Death and Taxes: Counting the Cost on the Estate Plan

Death is an inevitable and profound event that affects every individual, and it brings with it a multitude of legal and financial implications. Among these complexities, the taxation of assets and income left behind in a deceased person's estate stands as a significant and often bewildering challenge. This session is designed to assist you in understanding the deceased estate taxing regime, including:

• How the tax rates differ in the first three years of deceased estate returns
• The taxing of a deceased estate as it passes through the various stages of administration (IT 2622), including:
  • the taxing of interim distributions
  • how to calculate tax payable in the estate’s final year of administration
• The tax treatment of CGT assets of a deceased person that:
  • devolve to the LPR
  • pass to beneficiaries
  • are sold to beneficiaries
• How the tax rates apply to a deceased estate if the LPR is a non resident
• Why the ownership structure prior to death as either a joint tenant or tenant in common matters
• Can the CGT small business concessions apply to assets sold by the LPR?
• The taxing of super death benefits paid to the LPR
• Practical examples