Aspects relating to the preparation of tax effective wills

Dabner, Justin (1989) Aspects relating to the preparation of tax effective wills. Taxation in Australia, 24 (3). pp. 155-162.

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[Extract] In 1789 Benjamin Franklin wrote the time honoured phrase, 'In this world nothing is certain but death and taxes'. Given that the law relating to death is predominantly the law of wills and law of trusts, then when these laws are read in conjuction with the current tax laws, it is submitted that this statement has little to commend itself 200 years later.

In particular, the enactment of the Capital Gains Tax has contributed greatly to the uncertainty now associated with death. At the same time, estate planning has regained much of the significance it had in the days of death duties. The legislation is such that many tax planning opportunities exist provided that they are identified early and are accommodated by the terms of the Will. Furthermore there are numerous potential pitfalls which can be avoided with timely planning.

Item ID: 33646
Item Type: Article (Research - C1)
ISSN: 0494-8343
Date Deposited: 01 Dec 2017 00:02
FoR Codes: 18 LAW AND LEGAL STUDIES > 1801 Law > 180125 Taxation Law @ 100%
SEO Codes: 97 EXPANDING KNOWLEDGE > 970118 Expanding Knowledge in Law and Legal Studies @ 100%
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