Tax Issues for Deceased Estates – What Practitioners Need to Know
Overview
Do you know what the practical tax issues are for deceased estates, and how to manage them? If you aren’t sure, then this session is for you …
Given increased ATO audit and enforcement activities for private groups, estate planning issues are becoming of rising importance, and there are many issues affecting deceased estates which practitioners are going to encounter in practice, including:
- Estate planning in advance – to mitigate in advance risks for deceased estate administration and resulting tax issues
- Deceased estates as Australian trusts
- Residency of deceased estates
- Estate returns vs Date of Death returns for deceased person
- CGT consequences for deceased estates – including tricks and traps
- Time limits for administration of deceased estates, and extending that with the Commissioner’s discretion
- Residency of beneficiaries from deceased estates – CGT Event K3 and how to potentially manage that risk
- Superannuation issues for deceased persons (maybe an estate issue, or not)
- Foreign resident trust and beneficiary issues for land tax surcharges – including problems with testamentary trusts for foreign beneficiaries
Learning Outcomes:
Participants will gain an improved understanding of:
- Residency issues for deceased estates
- CGT for deceased estates
- Commissioner’s discretion to extend time limits for administration of deceased estates
- State land tax surcharge issues for deceased estates
- Advance estate planning strategies to try to manage deceased estate tax risks in advance
Suited to:
Accountants, tax practitioners, BAS agents, lawyers and other practitioners serving small businesses, private groups and wealthy individuals
You will also be provided with:
- Access to watch the Live Webinar
- Opportunities to ask real time questions to the presenter/s
- Poll questions to test your knowledge
- Access to On Demand recording, which can be viewed multiple times, for as long as required
- Presenters contact details for follow up questions
- CPD Quiz (for On Demand recordings)
- CPD Certificate
- CPD Report – Logged automatically
- PowerPoint Presentation
- Verbatim Transcript, with Searchability
- Supporting Documentation
Your presenter
Bruce CollinsTax Controversy Partners
is the founder and principal solicitor at Tax Controversy Partners Pty Limited, currently helping clients to resolve all types of tax issues with the ATO and SROs. Before moving into private practice in 2017, Bruce worked for over 35 years in the Tax Office, a third of this time as a Senior Executive in what is now Compliance & Engagement Group, covering most ATO functions. Bruce was the leader of the strategic, technical and compliance leader for the ATO’s Aggressive Tax Planning capability for more than five years and also the Technical & Case Leadership area in Private Wealth for several years after that. During those periods, Bruce dealt with, and led teams of experts dealing with, many of the more complex issues flowing from deceased estates and preparatory estate planning for some of the wealthiest individuals and private groups in Australia
Bruce has an Accounting Certificate (1989), a First-Class Honours Degree in Law (1995), a Graduate Diploma in Legal Practice (1996), a Masters of Taxation (2003) and a Masters of International Taxation (2006). Bruce is a Chartered Tax Advisor with the Tax Institute, a member of the Law Society of NSW, a member of the AICD and is both a member of the Law Council of Australia, their Tax Committee and is the current Chair of the Law Council SME Business Law Committee.