Estate Administration

At Walsh Accountants, we understand the passing of a loved one can be an emotional and stressful time. Our Estate Administration team will work with you throughout this very difficult time showing you the upmost level of care and empathy.

Upon the passing of a loved one, there may be income and capital transactions which make the preparation of a tax return necessary. As every state of affairs is different, we will work through your unique circumstances to ensure the burden of tax compliance does not make this situation more difficult.

A deceased person’s assets can pass directly to a beneficiary or could pass to their legal personal representative (e.g. their executor) who may dispose of the assets or pass them to the beneficiary.

As well as a final tax return being required for the deceased person, there may also need to be a tax return prepared for the Deceased Estate. This will be required each year until the estate is fully administered (i.e. until all of the assets have been distributed to the beneficiaries) and no longer deriving income.

The tax on income from a deceased estate can be complex; particularly if there is a property that was a main residence, where a business is involved, or when superannuation death benefits are involved.