Managing the administration process of an Estate is hard on anyone, especially if you are acting as the Executor for the Estate.
As an Executor you may be personally liable for taxation if the administration process was not conducted correctly. It is an area that requires a great deal of focus to work through all the legal, financial and tax obligations. It may be also a lengthly procedures should any complications arise. Most Estates take a year to complete, even simple Estates.
With our expertise in this specialised area, we can help you ease the burden of dealing with the taxation side of things. Providing you with advice/explanation that will help you understand the tax implications of managing an Estate and the options available to you that ease the tax burden.
How can we assist?
- Assist you as the Executor with advising you of the tax responsibilities
- Application of Estate’s Tax File Number (TFN) and the preparation of Estate’s income tax return(s) while the Estate is being administrated and wound up
- Preparation of deceased individual’s final income tax return (and any outstanding income tax returns)
- Advice you on any Capital Gains Tax implications on death (eg. the disposal or transfer of Estate’s assets) and for the beneficiaires who are transferred assets from the Estate
- Advice you on options on whether to transfer assets to beneficiaries or selling of assets in the Estate and cashing out to beneficiaries
- Pending on the finalisation of the Estate, we can provide you with an estimate of the remaining tax obligations. This will assist the Executor in knowing how much to put aside for tax
We at Saward Dawson has a dedicated team with extensive experience that can assist you with this complex area of taxation, which can give you a peace of mind while handling the Estate’s tax obligations. Knowing the tax obligations are being taken care of.