Estate duty limit raised
Parliamentary reporter
The limit before estate duty is payable will be extended from a final balance of $300,000 to a final balance of $350,000 by new legislation introduced in Parliament. The Estate and Gift Duties Amendment Bill gives effect to Budget proposals over estate duty, and also amends the provisions over the allowance for debts over a matrimonial home. The new rates on estate duty will come into effect on April 1, 1983. Clause 2 provides that where a debt owing by a deceased person is not secured over a matrimonial home, but was incurred in acquiring the home over which an allowance is made, the debt is deemed to be secured over the home, thereby reducing the amount of the allowance by the amount of the debt.
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Press, 19 November 1982, Page 30
Word Count
132Estate duty limit raised Press, 19 November 1982, Page 30
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