Deceased Estates
At certain points of our lives we are faced with addressing the taxation elements of a Deceased Estate. At DKP & Co we can advise on the following:
- Determination of Income and personal income tax of deceased up to date of death and past date of death
- Role of the legal personal representative, either an executor under a Will or an administrator under Letters of Administration
- Taxation of Deceased Estate up to the end of its Administration including:
- Legal personal representative’s taxation responsibilities
- application for a Tax File Number
- payments of Salary, Annual Leave, Long Service Leave from deceased employer to the Deceased Estate
- Superannuation Death Benefits and payments to Death Benefit Dependants
- Life Assurance payouts upon death
- 3 Year Rule and Deceased Estate tax rates and tax offsets
- Treatment of an asset acquired from a Deceased Estate including:
- pre and post Capital Gains Tax assets
- Special rules for the deceased home (main residence) and the 2 year capital gains tax exemption rule
- Collectables, such as artwork or jewellery
- Assets acquired by the legal personal representative
- Market valuation requirements at the date of death
- Dividend, Franking Credits and other investment income post date of death
- Treatment of assets outside the terms of the Will
- Dealing with entities (companies, trusts, self-managed superannuation funds) operated by the deceased or positions held in these entities by the deceased entities
- Testamentary Trusts (‘Will Trusts’)
Fill in the form on the right, email info@dkpco.com.au or call (03) 9023 9370.