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

The post Deceased Estates appeared first on SW Accountants & Advisors.

Each session will focus on topics that are of particular importance when putting a strategy in place to deal with your assets and investments when you pass away.

You are welcome to share this page with anyone who might be interested in attending.

Webinar 1 (24 August 2021): 101 Estate Planning

Discover the legalities and different aspects of Estate Planning to ensure you have a solid background before we look at the variations and pitfalls of creating a Will in the world of the modern family, in session two.

Experts from SW and Burke & Associate Lawyers discussed:

• Choosing your Legal Personal Representative
• What assets are part of your Estate?
• Non-estate assets and how to deal with them
• Overseas assets – do you require multiply wills for different jurisdictions?
• Beneficiaries with special needs
• Nominating beneficiaries and superannuation – The recent case of Ashleigh Petrie and Magistrate Rodney Higgins
• Testamentary Trusts
• Case study – celebrity Will disaster.

Webinar 2 (14 September 2021): The modern family and the challenge to your Will

Discover the variations and pitfalls of creating a Will in the world of the modern family before we look different aspects of a Power of Attorney and how they operate, in session three.

• Blended families
• Strategies to minimise risks of challenges to Will
• Business succession
• SMSF – Business real property leasing to related party
• Guardianship of children
• Establishing a charitable trust
• Online presence
• Case study – Joss v Joss: The successful $3.225 million challenge.

Webinar 3 (12 October 2021): Powers of Attorney

To wrap up this webinar series, our expert speakers discovered the different aspects of a Power of Attorney (POA) and how they operate.

• Current POA under Victorian Law and what jurisdictions are they legally enforceable
• What are the obligations of the POA and how should it be carried out?
• How to handle discretionary support for family members
• Things to do before POA implemented
• What happens if you do not nominate an enduring power of attorney?
• POA’s and SMSF – general v enduring; early release of super
• Advanced Healthcare Directives
• VCAT applications
• Case study – gifts and payments to family members.

Click here to find out more about our upcoming and past events.

Series speakers

Matthew Oakey Director, SW	Rohani Bixler Special Counsel, Burke & Associates Lawyers
Heather Dyke Associate Director, SW	Keegan O’Rourke Senior Advisor, SW

Contact us

If you have any queries or would like more information, please contact the Marketing team via marketing@sw-au.com.

The post Estate Planning & Power of Attorney webinar series appeared first on SW Accountants & Advisors.

Over your lifetime you will likely build up a range of assets and wealth. Upon your death, these will need to be distributed in accordance with your through an estate plan.

What is estate planning?

Estate planning is not just about having a Will, it’s about ensuring that the assets you control are transferred to your intended beneficiaries, in a tax effective manner.

Your Will only looks after assets in your personal name. Your estate plan considers assets that are in entities controlled by you, such as through companies and trusts and importantly, your superannuation.

As accountants and business advisors, we are in a unique position to understand where all your assets are held and who ultimately controls those entities. It is also important to understand how debts and liabilities are to be dealt with as some debts may be paid off, while others may transfer to your beneficiaries.

What should business owners’ consider?

For businesses owners’, part of your estate planning should ensure that you have a Buy/Sell Agreement in place with the other shareholders in the business and Buy/Sell insurance. This is important because some beneficiaries will not want to be involved in the business and wish to cash out of the investment as soon as practicable. Without this in place, the business may need to be sold to pay the estate.

Additionally, surviving shareholders will have an increased percentage shareholding and a Buy/Sell Agreement will ensure an unplanned shareholder will not be involved in the running of the business.

A practical and beneficial estate plan is a collaboration between you, your accountant, and your solicitor.

How can SW help?

SW is co-hosting a three-part webinar series on Estate Planning and Power of Attorneys with Burke & Associates Lawyers. Join us to learn more about how estate planning can assist you.

Contacts

Matthew Oakey

E moakey@sw-au.com

Heather Dyke

E hdyke@sw-au.com

Keegan O’Rourke

E korourke@sw-au.com

The post Estate Planning appeared first on SW Accountants & Advisors.