The property and assets that belong to a person who has passed away is called their “Deceased Estate”. Until such time as all property and assets have been distributed to beneficiaries, a deceased estate in the form of a trust is in existence. The trust is not a legal entity in its own right, but is instead a ‘relationship’ involving a trustee and beneficiaries.
Deceased Estates can be in existence for a short time, or quite a number of years and there are varying tax rates depending on a variety of circumstances.
Freshwater Taxation assist with all aspects of the process around handling the tax affairs of a deceased family member.
We prepare all required documentation and liaise with the ATO in the process of finalising the deceased’s personal tax. This includes creating, administering and winding up the Deceased Estate.