How to minimise tax liabilities & maximise the concessions
Recorded 5 November 2020
The ATO’s new safe harbour concession for inherited property Step-by-step guide to calculating capital gains and losses Concessions to minimise tax liabilities
While many practitioners and clients are familiar with the key concepts that apply under the main residence exemption rules, a different process needs to be followed when dealing with property that has been inherited through a deceased estate.
Unfortunately, some clients end up paying more tax than they really need to because no one realised how generous the concessions could actually be. This webinar shows you how to minimise tax liabilities and maximise the concessions for clients who inherit property through a deceased estate.
What we cover
This practical session covers:
The differences when dealing with pre-CGT vs post-CGT properties that pass to beneficiaries of a deceased estate
How to determine whether a full exemption is available on sale
Using the 6 year absence rule for inherited property
Calculating gains and losses under the partial exemption rules
Applying the ATO’s new safe harbour concession for inherited property
How the result can be different depending on whether the property is sold by the executor or a beneficiary of the estate, and
Special small business CGT concession rules that can apply to inherited property
Our Presenter
Michael Carruthers
Tax Director, Knowledge Shop
Michael oversees the development of the tax team for Knowledge Shop and Hayes Knight in Sydney and is head of the Hayes Knight group’s national tax committee.
Michael has a knack for seeing through the complexity and helping practitioners work through highly technical issues with certainty and accuracy
Michael is a member of the advisory panel for the Board of Taxation and is a member of the reference group for the Board’s review of small business concessions. He was also an expert panel member for the Board’s review of tax impediments facing small business.
Michael Carruthers
Tax Director, Knowledge Shop
Register
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