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.

{{content.question}}

Mastercard

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'An SMS verification code has been sent ...' }}

Hi {{ user.FirstName }}

Looks like you have already taken a free trial

Email is required.
Email must be a valid email.
Password is required.
First name is required.
Last name is required.
Mobile phone number is required.
You must accept the terms and conditions.

OR

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to complete your SMS verification

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

You have entered an incorrect email or password

Email is required.
Email must be a valid email.
Password is required.

Please untick this box when using a public or shared device


OR

Verify your mobile number to proceed...

Please check your mobile number below and press the Send Verification Code button. This will be used to complete your verification in the next step.

Please sign up for full access

Mastercard

Updating information

Please wait ...

Trial

Mastercard
{{ productPrice }} / day
( GST included )
Price $0
Discount -{{productDiscount}}
GST {{productGST}}
TOTAL   (inc. GST) {{productPrice}}
  • Mastercard
  • Visa

Please click on the ACTIVATE button to finalise your membership

Mastercard

The email address you entered is registered with InvestSMART.

Login or to reset your password, select Forgotten password

You have entered an incorrect email or password

Email is required.
Email must be a valid email.
Password is required.

Please untick this box when using a public or shared device


OR

Related Articles