What Happens If You Die Without a Will in Australia?
When someone passes away without a valid will, this is called intestacy. In this situation, each Australian state and territory has its own rules that determine how the estate is divided. While these intestacy laws provide a safety net, the outcome may not reflect what you would have wanted for your family. Read More…
The Great Wealth Transfer: Are You Prepared?
Australia is set for a massive intergenerational wealth transfer, with trillions at stake. If you're inheriting or planning your legacy, understanding the tax implications is crucial. Learn how to protect your wealth and avoid common tax pitfalls—contact us today for expert advice. Read More…
Writing a Will in a Tax-Effective Way
Writing a Will in a Tax-Effective Way
When people write a will, they often leave their assets to their children, usually in equal shares. At the time of writing the will, their
children might still be young, and the parents may also still be relatively young when they later update it.
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Navigating the Complexities of Capital Gains Tax (CGT) and Trusts
The interaction between Capital Gains Tax (CGT) and trusts is notoriously complex. Albert Einstein himself once remarked on the difficulty of understanding tax law, and this area certainly fits that description Read More…
Inheriting assets other than a home
When inheriting a home, most people are aware that if it is sold within two years of the deceased’s passing, no capital gains tax (CGT) is payable. There are also other circumstances where an inherited home can be sold without incurring CGT. However, when it comes to other inherited assets—such as cars, shares, vacant land, jewellery, or artwork—no such exemption applies if these assets are sold by the beneficiary or by the executor during the estate’s administration. Read More…
A recent decision by the Full Federal Court around a man’s tragic death by suicide clarified the standing of a de facto spouse in the context of a non- lapsing death benefit nomination on a life insurance policy made by the deceased person. Read More…
Negative gearing for residential investment property is now limited to new builds. Why setting up separate land and construction loan facilities before you sign can protect a valuable interest deduction.
The draft trust rules offer an election with no restructure and no stamp duty \u2014 but the same percentages apply to capital. What doctors with practices in a family trust need to weigh up before choosing between the election and the roll-over.
Treasury has released draft law for a minimum 30% tax on family trust income from 1 July 2028. Here is what it says, what is excluded, the two ways out, and what doctors with trusts should do now.