O'Reilly logo

Tax for Australians for Dummies, 2014 - 15 Edition by Jimmy B. Prince

Stay ahead with the world's most comprehensive technology and business learning platform.

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, tutorials, and more.

Start Free Trial

No credit card required

Chapter 20

Death and Taxes: Wills and Asset Distribution

In This Chapter

arrow Working out your will

arrow Taxing death benefit distributions

arrow Figuring out how to share your pension

arrow Taxing assets distributed to beneficiaries

A n old saying states that there are two certain things in life: death and taxes. Although you can’t predict with certainty your death, you can at least reduce the impact of taxation when you die.

In this chapter, I explain how death benefits are taxed when they’re paid to your dependants and non-dependants, and how the capital gains tax (CGT) provisions apply to certain assets that you plan to distribute to your beneficiaries after you die.

Preparing a Will

A will is a legal document that sets out your instructions for the distribution of your assets and personal belongings when you die. When you set up a will, you need to choose an executor to administer the will in accordance with your instructions. Because your personal circumstances can quickly change (for example, marriage, divorce, birth of a child, death of a family member or retirement), it’s a good idea to regularly ...

With Safari, you learn the way you learn best. Get unlimited access to videos, live online training, learning paths, books, interactive tutorials, and more.

Start Free Trial

No credit card required