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Death and taxes: the “threat” of CGT event K3

Taxation in Australia | 1 Aug 11
 
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Published on 01 Aug 11 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

The manner in which the CGT legislation applies in the event of death is not as certain as it may appear, particularly in the case of non-resident beneficiaries to a deceased estate. In this article, the authors outline the consequences under Australian legislation for a non-resident beneficiary of the estate of an Australian resident taxpayer and, indeed, any resident beneficiaries of that same estate.

The article shows that there may be an unfortunate consequence, namely, the taxation of an unrealised capital gain on death, where thought is not given to planning and drafting in the case of an estate which has a non-resident beneficiary. Drafting and non-drafting techniques are discussed which may alleviate that threat. The article also considers the impact of the announcements in the 2011 federal Budget in relation to the application of taxation law to deceased estates and, in particular, in relation to CGT event K3.

Author profiles

Kaylene Hubbard ATI
Kaylene Hubbard, ATI, is a Tax Partner with KPMG Enterprise and is the Managing Partner of KPMG’s office in Greater Western Sydney. Kaylene’s experience spans over 20 years in working with corporates, including ASX listed entities, private owners, family groups and their businesses across a wide range of industries to grow, create and protect value. Her expertise includes developing appropriate business structures and funding arrangements, capital management, mergers and acquisitions, business restructures and assisting clients in their dealings with the Australian Taxation Office. Kaylene has a deep interest and experience in the not-for-profit and charity sector. Kaylene has worked extensively with not-for-profit entities seeking to change their corporate and tax structure, and in pursuing tax exempt status for entities. She has experience in seeking charity status for organisations, in seeking Deductible Gift Recipient status and in advising not-for-profit entities regarding their governance and compliance obligations. Kaylene is passionate about empowering the sector to grow, impact and adapt in a changing environment. - Current at 03 February 2023
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Phillip Browne CTA
Philip is the Managing Partner with CABEL Partners. - Current at 01 March 2012
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