Different Tax File Numbers or TFNs are needed when someone dies. The deceased will need to do their tax return up to the date of death (LPR does...
When people get married, they remain married until a divorce is finalised. Without the divorce they are still spouses even if they don’t live...
Yes, the dead have to pay tax too! After someone dies, they have to file a tax return up to the date of their death. They will get their normal...
The trustee of a trust generally must make one or more beneficiaries presently entitled to income of the trust prior to 30 June each year. This is...
The trap for old players is if 2 people purchase a property in say 1980 and then one of them dies the other might inherit the share of the other –...
There is a CGT trap for young players whose shares pass to non-residents upon their death. The issue is CGT event K3 is triggered. Generally,...
I don’t blame you if you don't want to act as executor! Some people nominate family or friends to be the executor of their estate when they die...
It is best to avoid having a non-resident executor of your will. There are 2 main reasons which are a) Taxation, and b) Practicality A...
When someone dies their superannuation benefits (death benefits) have to come out of super and can only pass to their estate or their dependants....
Imagine this: Homer dies in the kitchen and Marge finds his will. She reads it while waiting for the ambulance and finds that he has left a...
Tax Tip 289: CGT on Inheritance left to one person when put into different names Sometimes people don’t realise what they do will have tax...
Who has the power to decide how someone’s funeral will be arranged? Ordinarily, the named executor or executrix has the right to arrange for...
There is a legal concept known as ‘estoppel’. It is very complex and comes in many forms, but it basically involves claims made for broken...
It is important to think about the potential tax issues that could arise upon your own death. A little bit of planning can save the family lots of...
A will can be revoked only by a testator (will maker) with testamentary capacity. Others cannot revoke the will - even by destroying it. An...
When a person leaves a gift to 2 of more people under a will, unless specified otherwise the gift is to then as joint tenants – generally. To...
When making a family trust election (FTE) careful consideration should be given to the potential future estate planning effects, especially on the...
What happens if a parent has let an adult child use their home as security for the child’s loan and then mum dies? The guarantee would have...
I have encountered a few people who were beneficiaries of an informal trust set up under someone’s will. It goes something like this: I want to...
Terry has shared his wisdom here about tax evasion at the time of death with CGT benefits on two properties and more. Here are some more taxation...
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