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EST042 The tax effect on deceased estates (646 words)
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EST042.doc
Description
This important article explains the various tax implications of deceased estates and possible solutions to reduce further grief for beneficiaries. It addresses the effects on capital gains, superannuation and investments. Most people would not be aware of these requirements.
Introduction
Although death duties were abolished in Australia many years ago, a number of tax issues remain which must be handled effectively by legal personal representatives (LPR) such as the administrators and executors of deceased estates.
Benjamin Franklin once famously said “In this world nothing is certain but death and taxes.” Beneficiaries often inherit tax liabilities along with bequeathed assets, however with careful planning these implications may be reduced.
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