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Deceased estates, real property and real issues

Published on 01 Dec 19 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Notwithstanding that death is generally not a taxing event, there are a number of complex legal and tax issues which need to be considered, particularly in relation to real property. An executor who sells real property will need to understand how the capital gains tax cost base and main residence rules apply. It is also relevant to beneficiaries who inherit property. Further, the manner in which an interest in property is passed to a beneficiary (for example, directly or via a testamentary trust or life interest) will affect the tax treatment of that interest. Finally, estate administration is rarely straightforward, and if a dispute or other complication arises over the distribution of assets, the parties may wish to resolve the issue by entering into a deed of family arrangement. This has its own set of tax risks and considerations.

Author profiles

Benjamin Wilson CTA
Ben Wilson, CTA, is a partner with CCK Lawyers. He has a wide range of experience in corporate and commercial transactions and in advising clients on estate planning and business succession planning issues. He acts for high net wealth individuals, family groups and large corporate entities with businesses in a range of industries. - Current at 08 July 2019
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Caitlin Ashworth FTI
Caitlin is a lawyer with CCK Lawyers. She practises largely in wills and estates matters. She also has experience with tax, superannuation and commercial transactions. Caitlin works closely clients to provide advice and solutions to meet their asset protection and tax planning objectives. - Current at 12 December 2019

 

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