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Albany and the Great Southern
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Capital Gains in a deceased estate…

As a general rule, the trustees and beneficiaries of a deceased estate are able to disregard any CGT implications from the sale of a deceased person’s principal residence, provided the sale of that property settles within two years of the deceased’s death.

The ATO has been very strict on this rule as part of the administration of an Estate, but have now issued draft ‘safe harbour’ guidelines which, broadly, extend the period of CGT exemption if the administration of the estate is complex. It shows the importance of a well-informed executor or administrator, or one who is willing to receive legal or financial advice to assist their knowledge.

Anyone who has been named as Executor in a Will can pass up their responsibility, however if you are an Executor, or a loved one has died without a Will, seek legal advice today.

By | 2018-09-13T07:18:56+00:00 September 13th, 2018|Springdale News|Comments Off on Capital Gains in a deceased estate…