Easy Tax Guide For Executors in Sydney, NSW

As the Executor, sorting out taxes for a deceased estate can be a puzzle. We've got your back with a quick and engaging guide to make this process a breeze.

1. ATO Heads Up:

Start by notifying the Australian Taxation Office (ATO) of the passing. Use the online ATO form or go old-school with the paper version. Then, set up an interview at any Australia Post branch with key documents in hand.

2. Asset & Liability Roundup:

Before diving into tax returns, create a quick inventory of assets and liabilities. Bank accounts, investments, real estate – get the financial lowdown.

3. Inheritance Tax Demystified:

No inheritance tax in Australia, but there are nuances. Seek pro advice early and shed light on potential tax impacts for beneficiaries.

Asset Transfer Tax Basics:

Income Tax: Applies to estate-generated income during administration.
Company Tax: Keep it rolling if the deceased owned a business passed on to a beneficiary.
Capital Gains Tax: Watch for this when selling inherited assets. Exceptions apply, so know the drill.

4. Tax Return Drill:

Once the ATO is in the loop, gear up for tax returns. Cover the date of death return, outstanding returns, and the estate's return. Stamp each page with 'DECEASED ESTATE' and snag a Tax File Number if needed.

5. Final Estate Tax Hustle:

If debts are squared away, submit that final estate tax return pronto. Especially if asset sales mean capital gains. Get the tax lowdown through an assessment, then decide on immediate payment or stash it for beneficiaries.

Parting Wisdom on Estate Tax:

Lodging tax returns is a key Executor duty. Stick to ATO deadlines, dial 13 28 61 for deferrals, and explore more info at ATO's website. And remember, Funera Sydney is here for any assistance.

For quick help, contact Funera Sydney:

Sydney (02) 9954 6655 | Sydney (02) 9954 6655 | Newcastle (02) 4955 1110 | Wollongong (02) 4243 8755