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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:

Michael FLYNN

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Individual sessions

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