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Death and taxes paper


Increasing numbers of Australians are disposing of significant wealth through their wills. Accountants and lawyers are therefore frequently encountering large estates, where the executors may incur significant taxation liabilities, depending upon how they administer the estate. In this session Michael Flynn, CTA, outlined strategies for minimising tax liabilities that may arise in administering deceased estates.

This paper covers:

  • when are beneficiaries presently entitled to estate income?
  • tax consequences of realising assets
  • arying the terms of a will after death
  • obtaining endorsement for estates with tax exempt beneficiaries
  • distributing assets to tax exempt and non-resident beneficiaries
  • injecting income and capital into testamentary trusts
  • CGT main residence exemption.

Author profile

Michael Flynn QC CTA-Life
Photo of author, Michael FLYNN Michael Flynn, CTA-Life, is a Barrister specialising in taxation and was National President of The Tax Institute in 2014. He was chair of the organising committee of the National Infrastructure Conference in 2015 and 2016. Michael has appeared before the Federal Court and the High Court in many cases on behalf of both taxpayers and the Commissioner. Michael has been a member of various committees of The Tax Institute for over 20 years, including Victorian State Council (he is a past State Chair) and National Council. He lectures in the postgraduate program at Melbourne University and is President of the Tax Bar Association. - Current at 10 February 2017
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