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Articles
Below is a register of some articles from our newsletters for your ease of reference.
These articles are not intended to be and should not be used as a substitute for taking taxation advice in any specific situation. The information in these articles may be subject to change as taxation, superannuation and related laws and practices alter frequently and without warning.
You can also view the articles as an indexed list HERE.
11. Superannuation death benefits Q&A
When advising clients or drafting a Will, do you ensure that you take account of superannuation benefits that may be payable on the death of your client and in particular the tax consequences
arising when those benefits are paid to particular individuals?
10. CGT on properties acquired by the deceased pre-September 1985
ATO’s practical approach and their discretion to extend the two year period on the sale of a deceased’s main residence.
9. PCG 2019/5 extension of the two-year period on the sale of a deceased’s main residence
ATO’s practical approach and their discretion to extend the two year period on the sale of a deceased’s main residence
8. Superannuation death benefits and transfer balance caps
From 1 July 2017, a transfer balance cap was enacted in Australia, which essentially places a maximum life time cap on a member’s superannuation proceeds that can be converted into a pension account to fund their retirement. The balance cap
threshold was originally $1.6 million was lifted to $1.7 million for those commencing a pension from 1 July 2021.
7. Deceased carried on business GST and ABN registrations must be addressed
Where an individual was conducting a business as a sole proprietor, their Legal Personal Representative (LPR) will need to assess
what is to occur to the business going forward; that is do they continue to operate the business within the estate to sell as a going concern or pass to the beneficiary or does the business cease to exist?
6. Drafting Wills – factoring tax into account when dividing assets among beneficiaries
When the time comes to prepare a Will, you or your client may decide to leave particular assets to specific beneficiaries. When doing this, it pays also to consider the tax liability that the beneficiary may be faced with when they eventually sell the asset that they inherit, as you may unintentionally leave one beneficiary with a higher tax liability than the other.