Estate Administrative Work: A Quick Run Down on Estate Taxes in Sydney
ESTATE ADMINISTRATIVE WORK: A QUICK RUN DOWN ON ESTATE TAXES IN SYDNEY
Embarking on estate administration? As the Executor or Administrator, don't let taxes overwhelm you. Funera Sydney's got your back with a snappy guide to make tax returns for a deceased estate a breeze.
Embarking on estate administration? As the Executor or Administrator, don't let taxes overwhelm you. Funera Sydney's got your back with a snappy guide to make tax returns for a deceased estate a breeze.
1. ATO HEADS UP
Kick off by tipping off the Australian Tax Office (ATO) about the passing. Fill the online form or grab the paper version. Meet at Australia Post with Will and co. within 30 days.
Kick off by tipping off the Australian Tax Office (ATO) about the passing. Fill the online form or grab the paper version. Meet at Australia Post with Will and co. within 30 days.
2. ASSET ROLL CALL
List all assets and debts—the lowdown for your tax game plan.
List all assets and debts—the lowdown for your tax game plan.
3. TAX ESSENTIALS
TRANSFERRING ASSETS
TRANSFERRING ASSETS
- Three routes, three tax tales. ATO rules apply, so stay savvy.
- If the estate's making money (bank interest, rent), cue the income tax.
- Business in the inheritance mix? Keep company tax in check.
- Property, shares, personal items—understand CGT to dodge surprises.
- Gifts aren't taxed, but post-inheritance income might be. Keep tabs.
- Not typical estate fare, but Self-Managed Super Funds need a tax chat.
4. TAX FORMS UNLEASHED
ATO greenlight? Dive into tax return prep using paper forms. Label it 'DECEASED ESTATE' loud and clear.
ATO greenlight? Dive into tax return prep using paper forms. Label it 'DECEASED ESTATE' loud and clear.
5. FINAL TAX DASH
Debts sorted? File the last estate tax return. Only if profits breach the tax-free threshold or assets sell like hotcakes. Know your tax tab, pay upfront or stash it pre-beneficiary payday.
Debts sorted? File the last estate tax return. Only if profits breach the tax-free threshold or assets sell like hotcakes. Know your tax tab, pay upfront or stash it pre-beneficiary payday.
WRAP-UP
Navigating taxes post-demise made breezy, thanks to Funera Sydney. Executors, Administrators, we're your wingman. Any queries? Ring Funera Sydney: Sydney (02) 9954 6655 | Sydney (02) 9954 6655 | Newcastle (02) 4955 1110 | Wollongong (02) 4243 8755. Easy, right?
Navigating taxes post-demise made breezy, thanks to Funera Sydney. Executors, Administrators, we're your wingman. Any queries? Ring Funera Sydney: Sydney (02) 9954 6655 | Sydney (02) 9954 6655 | Newcastle (02) 4955 1110 | Wollongong (02) 4243 8755. Easy, right?