Tax with Max: Splitting proceeds of a deceased estate

The CGT implications of selling property, and testamentary trusts explained.

Summary: To work out how much CGT is payable on a property sold from a deceased estate, you first must work out whether the property has always been lived in by the family member or used as a rental property. Testamentary trusts will bring tax benefits to those under 18 who are treated as adults with an $18,000 tax free threshold when they come into ownership of assets through the trust. From January 1, 2017, the asset threshold at which individuals cannot qualify for the age pension drops to $823,000 for a home owning couple and $547,000 for a single home owner.

Key take-out:The work test requires you to be in paid employment in order to contribute super contributions, so individuals should ensure they are meeting it properly and not using unpaid work as a component of their working hours.



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