Australian beneficiaries receiving testamentary gifts from overseas testators may not always turn their mind to the potential tax consequences they need to consider. This session reviews the tax treatment of common categories of assets that are bequeathed, including:

• Pensions and superannuation: are these taxable in Australia?
  • the impact of the pension clause in double tax agreements
• Shares and units in private companies and trusts: what is the residency position?
  • bringing assets into the Australian net: what are the CGT consequences?
• Assets held under trust:
  • application of section 99B on distributions - how to identify what amounts are corpus?
  • strategies for keeping a foreign trust outside the Australian tax net