2020 Death… and Taxes Part 2: Post death main residence CGT traps

Published on 04 Jun 2020 | Took place at Online, QLD

One of the largest assets of a typical deceased estate is often the deceased's principal place of residence. What is often inadvertently overlooked is that the sale of the residence may trigger a number of capital gains tax issues for the estate, which may leave the executor personally liable. The presenters used case studies to delve into the issues that should be considered in assessing the possible capital gains tax implication on the sale of the deceased's residence, including:

• is the full exemption available?
• two-year rule including extension under PCG 2019/5
• complexities from multi-generational transfers and/or joint owners
• applying the absence rule
• cost base chaos
• main residence changes for the deceased estates of non-residents.