionment
- how deceased estates with non-resident beneficiaries are impacted upon.