6 Swift Steps to Navigating Deceased Estate Tax

6 Swift Steps to Navigating Deceased Estate Tax

Handling taxes for a deceased estate? Let Funera Sydney guide you in six swift steps:

  1. Alert the ATO: Notify the Australian Tax Office (ATO) online or via a paper form. Schedule an interview at Australia Post with essential documents within 30 days.
  2. Inventory Check: List assets and liabilities—bank accounts, investments, real estate, loans. Get the financial picture clear.
  3. Tax on Inheritance: No inheritance tax in Australia, but get professional advice for potential estate taxes. Keep beneficiaries in the loop.
  4. Tackling Various Taxes:
    • Income Tax: Payable on earnings, even during estate admin.
    • Company Tax: Applies if the deceased transferred a business.
    • Capital Gains Tax: Complex—consult a pro.
  5. Tax Return Prep: Authorised by the ATO? Prepare a tax return for the deceased. Mark as "DECEASED ESTATE" and include past returns.
  6. Final Estate Tax Return: After sorting returns and debts, file a final estate tax return if applicable. Know the payable amount before distributing assets.

Final Tips: Meet ATO deadlines, usually by October 31. If struggling, contact the ATO on 13 28 61 for deferral.

For detailed info, visit ATO's website.

For support, Funera Sydney is here:

  • Main Line: (02) 9954 6655
  • Sydney: (02) 9954 6655
  • Newcastle: (02) 4955 1110
  • Wollongong: (02) 4243 8755

Funera Sydney offers heartfelt condolences and unwavering support during this challenging time.

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