Tax Tip 571: 3 Properties CGT Free (or close) for an overlapping period? I have mentioned before that a property pregnant with CGT could have...
Tax Tip 55: Death and HELP Debts What happens to HECS and HELP debts if the taxpayer dies? These debts are extinguished at death (just like...
Depreciation on plan and equipment of fixtures and fittings is no longer available, for most taxpayers, on second hand items because of new...
There are 2 ways to hold an asset jointly with someone else a) Tenants in Common, or b) Joint Tenants The main difference between the 2...
When an Australia Tax resident dies and leaves foreign assets to non tax residents of Australia, there will generally be a CGT event trigger by...
There used to be a story about Japanese housing loans being debts that span 3 generations – which I don’t think was ever true. But could it happen...
No. S 128-10 ITAA97. Also see TD 95/47 Taxation Determination Income tax: capital gains: how is a net capital loss treated if it is unrecouped...
Generally, it is better for your children if you die and leave them the assets in your will rather than you selling the assets before you die and...
If the main residence was not used to produce income at the date of the owner’s death it could generally be sold within 2 years without having to...
Cheques are not very common these days but are still sometimes used. Did you know that If a person dies after paying something by cheque the...
Imagine Homer dies and leaves a gift to the ‘society for the prevention of cancer’. This entity doesn’t exist and that would mean gift would...
Tax Tip 473: Getting the Estate to Sell Deceased’s Property to Save Tax A deceased estate is generally taxed as a separate individual on...
Shareholders generally control who the director of a company is by their voting power. It is then the director of the company that runs the...
Did you know you can get your executor to do stuff for you after you are dead? Nifty hey? One thing you can do is to instruct them to buy a...
Death sometimes happens after signing a contract of sale but before settlement of the property. Usually, these sales do not complete as there may...
person but the person that inherits it rents it out and sells in after 2 years? Normally if the property is sold within 2 years, (actually settles...
No one challenged Cora's will, but her family was charged $20,000 to investigate it This article is about a deceased estate where the public...
Some people study at uni and pay using Government ‘student loans’ such as HECS or HELP. This is a debt which is repaid with extra tax once the...
2 Trustees can legally own trust assets in their capacity as trustee as either Joint Tenants or as Tenants in Common. If 2 (or more) trustees...
If a person has no will then the intestacy laws will apply. These laws will generally mean the assets pass to the spouse and/or the children. If...
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