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Archive for category: Living Estate Planning
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Property Inheritance – CGT Implications
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.
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Deceased estate checklist
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:
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Estate Planning & Land Tax
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 ...
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Trusts & Estate Planning
A trust is a separate legal entity which holds assets, such as property or cash. and have a number of advantages, particularly from an asset protection perspective. They are very popular structures which are often set up by people during their lifetime.
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Family Trust Distributions to Children – THE IMPORTANCE OF PLANNING
Family trusts have many advantages, one of these being the ability to distribute business profits to your children. This is a popular strategy which can be used to reduce your overall tax liabilities at year end.
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When to lodge a date of death tax return?
As executor you need to lodge a date of death tax return on behalf of the deceased person if they:
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Does your de facto have a claim against your will?
When we think about estate planning we often believe that if we have prepared a will then we have done enough, or at the very least we have done something!
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No tax on death: fact or fiction?
Death itself does not create a tax liability, however what happens to the assets after you die could result in a tax bill. Creating a will or becoming a beneficiary of one may appear to be more straight than you thought, but the reality is the tax man could take a large bite out of your estate or inheritance.
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