We work seamlessly with Executors, Court Appointed Administrators, and their legal representatives to ensure every aspect of the estate’s tax obligations is handled with precision. This includes the preparation and lodgement of all required returns, accurate declaration of income, application of deductions, and the identification, quantification, and reporting of capital gains tax events.

Deceased Estates often involve intricate tax considerations and strict compliance requirements. We provide clear, strategic advice and practical support in areas such as:

• lodging the Final Tax Return for the Deceased and any outstanding prior year returns
• preparing and lodging Deceased Estate and Testamentary Trust Tax Returns as required
• preparing Financial Accounts for Deceased Estates or Testamentary Trusts where necessary
• providing clear, accurate beneficiary statements to ensure distributions are correctly included in beneficiaries’ personal returns
• delivering Capital Gains Tax advice, including guidance on asset treatment and applicable time limits
• liaising with the ATO to confirm the deceased’s outstanding tax position prior to finalising the estate
• assisting with ongoing compliance or wind-up matters for private companies, trusts and SMSFs forming part of the deceased group
• preparing private binding ruling applications, for example, seeking the Commissioner’s discretion to extend the two-year period for disposal of a principal place of residence
• managing voluntary disclosures, including complex ATO liaison to obtain tax histories and reach timely, appropriate outcomes for estate finalisation
• establishing and managing Testamentary Charitable Trusts, including compliance with Australian Charities and Not-for-profits Commission (ACNC) requirements
• preparation and lodgement of a Foreign Resident Capital Gains Withholding certificate for a foreign Executor, where the Deceased’s main residence has been sold.

Key contacts

Heather Dyke

hdyke@sw-au.com

Deceased Estate Consulting

Taylah Cooke

tcooke@sw-au.com

Deceased Estate Consulting

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I have led major engagements for multinational manufacturing businesses with operations across Australia, New Zealand, the United States, and the United Kingdom. My clients have also included several of Australia’s largest private groups, a global online retailer, and a diverse range of professional services firms, including engineering, architectural, and consulting firms.

I am known for building strong, enduring relationships and delivering proactive, value-adding advice that supports my clients’ strategic objectives.

My technical expertise includes external audit, accounting advisory, governance and risk frameworks, and benchmarking insights tailored to specific industries. I am regularly engaged as Lead Engagement Partner for complex, high-value clients and bring a consistent, practical focus to every engagement. My approach is grounded in competence and credibility, and I am trusted to deliver with precision and commercial expertise.

My capital markets experience includes serving as Audit Partner for Bhagwan Marine’s 2024 initial public offering and Reliance Worldwide’s $1.3bn initial public offering.

I am a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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Beyond external audit, I have a proven track record of helping clients prepare for audits and meet their financial reporting requirements. I have also played key roles in several major transactions, including:

• HK $1.396bn global offering for a listed mining group
• $155m glass manufacturing acquisition
• $50m petroleum freight acquisition
• $44.5m property and strata management acquisition
• $40m property and egg farming acquisition
• $30m acquisition of a wellness product manufacturer and e-commerce platform

I also serve on the Board of Directors and as Chair of the Finance Committee for a Melbourne-based community services organisation. This governance role provides me with valuable insight into the expectations placed on directors and the broader governance environment.

I successfully onboard, manage, and serve a portfolio of clients across the listed and not-for-profit sectors. I have built strong, trusted relationships with clients across a range of industries, including education, agribusiness, retail, manufacturing, not-for-profit, and automotive. I am proud to be recognised as a trusted advisor by clients who are respected leaders in their fields.

I am a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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For NFPs with a standard year end of 30 June, the return must be lodged by 31 October each year. However, for the 2023-24 income year, the ATO has extended the 31 October deadline to 31 March 2025.

Below is a summary on how to prepare to lodge the return and the ways it may be lodged.

For details of our previous update click here.

Preparing to lodge the NFP self-review return

To prepare for lodgement, organisation should:

• review the organisations governing documents and
• prepare answers to the questions using the NFP self-review return question guide.

In reviewing the organisation’s governing documents, it must contain the appropriate not-for-profit clause and dissolution clause and set out that the organisation is operating for its not-for-profit purpose. The return contains 3 sections with the following key questions:

• What is the estimated annual gross revenue for the organisation?
• Choose a category best reflecting the main purpose of the organisation
• Does the organisation have and follow clauses in its governing documents prohibiting the distribution of income or assets to individuals or members?
• Does the organisation exist, operate and incur its expenditure entirely in Australia?
• Does the organisation have charitable purposes?

Ways to lodge the NFP self-review return

The ATO offers several methods for lodging returns, including:

• online
• through a registered agent and
• over the phone.

Lodging online

If you are an authorised contact for your organisation with access to Online services for business, you can lodge the return online. The ATO outlines the following process for lodging the return using this method:

1. Select either:
   1. View next to the NFP self-review return in the Lodgements section of the For Action panel
   1. NFP self-review return from the Lodgements menu
2. Select Prepare next to the return (you must prepare the oldest return first)
3. Complete the mandatory details
4. Tick the acknowledgments and declaration
5. Select Submit

To note: Due to changes in office holders, many NFPs are unaware of who the authorised contact is for the NFP.  It can be harder to change the authorised contact than to complete the NFP self-review return.  We recommend completing ATO Form NAT 2943 and sending to the ATO to change the authorised contact for your NFP.

Lodging through a registered Tax Agent

If you’ve engaged a registered Tax Agent, they can prepare and lodge your organisation’s NFP self-review return through Online services for agents.

To note: Most NFPs do not have a Tax Agent as they have not had to lodge tax returns in the past. Whilst a lot of NFPs may have engaged a BAS Agent to lodge their Business Activity Statement a BAS Agent can not lodge the NFP self-review return.

Lodging over the phone

The ATO outlines the following process for those choosing to lodge over the phone:

• first review the list of self-review return questions
• prepare your responses to each question and have these with you when you call. You must refer to your governing documents to answer some of the questions
• phone the self-help service on 13 72 26 and select NFP self-review return lodgement
• enter the organisation’s ABN and a reference number listed on any letter we have posted to your organisation, such as Your annual self-review reporting obligation or the Lodge your NFP self-review return notice:
• the ABN will be listed as ‘Client ID’
• the reference number will be listed as ‘Our reference’
• follow the prompts to record your responses and submit the NFP self-review return questions.

Although these methods streamline the lodgement process, organisations with limited access to online resources may still face difficulties.

If so, lodgement of the return over the phone or through a registered agent can mitigate these difficulties.

Post-lodgement

Once the return is submitted, you’ll receive a transaction reference number to retain for your records. This will have a self-assessment outcome of either:

• income tax exempt or
• taxable.

Income tax exempt

If you successfully submitted your NFP self-review return and self-assessed as income tax exempt, the organisation has completed its reporting requirements for this income year. The NFP self-review return will need to be lodged in subsequent years.

If the return was lodged via Online services for business, the return information will be pre-filled for next year, making future lodgements easier

Taxable

If you successfully lodged your NFP self-review return and self-assessed as taxable, the organisation does not qualify for income tax exemption.

Thus, the organisation does not need to complete an annual NFP self-review return. Instead, they must lodge an income tax return or notify of a non-lodgement advice each income year.

How SW can help

We can assist with the preparation and lodgement of the return and assess your border eligibility for income tax exempt status. Please contact our Tourism, Hospitality and Gaming (THG) industry experts and not-for-profit experts.

Contributors

Blake Trad

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I have developed a strong understanding of the tax and accounting issues relevant to business owners, investors, property developers, and financiers. I specialise in providing timely, strategic advice that supports my clients’ commercial objectives. I also regularly provide industry-related tax updates and present at property and medical industry seminars.

My areas of expertise include:

• providing income tax, GST, and stamp duty advice
• structuring for asset protection
• implementing accounting and business software
• preparing forecasts and financial models
• providing consolidated financial reporting.

I provide structuring, advisory, and compliance services to clients across a diverse range of industries, including property, medical, financial services, professional services, manufacturing, and retail.

My advisory approach has enabled me to build deep, trusted relationships with my clients. As a result, I have been invited to serve on advisory Boards and contribute to regular client Board meetings.

I am a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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I specialise in the funds management, agribusiness, and retail sectors, supporting clients as they navigate regulatory change, investor expectations, and cross-border complexities. I have particular expertise in advising on agricultural investment structures, helping funds and investors optimise returns through effective tax strategies that address income tax, withholding tax, managed investment trust and attribution managed investment trust eligibility, and ESG-linked opportunities, such as carbon credits.

Before becoming a Partner, I worked in the Business and Private Client Advisory division, where I established a strong reputation as a trusted adviser to private family groups and mid-market businesses. During this time, I led numerous business consulting projects and tax engagements.

As Manager of the Financial Services Industry Group, I regularly present to market participants and industry bodies. I lead our fund tax and accounting webinars, have delivered training to the Property Council of Australia, and have spoken at Property Funds Association events.

I am also committed to community and professional development. I am an active member of the firm’s Community Opportunities Together Committee and have mentored many team members who have progressed to manager roles across professional services and industry.

My experience includes:

• advising funds on structuring agricultural and real asset investments to achieve optimal tax outcomes for domestic and offshore investors
• providing strategic tax advice on mergers and acquisitions across agribusiness, funds management, and retail
• advising Australian and multinational groups on structuring matters, including inbound investment
• delivering ongoing tax compliance services to listed and unlisted groups.

I am a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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I advise multinational entities with global headquarters and subsidiaries across the United States, Europe, and Asia. I also support clients expanding their operations into overseas jurisdictions, working closely with foreign tax advisors to develop effective global tax strategies.

I have broad technical tax expertise and manage the compliance and advisory requirements of Significant Global Entities. My experience includes providing tax consulting, annual compliance, and reporting advice to US limited partnerships and limited liability companies with significant Australian investors and investments worth billions of dollars in the United States.

I provide tax advisory assistance to vendors and purchasers throughout transactions, helping to identify, raise, and negotiate tax implications before each transaction is executed. I also have a proven track record in tax controversy, including managing objections and private binding ruling applications.

I work closely with the Australian Taxation Office to represent clients in relation to tax objections and private binding rulings. I also help clients establish defensible tax policies to effectively manage potential ATO audits and reviews and achieve optimal outcomes.

I commenced my career in corporate tax at a mid-market firm before progressing to Director at a Big Four firm. Throughout my career, I have advised on numerous complex transactions and tax matters. I am a Chartered Accountant and hold a Bachelor of Commerce, specialising in Accounting and Finance.

I am a Partner of SW Audit and a Director of SW Accountants & Advisors Pty Ltd.

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