101 Ways to Save Money on Your Tax--Legally! 2018-2019 by Adrian Raftery

Author:Adrian Raftery
Language: eng
Format: epub
ISBN: 9780730359272
Publisher: Wiley
Published: 2018-05-28T14:30:00+00:00

PITFALL

According to the ATO, if the shares were originally acquired by the deceased before 20 September 1985, you must use the market value on the day the person died, not the market value on the day you received the shares.

TAX FACT

While death can be sudden, it may be possible to do some tax planning before someone dies:

Use any capital losses that are accumulated or unrealised prior to death, as these cannot be passed on to beneficiaries.

Bequeath share portfolios to beneficiaries on lower taxable incomes so that tax paid on income and capital gains in the future are minimal and the capital is preserved for as long as possible.

If the estate is substantial and there are children under age 18 who are potential beneficiaries, consider establishing a testamentary trust so they can access the favourable adult marginal tax rates.

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