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Deceased Estate Taxation service so you can finalise the tax affairs of the deceased and the estate.
We keep up with the unique and complex taxation rules for estate taxation and as a result all taxation matters are dealt with
efficiently allowing for a timely administration of the estate.
We deliver the right service at the right time for the right reasons for the benefit of all involved.
Below are a couple of the key requirements that we can help you with to ensure that the tax obligations for the deceased and the estate are met:
Estate Services…
In relation to the deceased:
- Tax File Number (TFN) Recovery – the recovery of the deceased’s TFN if lost
- Tax Needs Assessment – summary of the deceased’s outstanding lodgements and tax obligations
- Outstanding tax returns – lodgement for any outstanding prior year income tax returns and
- Date of death return – lodgement of a final tax return, for the period from 1 July to date of death.
In relation to the estate:
- Application for the estate tax file number (TFN)
- Lodgement of any trust income tax returns
- Providing beneficiaries with the information they need to include distributions in their own returns and
- In certain cases, advising of the tax to be withheld on behalf of the beneficiaries.
Additional accounting and training services…?
- Estate Administration Taxation Advice
- ATO Private Binding Rulings
- Testamentary Trust – Taxation Compliance
- Special Disability Trust – Taxation and Services Australia Compliance
- Post Death Testamentary Trust – Taxation Advice and Compliance
- Inhouse Training
Knowledge sharing is at the heart of our success and keeping up with the unique and complex taxation rules for estate taxation is our focus. So, with that in mind T&E Accounting provides free “Inhouse Training” for our estate law clients.
Q. When is the best time to engage a specialised accountant in the estate administration process?
The simple answer is as soon as possible, for example, when you get probate. So, that way we can be dealing with any outstanding tax obligations while you are calling in the assets and dealing with the other administration requirements.
Q. What are the delays that the estate could face when dealing with the ATO?
As with all dealings with the ATO there are set time frames that must be met and delayed response times for the ATO to reply.
Both of these use up valuable time and create delays. Especially if you are looking down the barrel of years of outstanding tax returns.
Your first step
- Contact us when you are first engaged to assist with the administration of the Estate so we can identify any outstanding tax debts and obligations.
- We will deliver a Tax Needs Assessment and provide you with a summary of the deceased’s outstanding lodgements and tax obligations.
- As a result, you will be provided with the necessary knowledge, early on in the estate administration process, to address the tax affairs of the deceased and the estate and prevent any untimely delays in finalising the estate.