Q&A with Rod Cunich: what about Capital Gains Tax?

Font Size:

At the recent YourLifeChoices Retirement Bootcamp, legal expert Rod Cunich answered some tricky questions, such as how CGT affects an inheritance. 

For more than 33 years Rod Cunich has been helping clients plan for their future by finding practical solutions to legal matters. When it comes to succession planning, business, corporate and commercial law and practice, he is a leader in his field.

Rod is a good listener and takes the time to get to know his clients on a personal level, earn their trust and work with them to achieve positive outcomes of value. It is through careful planning that he is able to so effectively help clients attain a level of certainty and minimise worrying risks. He holds firm the value of pursing social justice close to his heart.

www.rodcunichlawyer.com

Video help
To enlarge the video to fullscreen, click the square icon at the bottom right-hand corner. Volume can be adjusted by clicking the vertical bars to the right-hand side of the time indicator.
If you require subtitles you can activate them by clicking the speech-bubble icon at the top-right corner of the video.

Video not working for you? Read the transcript below.

Question: I’m a widow and have stepchildren and I also have no children myself so half of my estate will go to stepchildren and half to my own nieces, three nieces. What happens with Capital Gains Tax (CGT)? 

Answer: Okay, with Capital Gains Tax is the question? 

You’re leaving assets – part to step family and part to nieces and nephews. 

When you die, regardless of who you leave your assets to, your assets will pass from you, through your estate to your beneficiaries without any CGT being paid. 

However, if there’s Capital Gains Tax which has accrued on the asset, say it’s an investment property, they will inherit not only the property, but the CGT liability attached to the property. They won’t have to pay it at the time they receive it – only when they sell it. The one exception to that is when one of the beneficiaries lives overseas, because a gift to an overseas resident will be a deemed Capital Gains Tax event and there will have to be CGT paid on that gift even though it hasn’t been sold.  

The information in this article and video should be considered general in nature and legal advice should be sought. Rod can be contacted via his site Rodcunichlawyer.com, where you can learn much more, and also buy a copy of his book. 

RELATED LINKS

Capital Gains Tax on the family home

Alan has heard that Capital Gains Tax may be introduced on the sale of the family home

Age Pension explained

Do you qualify for the Age Pension? How much will you be paid?

Should Australia introduce an inheritance tax?

Inheritance tax crucial to easing the nation's growing wealth inequality.



SPONSORED LINKS

Sign-up to the YourLifeChoices Enewsletter

continue reading

Seniors Finance

Be a savvier saver with these nine tips

Many people have seen their savings pots wiped out by the impact of the pandemic. At the other end of...

Finance News

Big four banks dragged to court over credit 'rort'

Screaming, dressed in glistening armour and wielding an axe, Aaron Flores has defended the honour of Australia on the battlefield....

Health news

Public toilets are a disease risk

The COVID-19 pandemic has forced more people than ever to consider the potential for airborne particles to damage their health,...

Stylewatch

Kurt Russell and Goldie Hawn's best style moments

They're one of Hollywood's most enduring - and beloved - celebrity couples. Kurt Russell and Goldie Hawn started dating on...

Superannuation News

Super fund recovery steps up pace

Long-term trends such as the digitisation or economies and work automation, which have been sped up by the COVID-19 pandemic,...

Finance News

Financial advisers lobby for permanent reduction in regulation

The financial services sector wants consumer protection laws watered down, claiming they are pushing the cost of financial advice beyond...

Legal & General

Is there a safe way to block estranged child from will?

Can Angie block an estranged daughter from her will without consigning her other children to a drawn-out challenge after her...

Health

How to stop gas pain

Flatulence, commonly referred to as 'farting', is caused by gas in the bowel. Ordinarily, the intestines produce between 500 and...

LOADING MORE ARTICLE...