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We understand when someone passes it can be a difficult and stressful time for everyone involved, and navigating the inheritance taxes can make it even more difficult. The Coleman Financial Group team are here to help make the process as smooth and stress-free as possible. At Coleman Financial Group, we have a team of experts who are knowledgeable in all areas of estate planning. This includes the process of dealing with a deceased individual's estate, including the debts. We have helped many beneficiaries who inherit assets through our years in practice. Our knowledge and expertise can alleviate one less stress for you in this difficult time.
Many people ask us is inheritance taxed in Australia? We understand the complexities of inheritance. That's why we offer wide array of services around deceased estates to help you in your individual situation.
Coleman Financial Group can help with Capital Gains Tax (CGT) implications of death. Every situation is different and will carry different tax implications for capital gains tax on a deceased estate. For instance, if the deceased had owned any property or shares that had increased in value since they acquired them, then you have to pay capital gains tax on the sale of these assets. Coleman Financial Group can help to work out the capital gains tax liability and advise on the best way to pay it and any deductions you are entitled to.
The superannuation death benefit can also be complex. If the deceased was a member of a superannuation fund, then the fund may be able to pay a super-death benefit to the beneficiary. However, there are many things to consider when receiving a super death benefit in a lump sum, such as tax and Centrelink implications. Coleman Financial Group can help beneficiaries understand their rights and tax obligations and ensure that they receive the best tax payable possible.
Trustee rates are another important consideration for estate planning. When a person dies, their estate may have to become a trustee of one or more trusts. This involves appointing a trustee and setting up a trust deed. Coleman Financial Group can provide advice on all aspects of trustee rates, including choosing an appropriate trustee and negotiating favourable terms.
Do you want to leave your family with a stress-free inheritance? We have helped many people in various situations deal with and plan for their deceased estate. We do this to help you understand and set up the best structure for your circumstances. If you don't set up an estate plan your assets will be equally distributed amongst your immediate family. This can be problematic as the government will control assets for family members under age until they are 18. Without a proper structure and plan, you could leave your family with unnecessary stress and less inheritance.
Understanding the Australian paid tax law for an overseas deceased person's estate can be confusing. Estate taxes can already be stressful without considering if the deceased estate had an overseas income stream or asset. Our team are experts in both foreign income and deceased estate tax so we can relieve the stress from you and navigate if tax applies. Every country has different applicable laws for inheritance tax. We can help you understand these tax implications and ensure you are in compliance with the governing body and the ATO while minimising your income tax in the process.
Many people are often confused about what they need to pay taxes for when it comes to inheritance tax in Australia. The deceased estate itself generally doesn't trigger inheritance tax in Australia. We can make it clear your tax obligations when you earn income so you can understand what you need to pay inheritance tax for and how this will affect your tax return. Now with the rising cost of living end the end of LMITO it is more important then ever to do your taxes right.
When declaring foreign income you have two options for converting your income to Australian dollars. You can either use the exchange rate at the time of payment or the annual average rate of exchange from the foreign country. Choosing the right option will depend on your situation, for example for foreign employment income you could choose an average of the exchange for the year as the rate would come close to matching your income.
Yes, we can help people who are Australian residents for tax purposes and need to declare foreign income and we can also help foreign residents declare income in Australia.
If you already pay tax overseas you may still have to pay tax if you are an Australian resident. Every country and situation is different so its best to speak to a tax agent or accountant so you can understand your tax obligations.
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