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?
Arlene Macdonald CTA-Life
Until her recent retirement, Arlene was a Barrister at the South Australian Bar for 17 years. Prior to this she spent 8 years at the Australian Government Solicitor's Office, and several years at the ATO and the Commonwealth Ombudsman's office. At the Bar she appeared and advised in a wide range of Commonwealth and State tax disputes concerning income tax, CGT, GST, stamp duty, payroll tax, land tax and other tax issues. Arlene is experienced in acting for the Commissioner of Taxation and for the range of taxpayers who were in dispute with the revenue authorities or who needed advice on how tax law applies in their case. She has a passion for legal education, especially in tax and trust law. She was awarded life membership of The Tax Institute in 2010 particularly for her work over many years in organising, promoting and providing education through The Tax Institute. She has written a vast number of papers and articles and is a highly sought after speaker. Current at 16 February 2015
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