During the stages of administration of a deceased estate, a beneficiary may become presently entitled to the income. It is important to recognize this to determine who is responsible for the payment of income tax on that income. This session covers the various stages of administration, including:
Can a beneficiary be presently entitled to estate income prior to the estate being fully administered?
What if payments of income are paid to the beneficiaries whilst the estate is in administration?
When is a deceased estate fully administered?
Does the estate have to be wound up for beneficiaries to be presently entitled to the income?
How is the income of a deceased estate taxed in the financial year it is fully administered (IT 2622)?
Deceased estates and CGT assets (TR 2004/D25):
- When does a beneficiary have absolute entitlement?
- CGT event E5 and the Division 128 exclusion
- The fungible asset test
- Worked examples
The taxing of a deceased estate:
- For the first three income years after death
- More than three years after death
Presenter
Neil Brydges
Neil is a Principal Lawyer in the business law area, with a particular focus on taxation advice and disputes. Neil’s aim is to provide technical expertise to clients, commercially applied and in a friendly and approachable manner.
Neil’s practice involves advice, audits, disputes, and transactions. The client mix includes both family groups and business enterprises. Neil also regularly assists professional advisors, including tax agents, accountants and financial advisors, to understand complex legal issues and help them to better assist their own clients.
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