6 Swift Steps to Navigating Deceased Estate Tax

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

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.
Inventory Check: List assets and liabilities—bank accounts, investments, real estate, loans. Get the financial picture clear.
Tax on Inheritance: No inheritance tax in Australia, but get professional advice for potential estate taxes. Keep beneficiaries in the loop.
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.
Tax Return Prep: Authorised by the ATO? Prepare a tax return for the deceased. Mark as "DECEASED ESTATE" and include past returns.
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:

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