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Death and Taxes

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Hello, I’m Rebecca Edwards of CRH Law talking to you about today about death and taxes.

Will capital gains tax be payable on estate assets?

Death duties were abolished in Australia in 1979. However, there are various taxes that remain payable for estates. These include income tax and in addition to that, CGT may be payable too. The executors are responsible for ensuring that taxes for the estate and also, in some cases, for the deceased person prior to the death, are paid.

Does the ATO need to be notified when someone dies and do tax returns need to be lodged?

The executor of the estate is responsible for notifying the Australian Tax Office or ATO of the deceased’s death. In addition to that, the executor also needs to potentially lodge tax returns for the deceased estate and also for the deceased person up to the date of their death. You should consult with a tax agent or accountant and a lawyer in relation to arranging for tax.

Will capital gains tax be payable on estate assets?

Although death is not a trigger for capital gains tax or CGT, there are certain circumstances where CGT may be payable on estate assets. CGT is an extremely complex area of law and therefore any executor with potential assets which may attract CGT should seek appropriate advice from both financial and legal professionals.

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