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Living Estate Planning
When we buy property or other assets we generally give little or no thought to the legal ownership of that asset. Often we are swept away “in the moment” and don’t consider the various options or legal implications that may arise in the future. No thinks to ask the question, have I purchased in the correct legal structure? Is there a better way?
Living Estate Planning
When a person dies, their assets are transferred to their legal personal representative (LPR) or are acquired by a surviving joint tenant, where the deceased owned those assets as joint tenants with another person. As there is a change of ownership a capital gains tax (CGT) event arises.
Living Estate Planning
In my previous article I mentioned that if you inherit a dwelling and later sell or otherwise dispose of it, you may be exempt from capital gains tax (CGT), depending on when the deceased acquired the property, when they died and whether the property has been used to produce income (such as rent).
Living Estate Planning
Since the introduction of capital gains tax in September 1985 if you inherit a dwelling or other property and later sell or otherwise dispose of it, capital gains tax may apply to either the deceased estate or yourself as beneficiary.
Living Estate Planning
This checklist will help you manage the Australian tax affairs of someone who has died. If the deceased person's tax affairs included carrying on a business, you may need to seek further advice from Paris Financial otherwise these are the steps to follow when someone has died:
Living Estate Planning
Deceased estates and Stamp duty - the transfer of property in accordance with the terms of a will or codicil is subject to stamp duty unless an exemption is available and section 42 of the Duties Act in Victoria exempts certain transfers of dutiable property where ...
