SET Advisory Blog

There is no set time limit for an estate. It can be wound up in a few months or may go for many years. It depends on how complicated the Will is, how hard it is to dispose of the deceased assets, if the Will is being contested, how young any children are, etc. The tax consequences for the Estate depend on whether the beneficiary under the Will is “presently entitled” to the income of the Estate. For someone to be presently entitled they must have a legal right t...

If a deceased estate receives a superannuation death benefit, the estate may have to pay income tax on that benefit. If the executor does not withhold tax before paying out to the beneficiary in the Will, the executor may be personally liable. If the benefit is paid out to a superannuation tax beneficiary, no tax is payable. This includes the deceased spouse and children under 18. The notable exception are adult children*.  If they are not a superannuation...