2023 Deceased estates

Deceased estate taxation: Frankenstein’s monster?

Published Date: 2 Nov 2023

 

The taxation of deceased estates sits at the intersection of succession and trust taxation laws. As wills and estates become more complex, so to do the related tax issues. Given that executors may be personally liable for payment of the deceased’s outstanding tax and that of their estate, the complexity can become the stuff of nightmares. Those nightmares are made worse by the general uncertainty that exists in relation to the application of the tax law and the lack of guidance from the ATO as to how it believes the law operates. With the increasingly rapid changes to people’s personal circumstances, for example, through migration, greater wealth and asset mix, those nightmares are not likely to abate. This article considers some specific complexities that arise in scenarios that are not uncommon.

Sorry, this is subscriber only content.

To gain access to this material and much more - Subscribe Now.

(Note: Members can access Taxation in Australia journal articles without a Tax Knowledge Exchange subscription - please log in to access).

Already a Subscriber? Login now

Details

The material is copyright. Apart any fair dealing for the purpose of private study, research criticism or review, as permitted under the copyright Act, no part may be reproduced by any process without written permission from The Tax Institute.

Unless expressly stated, opinions are not that of The Tax Institute, which accepts no responsibility for the accuracy of any of the information contained within it.

The Tax Institute
(ABN 45 008 392 372 (PRV14016))

("TTI")

The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009. 

Copyright Statement

All materials provided on this site are protected by copyright and are owned by or licensed to TTI.

Except as expressly permitted by TTI or the copyright owner, any person or company who uses this site must not use, reproduce, redistribute, retransmit, publish or otherwise transfer, or commercially exploit, the materials or any information, software or other content, in whole or in part, which is available through this site.

Tags

2023 Deceased estates

Share this page