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CFL Financial location Level 9, 360 Queen Street Brisbane, QLD 4000
fax CFL Financial 07 3328 8999
phone CFL Financial 07 3328 8988
Email CFL Financial mail@cflfinancial.com.au

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CGT on property in deceased estates

Posted on Jun 9, 2015 by CFL Financial

If you are appointed as an executor in a will, your responsibilities commence following the death of the will-maker. It is important for executors to consider the capital gains tax implications of a deceased estate when it is time to administer the estate property for its beneficiaries.

There is generally no CGT payable for the transfer of an asset from the deceased’s name to a beneficiary or the executor. However, the asset will become liable for CGT when it is sold by the beneficiary or an executor.

If the property was the deceased’s main residence, then the estate will have an exemption from paying CGT if it is sold within two years from the date of death. Spouses or beneficiaries can generally claim the main residence exemption when the deceased’s property becomes their main residence or when the property was purchased before tax on capital gains came into effect (on 20 September 1985).

If it is the beneficiary’s or executor’s intention not to sell the property within two years of the date of death, then they should obtain a valuation from a registered valuer. This will be used to calculate the capital gains payable when the property is eventually sold.

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Retirement-in style

Retire in style checklist™

There are a few reasons why Business Owners need a Retire In Style Checklist

If you’re a successful and Motivated business owner, and want to set yourself up for retirement, this guide would be perfect for you. My clients who follow these 3 simple steps live with comfort, security and the peace of mind that financial success brings.

Retirement-prosperity-thumbnail

The Retirement Prosperity Guide™

Make sure you don’t miss out on the Retirement Prosperity Guide

If you’re a busy Professional and you feel like you’re not building your wealth fast enough and you want smarter ways to utilise your cash flow, this guide is perfect for you. Clients who have used our strategies have the peace-of-mind knowing they have a ‘game plan’ for financial abundance.

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Email:
Phone: 07 3328 8988
Fax: 07 3328 8999

Office Location:
Level 9, 360 Queen Street
Brisbane
QLD 4000

Postal Address:
GPO Box 2468,
Brisbane,
QLD, 4001

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