Estate Taxation

Compassionate guidance on managing a loved one’s Estate or receiving an inheritance.

If you’ve recently lost someone, the taxation of their estate and the process of selling or distributing estate assets is probably the last thing on your mind. Our efficient and compassionate tax accountants can help you navigate this difficult time and help you to avoid any unnecessary tax consequences.

There hasn’t been an inheritance or ‘death tax’ in Australia since the late seventies, but there are a number of other tax considerations when you receive an inheritance. Superannuation and capital gains tax are particularly complex and preparing a deceased estate tax return can be difficult. We are experts in all areas of estate taxation, and our tax accountants will help you with empathy and compassion.

How we can help:

• Facilitate the process with the ATO when someone passes
• Prepare tax returns for deceased persons and deceased estates
• Understanding taxation implications of superannuation death benefits
• Explain and manage capital gains tax consequences on inherited assets
• Understanding your tax obligations on inherited income and trusts
• Providing advice regarding realising estate assets and investments to minimise tax for the beneficiaries

There is a lot of administration to do when someone dies.

Unfortunately, this process is not always straightforward, especially if there is no will in place. In what may be an emotional time, we can help make things easier by liaising with the ATO on your behalf and explaining what taxation obligations and matters need attending to. A tax return may need to be prepared for the deceased, and we can help with that too.

While there are no direct taxes on death and inheritance in Australia anymore, there are few areas where you may receive an unexpected bill if certain tax rules aren’t fully understood.

Superannuation is often treated separately to the Estate assets.

Choices relating to death benefits can be complicated. There are inconsistencies between Superannuation Law and Taxation Law. On top of that, receiving a super death benefit may affect your transfer balance cap. We’ll help you navigate all these intricacies so that you can minimise the tax you pay on any benefits.

When dealing with inherited assets, there are special capital gains tax rules and exemptions. Inheriting a house, shares or managed funds may have CGT implications, especially if you want to sell it. When an asset is left jointly to siblings, it is common to want to sell it to easily divide it or transfer a particular asset to one beneficiary, we can advise you on what the CGT implications will be as a result of a sale or transfer. There are other circumstances when CGT may be applicable, including your residency status.

You can rely on us to provide the right information about taxation consequences concerning an Estate.

If you’d like to know how you can structure your affairs to ease the burden on your family when you pass, talk to one of our financial planners or learn more about Estate Planning.

JSA Estate Tax Accountants

Our team of tax accountants are not just highly experienced in estate taxation; they will support you throughout the process with compassion, empathy and minimal fuss. So, you can be confident that we'll look after it, so you don't have to.