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Issues with life estates paper

Published on 19 Jul 18 by QUEENSLAND DIVISION, THE TAX INSTITUTE

This paper covers:

  • life estate – an estate in land that endures until the death of the person upon whom it is conferred or some specified person (“purautre vie”)
  • most often created by will
  • a common trigger for CGT liability is surrender of a life estate
  • application of CGT to life estates before TR 2006/14 was very uncertain
  • how CGT rules apply generally to deceased estates
  • TR 2006/14 and PS LA 2003/12
  • examples illustrating application of TR 2006/14
  • surrender of interest in main residence
  • application of rules to more complex estates.

Author profile

Michael Flynn QC CTA-Life
Photo of author, Michael FLYNN Michael is a Barrister at Owen Dixon Chambers West, specialising in taxation, and was National President of The Tax Institute in 2014. He is the author, with James Kessler, QC, of Drafting Trusts and Will Trusts in Australia (2nd edition, 2017). Michael has appeared in the Administrative Appeals Tribunal, the Federal Court and the High Court in taxation cases. Michael has been a member of various committees of The Tax Institute for over 20 years. - Current at 02 December 2019
Click here to expand/collapse more articles by Michael FLYNN.

 

This was presented at 2018 Death … and Taxes Symposium .

Get a 20% discount when you buy all the items from this event.

Individual sessions

Incapacity issues: Powers of attorney, wills, super and binding nominations

Author(s):  Caite Brewer

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Death in the new world, post-superannuation reform

Author(s):  Neal DALLAS,  Chris WYETH

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Workshop: Dealing with the business of estate administration

Author(s):  Peter J MCKNOULTY

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Practical legal ethics for the adviser

Author(s):  David W MARKS

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Tax liabilities – Who is responsible

Author(s):  Lyn Freshwater

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International issues in situations where assets are located overseas, beneficiaries are residing overseas, or even your client dies overseas

Author(s):  Denise HONEY

Materials from this session:

Further details about this event:

 

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