Many Australians own assets abroad, spend time living abroad or enter into relationships with people from other countries.
Similarly, people moving to Australia often retain assets in the country they have moved from and enter into relationships with Australians. On death or incapacity, this can create a complex situation with different succession laws applying to different assets and individuals. It can also create conflict about which laws to apply.
Complicating this further are the complexities of the Australian tax and duties legislation coupled with how international wealth interacts with the tax systems of other countries. For example, many other countries have inheritance and gift taxes that can apply on deaths, whereas Australia does not.
We apply a considered and thorough approach in dealing with these issues, both in the Australian and international contexts.
- advising clients on succession to their worldwide wealth including the use of Australian and offshore trusts, companies and other entities to simplify the structure and governance of their international wealth
- cross jurisdictional probate and estate administration including estate disputes
- dealing with clients with UK assets and issues including assisting clients with a UK inheritance tax exposure to ensure their strategy works from both an Australian and UK perspective
- dealing with clients with US assets and issues including assisting clients with a US estate and gift tax exposure to ensure their strategy works from both and Australian and US perspective
- the acquisition, sale and structuring of Australian residential and commercial property and businesses by non-Australian residents
- international tax advice including ceasing Australian residence and tax planning for Australian income tax, capital gains tax and stamp duty
Thinking| 22 Aug 2018
Approximately 1.3 million Britons now live in Australia and Brexit may only increase this number! Many think that moving to Australia means they no longer need to worry about UK tax, but often they are not fully aware of the tax and in particular the inheritance tax (IHT), implications of moving here.
Thinking| 21 May 2018
Since our article US citizen – who me? Beware the dreaded US estate and gift tax was published, we have seen President Trump sign the ‘Tax Cuts and Jobs Act’ into law on 22 December 2017 and we are still seeing Australian senators who are not sure about their citizenship.
Thinking| 30 Aug 2017
If Australian senators are not sure about their citizenship, can you be certain about your citizenship?