This changed from 28th February 2016, but only the very smallest estates saw any reduction in the Court fee. Everyone else is now paying more. And then the State Government increased these fees again just 4 months later!
The new fee structure will be:
|ESTATE VALUE||PRE 28.02.16 FEE||28.02.16 – 30.06.16 FEE||01.07.16 ONWARDS FEE|
|Up to $200,000||$1,114.00||$750.00||$763.00|
|$200,000 – $500,000||$1,114.00||$1,500.00||$1,526.00|
|$500,000 – $1 million||$1,114.00||$2,000.00||$2,034.00|
|Over $1 million||$1,114.00||$3,000.00||$3,051.00|
Don’t blame the Court or the lawyers – this fee is entirely a South Australian Government decision. The Court does not keep this fee – it goes into general revenue for the State Government to spend on, well … whatever it wants.
So although the State Government does not call it a Death Duty, if it looks like a duck and quacks like a duck …
I have been warning about the return of Death Duties for years now, and I continue to do so. This is not the end of it. See Chapter 7 of my free special report Top 10 Estate Planning Predictions, where I predict that the Federal Government will also reintroduce some form of inheritance tax or death duty.
Fore-warned is fore-armed.
Enjoy this article? Check out the full report containing all 10 estate planning predictions from senior Australian lawyer Rod Genders. Valuable insights to prepare for the future and help protect yourself, your family and your assets.
SPECIAL REPORT “Top 10 Estate Planning Predictions for Australia”
Enjoy this article?
Check out the full report containing all 10 Estate Planning Predictions from senior Australian lawyer Rod Genders. Valuable insights to prepare for the future and help protect yourself, your family and your assets.