Simple Tax Success: A 5 – Step Executor’s Guide By Funera Sydney

SIMPLE TAX SUCCESS: A 5-STEP EXECUTOR’S GUIDE

Executor duty can be overwhelming, especially when it comes to taxes. But fear not! Here's a quick roadmap to make tax handling a breeze:

1. Tax Office Heads Up!

Kick things off by notifying the tax wizards. Use the handy ATO form or go old-school with the paper version. Set up a chat at any Australia Post within 30 days with the essential documents in tow.

2. Asset & Debt Lowdown

Before diving into tax lingo, jot down what the estate owns and owes. Think bank accounts, investments, and property – get it all in one place.

3. Decoding Inheritance Tax

Great news: no inheritance tax down under! But there are other tax bits to decode. Early advice is your secret weapon.

ASSET SHUFFLE 101

Three ways to shuffle assets, three sets of tax rules. Watch out for income tax, company tax, and the tricky capital gains tax.

4. Tax Tango

Once ATO knows the score, it's time to dance through tax returns. Slap 'DECEASED ESTATE' on each page, and if needed, snag a Tax File Number for the estate.

5. Grand Finale: Last Tax Dance

Sort out debts, file the final tax return, and if capital gains go big, pay up before sharing the wealth with beneficiaries.

Tax Talk with Funera: Your Quick Guide

For any questions, dial up Funera Sydney at:
Sydney (02) 9954 6655 | Sydney (02) 9954 6655 | Newcastle (02) 4955 1110 | Wollongong (02) 4243 8755