Managing the administration process of a Deceased Estates is hard on anyone, especially if you are acting as the Executor for the Estate.
As an Executor you may be personally liable to tax if the administration process was not conducted correctly. Estate administration 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 lengthy process should any complications arise. Most Deceased 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 and explanations 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 by advising you of the tax responsibilities
- Submit applications for Estate Tax File Numbers (TFN) and the preparation of an 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)
- Advise you on any Capital Gains Tax implications on death (e.g. the disposal or transfer of Estate’s assets) and for the beneficiaries who are transferred assets from the Estate
- Advise you on options on whether to transfer assets to beneficiaries or selling of assets in the Estate and cashing out to beneficiaries
- If you are 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 have 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.