Published on 04 Jun 04
by WESTERN AUSTRALIAN DIVISION, THE TAX INSTITUTE
This paper covers the following tax issues in estate planning:
- what are the general tax positions for the different taxes on death for both Will maker and beneficiaries? What are the confessional or punitive treatment?
- how does the 'rollover' operate? Is it merely a deferral, or a hidden burden? When is capital gain useful? What if there are losses?
- what is the difference between a CGT liability and the quantum of the liability (which may be minimal or insignificant)? Does it matter now that individuals and trusts are generally entitled to a 50% discount on capital gains made?
- why is adequate record keeping for CGT and other purposes even more important?