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Deceased estates, real property and real issues

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Published on 01 Dec 19 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

Notwithstanding that death is generally not a taxing event, there are a number of complex legal and tax issues which need to be considered, particularly in relation to real property. An executor who sells real property will need to understand how the capital gains tax cost base and main residence rules apply. It is also relevant to beneficiaries who inherit property. Further, the manner in which an interest in property is passed to a beneficiary (for example, directly or via a testamentary trust or life interest) will affect the tax treatment of that interest. Finally, estate administration is rarely straightforward, and if a dispute or other complication arises over the distribution of assets, the parties may wish to resolve the issue by entering into a deed of family arrangement. This has its own set of tax risks and considerations.

Author profiles

Benjamin Wilson CTA
Ben is a partner with CCK Lawyers. He has a wide range of experience in corporate and commercial transactions, with a particular focus on taxation and revenue. Ben is an experienced tax adviser and advises clients on estate planning and business succession planning issues. He also acts for executors of wealthy and complex deceased estates and advises on the complex taxation and administration issues that arise in such estates. - Current at 22 December 2021
Click here to expand/collapse more articles by Ben WILSON.
Caitlin Ashworth CTA
Caitlin Ashworth, CTA, is a Partner with CCK Lawyers. She has particular expertise in restructuring strategies for large corporate groups, taxation of trusts and strategies for managing tax on transactions, including exit events and asset sales. Caitlin advises on property transactions and joint venture structures, applying a holistic approach to the commercial and tax dimensions of each matter. She also provides tax and commercial advice and assistance to high net wealth individuals and family businesses. - Current at 03 November 2025

 

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