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Published on 13 Nov 12
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
Administering a deceased estate can be an emotionally draining and challenging experience for all parties involved. At such a difficult time, tax is generally the last thing on the mind of friends and relatives of the deceased. However, dealing with a deceased estate can often present unique and complex tax issues which need to be promptly addressed.
This paper provides some clear guidance on the tax treatment of deceased estates and how to make the estate administration process a little easier for those involved. In particular, it covers:
What is a deceased estate?
From a tax perspective, what are the stages of administration of an estate?
Who gets taxed on the income of the estate and when will the ‘3 year rule’ apply?
What are the tax implications for assets acquired through a deceased estate?
Tax traps that can arise when administering an estate and how to manage them
Tips on how to improve the tax outcomes of a deceased estate.
The Tax Institute is a Recognised Tax Agent Association (RTAA) under the Tax Agent Services Regulations 2009.
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