The Australian Tax Pitfalls of Administering an Estate with International connections

With such a multicultural society and a growing level of immigration, Australian Estate Practitioners are increasingly being confronted with estates that contain the complexities of offshore assets or residents. This book provides practitioners with the fundamental tools necessary to understand the Australian tax implications of the tax residency status of beneficiaries, the deceased, and that of a personal legal representative.  It addresses the various tax treatments of different classes of assets and discusses how tax is to be withheld and remitted within Australia. The book also contains a number of working examples to step practitioners through the complexities of these issues.

Current at 1 January 2022

The Australian Tax Pitfalls of Administering an Estate with International connections

With such a multicultural society and a growing level of immigration, Australian Estate Practitioners are increasingly being confronted with estates that contain the complexities of offshore assets or residents. This book provides practitioners with the fundamental tools necessary to understand the Australian tax implications of the tax residency status of beneficiaries, the deceased, and that of a personal legal representative.  It addresses the various tax treatments of different classes of assets and discusses how tax is to be withheld and remitted within Australia. The book also contains a number of working examples to step practitioners through the complexities of these issues.

Current at 1 November 2021

‘Ian Raspin has added yet another quality publication to his range of textbooks dealing with discrete tax issues. The administration in Australia of a deceased estate with an international connection requires special care and attention. Expert advice on Australian tax law may be necessary. Ian succinctly provides the reader with details of the relevant Australian tax law and provides some fine examples to amplify the reader’s understanding of relevant issues.

Given that it seems more common place for trust and estate professionals to handle deceased estates with international connections each of them should appreciate this fine book and refer to it when necessary.’

Rodney Luker

Partner, Hume Taylor &Co Lawyers, Adelaide
Immediate Past Chair STEP South Australia

 


 

‘Narcolepsy and tax text books, for many, are synonyms. There are however, those special few authors who have the gift of presenting tax in a digestible and tangible way. Ian Raspin’s ability to navigate the complexity of our taxation law, synthesizing it into practical application to trusts and estates, is a rarity. I commend this text to practitioners who seek to understand the tax related issues they face in their day to day trust and estate practices. ‘

Christine Smyth

Accredited Specialist – Succession Law (Qld)
Partner, Robbins Watson Solicitors
Queensland Law Society President 2017

 


 

‘Ian Raspin’s latest book, ‘The Australian Tax Pitfalls of Administering and Estate with International Connections;, is a very timely addition to the working library of any Australian practitioner dealing with deceased estates, whether a lawyer, accountant, executor or trustee company officer.  As observed in the books preface, it is increasingly commonplace in Australia to find that deceased estates have either offshore assets, overseas beneficiaries or both.

The income tax consequences that may arise are many and complicated, potentially exposing advisors to unexpected risk.  In his usual style, Ian covers all of the key aspects that might be encountered in a clear and concise manner, reducing complex tax rules to easy to follow explanations.  A number of useful examples are included, thereby increasing the book’s value as a practical resource.  I would recommend the book to any practitioner dealing with deceased estates.’

Neil Wickenden

Immediate Past Chair
Society of Trust and Estate Practitioners Australia Limited.