TEN
Overview
Whilst the saying, “the two certainties in life are death and taxes”, is still as relevant as ever, the Income Tax Assessment Act 1936 (ITAA 1936) and the Income Tax Assessment Act 1997 (ITAA 1997) does at least provide a bit of leeway on the second one. This session explores various exemptions and concessions available when it comes to tax and deceased estates, including:
Division 128 and the passing of capital gains tax (CGT) assets from the deceased to legal personal representatives and beneficiaries, including testamentary trusts.
The requirements for the CGT main resident exemption to apply for dwellings, including:
the application of the rules for a surviving joint tenant;
situations where the dwelling is income producing post death; and
how the rules apply to rights of occupancy.
How the 50% 12-month discount rule applies to deceased estates.
Can the small business capital gains tax concessions be used in a deceased estate?
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