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Need an argumentative essay on Estate Planning (Australia). Needs to be 2 pages. Please no plagiarism.Margaret deemed acquisition date and cost base is the original date and cost that applied to the a
Need an argumentative essay on Estate Planning (Australia). Needs to be 2 pages. Please no plagiarism.
Margaret deemed acquisition date and cost base is the original date and cost that applied to the assets. Any capital gain tax liability on the principle residence is subjected to 50% individual CGT discount.
All the contents of the principle residence are inherited by Margaret. Since the assets were under joint tenancy, therefore the principle of survivorship applies. Margaret deemed acquisition date and cost base will be the original date and cost that applied to the assets. The contents are treated as personal use. since they are valued above $10,000 therefore they are not exempted from CGT and any capital losses are ignored.
Since the investment property is held as tenant in common the principle of survivorship does not apply. In case of Gary’s death the property is inherited by Margaret as there is no will therefore his spouse that is Margaret becomes the sole beneficiary. CGT rules apply where all capital gains and losses are taxed. The property was acquired post-CGT therefore its acquisition date and cost base are same as the original. In the case of subsequent disposal by his wife, the capital gain will be deemed as the day contracts were exchanged.
The bank account was held as a joint tenancy, this makes Margaret the sole beneficiary as she inherits the account and the money. She takes full control of the account and she can continue transacting through it unless she decides to close it. Since all assets under joint tenancy are assumed be tenancy in common, therefore CGT rules apply.
Since the shares are held as joint tenancy between Gary and his wife, his death entitles transfer of the shares to his wife because there is no will. For the shares that were acquired before 19 September 1989 (pre-CGT), they are deemed acquired for the market value of the shares on the date of death. For the shares acquired after 19
