Death and Taxes: Tax Effective Estate Planning

Contributor: Ian Fullerton
Publisher: Thomson Reuters

Online

Death and Taxes: Tax Effective Estate Planning

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Death & Taxes: Tax Effective Estate Planning is a rigorous and accessible guide to the tax consequences of death in Australia, including income tax, CGT, GST, state and territory duties and land tax.

Death & Taxes: Tax Effective Estate Planning will help you to plan and prepare better outcomes for your clients through an enhanced understanding of the impact of tax laws on all assets controlled by an individual at death. This consolidated guide to managing the affairs of the deceased will give you the confidence to advise on estate planning and the tax consequences of death.

The new edition:

  • Explains the consequences of the Government's abandonment of proposed legislative changes to the capital gains tax treatment of deceased estates and testamentary trusts, and the treatment of franking credits flowing through life estates;
  • Discusses in detail the new guidance issued by the Austtralian Taxation Office for executors and administrators of deceased estates, and trustees of testamentary trusts, in administering, paying tax and potential liabilities in compliance;
  • Highlights recent developments in estate planning, especially regarding superannuation income streams, including the controversial new interpretive approach adopted by the Australian Taxation Office;
  • Includes significant revisions to the chapter on philanthropy and private and public ancillary funds, taking account of the new definition, regulation and tax changes for charities and deductible gifts;
  • Includes new sections on executors' personal tax obligations and identifying when an estate has been fully administered.

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  • Part 1: Introduction, Overview and Estate Planning · Introduction and overview · Tax-effective estate planning 
  • Part 2: Finalising the tax affairs of a deceased individual · Compliance obligations and payment of tax · Final year receipts of the deceased · Final year expenses and losses of the deceased · Assets owned by the deceased at death · Final year tax offsets of the deceased 
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  • Plan and prepare better outcomes for clients through enhanced understanding of the impact of tax laws on all assets controlled by an individual at death, including superannuation, the home, investments, insurance, businesses and assets controlled in family trusts and companies. 
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