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Death and taxes paper

Published on 20 Sep 12 by VICTORIAN DIVISION, THE TAX INSTITUTE

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:

Author Photo - Michael Flynn QC CTA-Life
Michael Flynn QC CTA-Life
Michael is a Barrister specialising in taxation, is the immediate past National President of The Tax Institute. 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. Current at 02 June 2015 Click here to expand/collapse more articles by Michael FLYNN.
 
Individual sessions

Further details about this event:

 

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