Dealing with the Australian issues associated with death and deceased estates is complex. Today it is increasingly common that people own assets worldwide both individually and in structures such as trusts and companies through to structures that may not neatly fit into the types of structures we see in Australia. This adds a whole new level of complexity dealing with not only the Australian tax issues but also the tax issues that may arise in a foreign jurisdiction. In this video, we explore the international issues that are becoming more prevalent when a person dies with worldwide assets including:
- Where is tax paid and is a credit available
- Repatriating or distributing assets
- Dealing with different structures; and
- Who takes control and what is the residency impact?