Estate Tax is a complex area of Australian tax law. Consequently, in the occurrence of a death, a prompt resolution of the taxation issues is strongly recommended.
When a person passes away, the legal personal representative for the deceased (referred to as either the executor or administrator, having been granted, by a court, probate or letters of administration, respectively). This legal representative becomes liable for the deceased’s tax affairs. Typically, these liabilities include lodging a final Income Tax Return for the deceased (known as a Date of Death Return). This contains all income and expenses the deceased has at their date of death.
Regarding the protection and management of the deceased assets, it is recommended that a Testamentary Trust is established in the deceased’s Last Will. A trustee is appointed to direct the Trust, and income is distributed to the beneficiaries under the trust deed.
EndureGo Tax works with leading law firms in the spheres of family law and tax law to provide fitting solutions for Deceased Estates and Testamentary Trusts, aiming for asset protection and tax optimisation.
Our panel of family lawyers will guide you on the implementation of Wills, estate planning, and the importance of a Testamentary Trust in protecting your assets.
To further discuss about Estate Tax, feel welcome to contact our team on 1800 841 312
or email us at email@example.com