As contested wills lawyers in Sydney, The Will Challenge Lawyers assist Australian families with estate disputes, including will challenges and will contests. Something we often see in will disputes is the complexities of NSW inheritance and tax law. Our team is here to help with these elements of estate planning and will disputes. Let’s look at a few inheritance and tax implications to consider when making claims against deceased estates and challenging wills in Sydney.
Australian Inheritance Tax
A contest will lawyer in Sydney can walk you through the different tax implications of receiving a larger portion of the estate. Inheritance tax was once known as death duties, which covered the variety of taxes owed by beneficiaries. Queensland was the first state to abolish death duties, and soon, NSW and the rest of Australia followed suit. Now, there are no inheritance taxes solely because you inherit property, cash, shares or gifts. However, there are some cases where tax obligations from the deceased estate carry over, which is when contested wills lawyers in Sydney can help.
Paying Taxes on Inherited Assets
You may wish to consult a contest will lawyer in Sydney about an unfair will where you think you should have a larger share. Just keep in mind that estate assets may impact your standard tax obligations. Our contested wills lawyers understand the range of situations and potential changes in tax status depending on the requested estate distribution. For example, if you inherit a rental property, rent income is taxable, and there’s also capital gains tax to consider on future property sales.
Tax Dependants
When challenging wills in Sydney, we also recommend checking on your tax dependency status. If you receive a superannuation death benefit, you may be liable for tax unless you are the deceased’s tax dependant. This can include a spouse, former spouse, child or financially dependent person. The courts will look at the number of dependants when reviewing a contested will, too.
Get in Touch with a Contest Will Lawyer in Sydney
As you can see, there are many inheritance and tax implications to consider throughout estate planning and estate distribution. The Will Challenge Lawyers provide independent legal advice to help families address the complexities of estate law. Contact us online to discuss challenging wills and how our expert lawyers can help.