Live Webinar: Tax Aspects of Leaving a Roof Over a Loved One's Head Without the Ownership

There can be situations when a willmaker’s intentions are not so much to have all their assets called in and divided up amongst beneficiaries, but rather to also ensure that a family member left behind isn’t also left out in the cold when it comes to accommodation and the family home. Situations, such as a second spouse and the homeowner having children from a prior relationship, could well fall into this category. This session explores the tax aspects of these arrangements, including:

• Why the exact terms of the will relating to use of a main residence can impact on the tax treatment
• Does the main residence CGT exemption apply to a property held in trust for the lifetime use of a particular beneficiary in accordance with a will?
• What the tax consequences are when setting up a life interest in a property for a family member prior to the death of the property owner
• The tax implications if both the person with the life interest and the remainder owners request a wind up of the arrangement (TR 2006/14)
• The tax consequences if the life interest or right to reside relates to a granny flat
• Whether a record of third and fourth element costs need to be maintained for CGT cost base purposes for a property subject to a life interest
• Are there any land tax implications for a property that is held with a life interest or right to reside attached?
• Case study covering the taxing points of the lifecycle of a life interest and remainder interests in a property