Search results

After you die you still have to file one final tax return and pay any income taxes due - but if your taxes due are larger than your estate then there is not much they can do. You will technically be insolvent and under the bankruptcy act certain transactions could be overturned and money clawed...

I wrote about this a few years ago in the living on equity thread. You draw down on your properties to the max available, gift the cash to friends (no bank transfers) and then conveniently die making sure you don't have any other assets. Your estate files your last tax return and finds it...

When CGT is worked out the CG is the capital proceeds from disposal less the asset's cost base. If you receive the asset for nil, the cost base will be the value of the asset on the date of acquisition.